0001275477-18-000159.txt : 20181102 0001275477-18-000159.hdr.sgml : 20181102 20181102141630 ACCESSION NUMBER: 0001275477-18-000159 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 85 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181102 DATE AS OF CHANGE: 20181102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BIMINI CAPITAL MANAGEMENT, INC. CENTRAL INDEX KEY: 0001275477 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 721571637 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32171 FILM NUMBER: 181156506 BUSINESS ADDRESS: STREET 1: 3305 FLAMINGO DRIVE CITY: VERO BEACH STATE: FL ZIP: 32963 BUSINESS PHONE: 772 231 1400 MAIL ADDRESS: STREET 1: 3305 FLAMINGO DRIVE CITY: VERO BEACH STATE: FL ZIP: 32963 FORMER COMPANY: FORMER CONFORMED NAME: Opteum Inc. DATE OF NAME CHANGE: 20060217 FORMER COMPANY: FORMER CONFORMED NAME: BIMINI MORTGAGE MANAGEMENT INC DATE OF NAME CHANGE: 20040106 10-Q 1 bmnm10q20180930.htm BMNM FORM 10-Q 2018-09-30


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 10‑Q


 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2018

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ___________

Commission File Number:  001-32171

Bimini Capital Management, Inc.
(Exact name of registrant as specified in its charter)
 
       
Maryland
 
72-1571637
 
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 

3305 Flamingo Drive, Vero Beach, Florida 32963
(Address of principal executive offices) (Zip Code)

(772) 231-1400
(Registrant's telephone number, including area code)



Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ý  No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes ý No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act. Check one:

       
Large accelerated filer
Accelerated filer
Non-accelerated filer
¨ (Do not check if a smaller reporting company)
Smaller reporting company
 
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes   No ý
Indicate the number of shares outstanding of each of the Registrant's classes of common stock, as of the latest practicable date:

Title of each Class
 
Latest Practicable Date
 
 
Shares Outstanding
 
Class A Common Stock, $0.001 par value
 
November 2, 2018
 
   
12,682,445
 
Class B Common Stock, $0.001 par value
 
November 2, 2018
 
   
31,938
 
Class C Common Stock, $0.001 par value
 
November 2, 2018
 
   
31,938
 



BIMINI CAPITAL MANAGEMENT, INC.

TABLE OF CONTENTS


   
Page
     
PART I. FINANCIAL INFORMATION
     
ITEM 1. Condensed Financial Statements
1
 
Condensed Consolidated Balance Sheets (unaudited)
1
 
Condensed Consolidated Statements of Operations (unaudited)
2
 
Condensed Consolidated Statement of Stockholders' Equity (unaudited)
3
 
Condensed Consolidated Statements of Cash Flows (unaudited)
4
 
Notes to Condensed Consolidated Financial Statements
5
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
25
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk
48
ITEM 4. Controls and Procedures
48
   
PART II. OTHER INFORMATION
   
ITEM 1. Legal Proceedings
49
ITEM 1A. Risk Factors
49
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
49
ITEM 3. Defaults Upon Senior Securities
49
ITEM 4. Mine Safety Disclosures
49
ITEM 5. Other Information
49
ITEM 6. Exhibits
50
SIGNATURES
51

PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED FINANCIAL STATEMENTS
 
BIMINI CAPITAL MANAGEMENT, INC.
 
CONDENSED CONSOLIDATED BALANCE SHEETS
 
             
   
(Unaudited)
       
    
September 30, 2018
   
December 31, 2017
 
ASSETS:
           
Mortgage-backed securities, at fair value
           
Pledged to counterparties
 
$
212,116,707
   
$
209,269,791
 
Unpledged
   
92,098
     
422,341
 
Total mortgage-backed securities
   
212,208,805
     
209,692,132
 
Cash and cash equivalents
   
6,153,586
     
6,103,250
 
Restricted cash
   
3,750,730
     
2,649,610
 
Orchid Island Capital, Inc. common stock, at fair value
   
11,020,261
     
14,105,934
 
Retained interests in securitizations
   
-
     
653,380
 
Accrued interest receivable
   
775,127
     
746,121
 
Property and equipment, net
   
3,316,852
     
3,359,312
 
Derivative assets, at fair value
   
242,188
     
-
 
Deferred tax assets, net
   
45,005,351
     
44,524,584
 
Other assets
   
4,069,979
     
2,754,474
 
Total Assets
 
$
286,542,879
   
$
284,588,797
 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
                 
LIABILITIES:
               
Repurchase agreements
 
$
203,742,239
   
$
200,182,751
 
Junior subordinated notes due to Bimini Capital Trust II
   
26,804,440
     
26,804,440
 
Accrued interest payable
   
474,958
     
346,444
 
Other liabilities
   
1,946,894
     
1,562,914
 
Total Liabilities
   
232,968,531
     
228,896,549
 
                 
COMMITMENTS AND CONTINGENCIES
               
                 
STOCKHOLDERS' EQUITY:
               
Preferred stock, $0.001 par value; 10,000,000 shares authorized;  100,000 shares
               
designated Series A Junior Preferred Stock, 9,900,000 shares undesignated;
               
no shares issued and outstanding as of September 30, 2018 and December 31, 2017
   
-
     
-
 
Class A Common stock, $0.001 par value; 98,000,000 shares designated: 12,684,245
               
shares issued and outstanding as of September 30, 2018 and 12,660,627 shares issued
               
and outstanding as of December 31, 2017
   
12,684
     
12,661
 
Class B Common stock, $0.001 par value; 1,000,000 shares designated, 31,938 shares
               
issued and outstanding as of September 30, 2018 and December 31, 2017
   
32
     
32
 
Class C Common stock, $0.001 par value; 1,000,000 shares designated, 31,938 shares
               
issued and outstanding as of September 30, 2018 and December 31, 2017
   
32
     
32
 
Additional paid-in capital
   
334,938,851
     
334,878,779
 
Accumulated deficit
   
(281,377,251
)
   
(279,199,256
)
Stockholders' Equity
   
53,574,348
     
55,692,248
 
Total Liabilities and Stockholders' Equity
 
$
286,542,879
   
$
284,588,797
 
See Notes to Condensed Consolidated Financial Statements
 
 
-1-

BIMINI CAPITAL MANAGEMENT, INC.
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
(Unaudited)
 
For the Nine and Three Months Ended September 30, 2018 and 2017
 
                         
    
Nine Months Ended September 30,
   
Three Months Ended September 30,
 
   
2018
   
2017
   
2018
   
2017
 
Revenues:
                       
Advisory services
 
$
5,933,461
   
$
5,398,019
   
$
1,873,002
   
$
1,939,974
 
Interest income
   
6,135,025
     
4,075,160
     
2,054,249
     
1,513,511
 
Dividend income from Orchid Island Capital, Inc. common stock
   
1,261,630
     
1,880,245
     
380,009
     
638,415
 
Total revenues
   
13,330,116
     
11,353,424
     
4,307,260
     
4,091,900
 
Interest expense
                               
Repurchase agreements
   
(2,795,728
)
   
(1,110,387
)
   
(1,049,174
)
   
(503,632
)
Junior subordinated notes
   
(1,097,497
)
   
(914,055
)
   
(388,012
)
   
(316,176
)
Net revenues
   
9,436,891
     
9,328,982
     
2,870,074
     
3,272,092
 
                                 
Other (expense) income:
                               
Unrealized (losses) gains on mortgage-backed securities
   
(8,407,020
)
   
(296,002
)
   
(1,593,237
)
   
168,034
 
Realized losses on mortgage-backed securities
   
(576,521
)
   
(689
)
   
(473,165
)
   
-
 
Unrealized (losses) gains on Orchid Island Capital, Inc. common stock
   
(3,085,673
)
   
(823,308
)
   
(410,410
)
   
501,612
 
Gains (losses) on derivative instruments
   
3,558,272
     
(828,825
)
   
947,850
     
(18,813
)
Gains on retained interests in securitizations
   
1,105,056
     
389,568
     
1,356,887
     
85,451
 
Other income
   
1,047
     
1,223
     
133
     
366
 
Total other (expense) income
   
(7,404,839
)
   
(1,558,033
)
   
(171,942
)
   
736,650
 
                                 
Expenses:
                               
Compensation and related benefits
   
3,071,203
     
2,683,872
     
968,672
     
868,924
 
Directors' fees and liability insurance
   
481,838
     
498,140
     
160,613
     
165,040
 
Audit, legal and other professional fees
   
347,385
     
346,999
     
48,879
     
120,419
 
Administrative and other expenses
   
985,196
     
1,022,377
     
317,743
     
364,058
 
Total expenses
   
4,885,622
     
4,551,388
     
1,495,907
     
1,518,441
 
                                 
Net (loss) income before income tax (benefit) provision
   
(2,853,570
)
   
3,219,561
     
1,202,225
     
2,490,301
 
Income tax (benefit) provision
   
(675,575
)
   
1,283,181
     
328,735
     
989,081
 
                                 
Net (loss) income
 
$
(2,177,995
)
 
$
1,936,380
   
$
873,490
   
$
1,501,220
 
                                 
Basic and Diluted Net (loss) income Per Share of:
                               
CLASS A COMMON STOCK
                               
Basic and Diluted
 
$
(0.17
)
 
$
0.15
   
$
0.07
   
$
0.12
 
CLASS B COMMON STOCK
                               
Basic and Diluted
 
$
(0.17
)
 
$
0.15
   
$
0.07
   
$
0.12
 
Weighted Average Shares Outstanding:
                               
CLASS A COMMON STOCK
                               
Basic and Diluted
   
12,718,667
     
12,701,627
     
12,732,812
     
12,701,627
 
CLASS B COMMON STOCK
                               
Basic and Diluted
   
31,938
     
31,938
     
31,938
     
31,938
 
See Notes to Condensed Consolidated Financial Statements
 
 
-2-

BIMINI CAPITAL MANAGEMENT, INC.
 
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
 
(Unaudited)
 
For the Nine Months Ended September 30, 2018
 
                         
 
Stockholders' Equity
     
   
Common
 
Additional
 
Accumulated
     
   
Stock
 
Paid-in Capital
 
Deficit
 
Total
 
Balances, January 1, 2018
 
$
12,725
   
$
334,878,779
   
$
(279,199,256
)
 
$
55,692,248
 
Net loss
   
-
     
-
     
(2,177,995
)
   
(2,177,995
)
Class A common shares sold directly to employees
   
83
     
199,914
     
-
     
199,997
 
Class A common shares repurchased and retired
   
(60
)
   
(143,760
)
   
-
     
(143,820
)
Amortization of stock based compensation
   
-
     
3,918
     
-
     
3,918
 
                                 
Balances, September 30, 2018
 
$
12,748
   
$
334,938,851
   
$
(281,377,251
)
 
$
53,574,348
 
See Notes to Condensed Consolidated Financial Statements
 
 
-3-

BIMINI CAPITAL MANAGEMENT, INC.
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
(Unaudited)
 
For the Nine Months Ended September 30, 2018 and 2017
 
             
   
2018
   
2017
 
CASH FLOWS FROM OPERATING ACTIVITIES:
           
Net (loss) income
 
$
(2,177,995
)
 
$
1,936,380
 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
               
Stock based compensation
   
3,918
     
21,515
 
Depreciation
   
57,853
     
57,903
 
Deferred income tax (benefit) provision
   
(480,767
)
   
1,200,403
 
Losses on mortgage-backed securities, net
   
8,983,541
     
296,691
 
Gains on retained interests in securitizations
   
(1,105,056
)
   
(389,568
)
Unrealized losses on Orchid Island Capital, Inc. common stock
   
3,085,673
     
823,308
 
Realized and unrealized gains on TBA securities
   
(19,297
)
   
-
 
Changes in operating assets and liabilities:
               
Accrued interest receivable
   
(29,006
)
   
(198,270
)
Other assets
   
(1,315,505
)
   
20,445
 
Accrued interest payable
   
128,514
     
133,397
 
Other liabilities
   
383,980
     
(678,809
)
NET CASH PROVIDED BY OPERATING ACTIVITIES
   
7,515,853
     
3,223,395
 
                 
CASH FLOWS FROM INVESTING ACTIVITIES:
               
From mortgage-backed securities investments:
               
Purchases
   
(91,578,375
)
   
(77,294,851
)
Sales
   
60,431,192
     
1,654,834
 
Principal repayments
   
19,646,969
     
7,654,912
 
Payments received on retained interests in securitizations
   
426,414
     
945,645
 
Proceeds from termination of retained interests
   
4,968,740
     
-
 
Costs associated with termination of retained interests
   
(3,636,718
)
   
-
 
Purchases of property and equipment
   
(15,393
)
   
(29,379
)
Net settlement of forward settling TBA contracts
   
(222,891
)
   
-
 
Purchases of Orchid Island Capital, Inc. common stock
   
-
     
(1,204,235
)
NET CASH USED IN INVESTING ACTIVITIES
   
(9,980,062
)
   
(68,273,074
)
                 
CASH FLOWS FROM FINANCING ACTIVITIES:
               
Proceeds from repurchase agreements
   
1,233,087,584
     
762,398,624
 
Principal repayments on repurchase agreements
   
(1,229,528,096
)
   
(696,852,430
)
Class A common shares repurchased and retired
   
(143,820
)
   
-
 
Class A common shares sold directly to employees
   
199,997
     
-
 
NET CASH PROVIDED BY FINANCING ACTIVITIES
   
3,615,665
     
65,546,194
 
                 
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
   
1,151,456
     
496,515
 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period
   
8,752,860
     
5,651,437
 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period
 
$
9,904,316
   
$
6,147,952
 
                 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
               
Cash paid during the period for:
               
Interest
 
$
3,764,711
   
$
1,891,045
 
Income taxes
 
$
1,418,880
   
$
261,492
 
See Notes to Condensed Consolidated Financial Statements
 
-4-

BIMINI CAPITAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
September 30, 2018

NOTE 1.   ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Business Description

Bimini Capital Management, Inc., a Maryland corporation ("Bimini Capital" or the "Company") formed in September 2003, is a holding company.  The Company operates in two business segments through its principal operating subsidiaries, Bimini Advisors Holdings, LLC and Royal Palm Capital, LLC.

Bimini Advisors Holdings, LLC and its wholly-owned subsidiary, Bimini Advisors, LLC (a registered investment advisor), are collectively referred to as "Bimini Advisors."  Bimini Advisors manages a residential mortgage-backed securities ("MBS") portfolio for Orchid Island Capital, Inc. ("Orchid") and receives fees for providing these services. Bimini Advisors also manages the MBS portfolio of Royal Palm Capital, LLC.

Royal Palm Capital, LLC maintains an investment portfolio, consisting primarily of MBS investments, for its own benefit. Royal Palm Capital, LLC and its wholly-owned subsidiaries are collectively referred to as "Royal Palm."

Consolidation

The accompanying consolidated financial statements include the accounts of Bimini Capital, Bimini Advisors and Royal Palm.   All inter-company accounts and transactions have been eliminated from the consolidated financial statements.

Financial Accounting Standards Board (the "FASB") Accounting Standards Codification ("ASC") Topic 810, Consolidation, requires the consolidation of a variable interest entity ("VIE") by an enterprise if it is deemed the primary beneficiary of the VIE. Bimini Capital has a common share investment in a trust used in connection with the issuance of Bimini Capital's junior subordinated notes. See Note 9 for a description of the accounting used for this VIE.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  Operating results for the nine and three month periods ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018.

The consolidated balance sheet at December 31, 2017 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete consolidated financial statements.  For further information, refer to the financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017.

-5-


Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.  Significant estimates affecting the accompanying consolidated financial statements include determining the fair values of MBS, investment in Orchid common shares, derivatives and retained interests, determining the amounts of asset valuation allowances, and the computation of the income tax provision or benefit and the deferred tax asset allowances recorded for each accounting period.

Statement of Comprehensive Income

In accordance with ASC Topic 220, Comprehensive Income, a statement of comprehensive income has not been included as the Company has no items of other comprehensive income (loss).  Comprehensive (loss) income is the same as net (loss) income for all periods presented.

Segment Reporting

The Company's operations are classified into two principal reportable segments: the asset management segment and the investment portfolio segment. These segments are evaluated by management in deciding how to allocate resources and in assessing performance.  The accounting policies of the operating segments are the same as the Company's accounting policies with the exception that inter-segment revenues and expenses are included in the presentation of segment results.  For further information see Note 16.

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents include cash on deposit with financial institutions and highly liquid investments with original maturities of three months or less at the time of purchase. Restricted cash includes cash pledged as collateral for repurchase agreements and derivative instruments.  The following table presents the Company's cash, cash equivalents and restricted cash as of September 30, 2018 and December 31, 2017.

(in thousands)
           
 
September 30, 2018
 
December 31, 2017
 
Cash and cash equivalents
 
$
6,153,586
   
$
6,103,250
 
Restricted cash
   
3,750,730
     
2,649,610
 
Total cash, cash equivalents and restricted cash
 
$
9,904,316
   
$
8,752,860
 

The Company maintains cash balances at several banks and, at times, these balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. The Federal Deposit Insurance Corporation insures eligible accounts up to $250,000 per depositor at each financial institution. At September 30, 2018, the Company's cash deposits exceeded federally insured limits by approximately $4.8 million. The Company also maintains excess margin in accounts with derivative exchanges.  Restricted cash balances are uninsured, but are held in separate customer accounts that are segregated from the general funds of the counterparty.  The Company limits uninsured balances to only large, well-known banks and derivative counterparties and believes that it is not exposed to significant credit risk on cash and cash equivalents or restricted cash balances.

Advisory Services

Orchid is externally managed and advised by Bimini Advisors pursuant to the terms of a management agreement.  Under the terms of the management agreement, Orchid is obligated to pay Bimini Advisors a monthly management fee and a pro rata portion of certain overhead costs and to reimburse the Company for any direct expenses incurred on its behalf.

-6-

Mortgage-Backed Securities

The Company invests primarily in mortgage pass-through ("PT") certificates, collateralized mortgage obligations, and interest-only ("IO") securities and inverse interest-only ("IIO") securities representing interest in or obligations backed by pools of mortgage-backed loans. The Company has elected to account for its investment in MBS under the fair value option.  Electing the fair value option requires the Company to record changes in fair value in the consolidated statement of operations, which, in management's view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed.

The Company records MBS transactions on the trade date.  Security purchases that have not settled as of the balance sheet date are included in the MBS balance with an offsetting liability recorded, whereas securities sold that have not settled as of the balance sheet date are removed from the MBS balance with an offsetting receivable recorded.

The fair value of the Company's investment in MBS is governed by ASC Topic 820, Fair Value Measurement.  The definition of fair value in ASC Topic 820 focuses on the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date.  The fair value measurement assumes that the transaction to sell the asset or transfer the liability either occurs in the principal market for the asset or liability, or in the absence of a principal market, occurs in the most advantageous market for the asset or liability. Estimated fair values for MBS are based on independent pricing sources and/or third-party broker quotes, when available.

Income on PT MBS is based on the stated interest rate of the security. Premiums or discounts present at the date of purchase are not amortized.  Premium lost and discount accretion resulting from monthly principal repayments are reflected in unrealized gains on MBS in the consolidated statements of operations.  For IO securities, the income is accrued based on the carrying value and the effective yield. The difference between income accrued and the interest received on the security is characterized as a return of investment and serves to reduce the asset's carrying value. At each reporting date, the effective yield is adjusted prospectively for future reporting periods based on the new estimate of prepayments and the contractual terms of the security.  For IIO securities, effective yield and income recognition calculations also take into account the index value applicable to the security.  Changes in fair value of MBS during each reporting period are recorded in earnings and reported as unrealized gains or losses on mortgage-backed securities in the accompanying consolidated statements of operations. The amount reported as unrealized gains or losses on mortgage backed securities thus captures the net effect of changes in the fair market value of securities caused by market developments and any premium or discount lost as a result of principal repayments during the period.

Orchid Island Capital, Inc. Common Stock

The Company has elected the fair value option for its investment in Orchid common shares.  The change in the fair value of this investment and dividends received on this investment are reflected in the consolidated statements of operations.  We estimate the fair value of our investment in Orchid on a market approach using "Level 1" inputs based on the quoted market price of Orchid's common stock on a national stock exchange. Electing the fair value option requires the Company to record changes in fair value in the consolidated statements of operations, which, in management's view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with how the investment is managed.

Retained Interests in Securitizations

Retained interests in the subordinated tranches of securities created in securitization transactions were initially recorded at their fair value when issued by Royal Palm. Subsequent adjustments to fair value were reflected in the consolidated statements of operations.

-7-


Derivative Financial Instruments

The Company uses derivative instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may continue to do so in the future. The principal instruments that the Company has used to date are Treasury Note ("T-Note") and Eurodollar futures contracts, and "to-be-announced" ("TBA") securities transactions, but it may enter into other derivatives in the future.

The Company accounts for TBA securities as derivative instruments if either the TBA securities do not settle in the shortest period of time possible or if the Company cannot assert that it is probable at inception of the TBA transaction, or throughout its term, that it will take physical delivery of the MBS for a long position, or make delivery of the MBS for a short position, upon settlement of the trade. Gains and losses associated with TBA securities transactions are reported in gain (loss) on derivative instruments in the accompanying consolidated statements of operations.

The Company does not account for any of its derivative financial instruments as hedges in order to align the accounting treatment of its derivative instruments with the treatment of its portfolio assets under the fair value option.  FASB ASC Topic 815, Derivatives and Hedging, requires that all derivative instruments be carried at fair value.  Changes in fair value are recorded in the consolidated operations for each period.

Holding derivatives creates exposure to credit risk related to the potential for failure by counterparties to honor their commitments.  In addition, the Company may be required to post collateral based on any declines in the market value of the derivatives.  In the event of default by a counterparty, the Company may have difficulty recovering its collateral and may not receive payments provided for under the terms of the agreement.  To mitigate this risk, the Company uses only well-established commercial banks as counterparties.

Financial Instruments

ASC Topic 825, Financial Instruments, requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value, either in the body of the financial statements or in the accompanying notes. MBS, Orchid common stock, derivative assets, interest rate swaptions and retained interests in securitization transactions are accounted for at fair value in the consolidated balance sheets. The methods and assumptions used to estimate fair value for these instruments are presented in Note 15 of the consolidated financial statements.

The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, other assets, repurchase agreements, accrued interest payable and other liabilities generally approximates their carrying value as of September 30, 2018 and December 31, 2017, due to the short-term nature of these financial instruments.

It is impractical to estimate the fair value of the Company's junior subordinated notes.  Currently, there is a limited market for these types of instruments and the Company is unable to ascertain what interest rates would be available to the Company for similar financial instruments. Further Information regarding these instruments is presented in Note 9 to the consolidated financial statements.

Property and Equipment, net

Property and equipment, net, consists of computer equipment with a depreciable life of 3 years, office furniture and equipment with depreciable lives of 8 to 20 years, land which has no depreciable life, and buildings and improvements with depreciable lives of 30 years.  Property and equipment is recorded at acquisition cost and depreciated using the straight-line method over the estimated useful lives of the assets.

-8-


Repurchase Agreements

The Company finances the acquisition of the majority of its PT MBS through the use of repurchase agreements under master repurchase agreements. Pursuant to ASC Topic 860, Transfers and Servicing, the Company accounts for repurchase transactions as collateralized financing transactions, which are carried at their contractual amounts, including accrued interest, as specified in the respective agreements.

Share-Based Compensation

The Company follows the provisions of ASC Topic 718, Compensation – Stock Compensation, to account for stock and stock-based awards.  For stock and stock-based awards issued to employees, a compensation charge is recorded against earnings over the vesting period based on the fair value of the award.  The Company applies a zero forfeiture rate for its equity based awards, as such awards have been granted to a limited number of employees and historical forfeitures have been minimal.  A significant forfeiture, or an indication that significant forfeitures may occur, would result in a revised forfeiture rate which would be accounted for prospectively as a change in an estimate. For transactions with non-employees in which services are performed in exchange for the Company's common stock or other equity instruments, the transactions are recorded on the basis of the fair value of the service received or the fair value of the equity instruments issued, whichever is more readily measurable at the date of the issuance of the common stock.

Earnings Per Share

The Company follows the provisions of ASC Topic 260, Earnings Per Share, which requires companies with complex capital structures, common stock equivalents or two (or more) classes of securities that participate in dividend distributions to present both basic and diluted earnings per share ("EPS") on the face of the consolidated statement of operations. Basic EPS is calculated as income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated using the treasury stock or two-class method, as applicable for common stock equivalents. However, the common stock equivalents are not included in computing diluted EPS if the result is anti-dilutive.

Outstanding shares of Class B Common Stock, participating and convertible into Class A Common Stock, are entitled to receive dividends in an amount equal to the dividends declared, if any, on each share of Class A Common Stock. Accordingly, shares of the Class B Common Stock are included in the computation of basic EPS using the two-class method and, consequently, are presented separately from Class A Common Stock.

The shares of Class C Common Stock are not included in the basic EPS computation as these shares do not have participation rights. The outstanding shares of Class B and Class C Common Stock are not included in the computation of diluted EPS for the Class A Common Stock as the conditions for conversion into shares of Class A Common Stock were not met.

Income Taxes

Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities represent the differences between the financial statement and income tax bases of assets and liabilities using enacted tax rates. The measurement of net deferred tax assets is adjusted by a valuation allowance if, based on the Company's evaluation, it is more likely than not that they will not be realized.

The Company's U.S. federal income tax returns for years ended on or after December 31, 2015 remain open for examination. Although management believes its calculations for tax returns are correct and the positions taken thereon are reasonable, the final outcome of tax audits could be materially different from the tax returns filed by the Company, and those differences could result in significant costs or benefits to the Company. For tax filing purposes, Bimini Capital and Bimini Advisors are consolidated as a single tax paying entity.  Royal Palm files as a separate tax paying entity.

-9-

The Company measures, recognizes and presents its uncertain tax positions in accordance with ASC Topic 740, Income Taxes.  Under that guidance, the Company assesses the likelihood, based on their technical merit, that tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period.  The measurement of uncertain tax positions is adjusted when new information is available, or when an event occurs that requires a change. The Company recognizes tax positions in the financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The difference between the benefit recognized and the tax benefit claimed on a tax return is referred to as an unrecognized tax benefit and is recorded as a liability in the consolidated balance sheets. The Company records income tax-related interest and penalties, if applicable, within the income tax provision.

On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the "Tax Reform Act") was signed into law by President Trump. The Tax Reform Act significantly revised the U.S. corporate income tax code by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. On the same date, the Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 which specifies, among other things, that reasonable estimates of the income tax effects of the Tax Reform Act should be used, if determinable. The Company has accounted for the effects of the Tax Reform Act using reasonable estimates based on currently available information and its interpretations thereof. This accounting may change due to, among other things, changes in interpretations the Company has made and the issuance of new tax or accounting guidance. GAAP requires that the effects of a change in tax rate on the value of deferred tax assets and deferred tax liabilities be recognized upon enactment.

Reclassifications

Certain prior period amounts have been reclassified to conform to current period presentations.

Recent Accounting Pronouncements

In November 2016, the FASB issued Accounting Standards Update ("ASU") 2016-18, Statement of Cash Flows – (Topic 230): Restricted Cash. ASU 2016-18 requires that restricted cash and restricted cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. ASU 2016-18 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017.  Early application is permitted.  The Company early adopted the ASU beginning with the first quarter of 2017.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows – (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU 2016-15 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017.  Early application is permitted.  The Company's adoption of this ASU did not have a material impact on its consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). ASU 2016-13 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2019.  Early application is permitted for fiscal periods beginning after December 15, 2018.  The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements.

-10-


In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.  ASU 2016-01 provides guidance for the recognition, measurement, presentation and disclosure of financial assets and financial liabilities.  ASU 2016-01 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017 and, for most provisions, is effective using the cumulative-effect transition approach.  Early application is permitted for certain provisions.  The Company's adoption of this ASU did not have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which implements a common revenue standard and clarifies the principles used for recognizing revenue. The amendments in the ASU clarify that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in ASU No. 2014-09 became effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Interest income from MBS and dividend income from the investment in Orchid are scoped out of the new revenue recognition standard. Management fee income is within the scope of the new revenue recognition standard. As a result of the new revenue recognition standard there is no change to the recognition of management fees revenue as management fees are still recognized on a pro-rata basis during the period which the service is provided. Therefore the adoption of this ASU did not have a material impact on its consolidated financial statements.

NOTE 2. ADVISORY SERVICES

Bimini Advisors serves as the manager and advisor for Orchid pursuant to the terms of a management agreement.  As Manager, Bimini Advisors 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 Advisors is at all times subject to the supervision and oversight of Orchid's board of directors and has only such functions and authority as delegated to it. Bimini Advisors receives a monthly management fee in the amount of:

·
One-twelfth of 1.5% of the first $250 million of the Orchid's equity, as defined in the management agreement,
·
One-twelfth of 1.25% of the Orchid's equity that is greater than $250 million and less than or equal to $500 million, and
·
One-twelfth of 1.00% of the Orchid's equity that is greater than $500 million.

Orchid is obligated to reimburse Bimini Advisors for any direct expenses incurred on its behalf and to pay to Bimini Advisors an amount equal to Orchid's pro rata portion of certain overhead costs set forth in the management agreement. The management agreement has been renewed through February 20, 2019 and provides for automatic one-year extension options thereafter.  Should Orchid terminate the management agreement without cause, it will pay to Bimini Advisors a termination fee equal to three times the average annual management fee, as defined in the management agreement, before or on the last day of the current automatic renewal term.

The following table summarizes the advisory services revenue from Orchid for the nine and three months ended September 30, 2018 and 2017.

(in thousands)
                       
   
Nine Months Ended September 30,
   
Three Months Ended September 30,
 
   
2018
   
2017
   
2018
   
2017
 
Management fee
 
$
4,800
   
$
4,230
   
$
1,482
   
$
1,528
 
Allocated overhead
   
1,133
     
1,168
     
391
     
412
 
Total
 
$
5,933
   
$
5,398
   
$
1,873
   
$
1,940
 

At September 30, 2018 and December 31, 2017, the net amount due from Orchid was approximately $0.6 million and $0.8 million, respectively. These amounts are included in "other assets" in the consolidated balance sheets.

-11-


NOTE 3.   MORTGAGE-BACKED SECURITIES

The following table presents the Company's MBS portfolio as of September 30, 2018 and December 31, 2017:

(in thousands)
           
   
September 30, 2018
   
December 31, 2017
 
Fixed-rate MBS
 
$
210,267
   
$
207,179
 
Interest-Only MBS
   
1,223
     
1,476
 
Inverse Interest-Only MBS
   
719
     
1,037
 
Total
 
$
212,209
   
$
209,692
 

At September 30, 2018 and December 31, 2017, the portfolio consisted entirely of securities with contractual maturities in excess of ten years.  Actual maturities of MBS investments are generally shorter than stated contractual maturities and are affected by the contractual lives of the underlying mortgages, periodic payments of principal, and prepayments of principal.

NOTE 4.  RETAINED INTERESTS IN SECURITIZATIONS

The following table summarizes the estimated fair value of the Company's retained interests in asset backed securities as of September 30, 2018 and December 31, 2017.  The retained interests are valued based on a discounted cash flow approach.  These values are sensitive to changes in unobservable inputs, including: estimated prepayment speeds, default rates and loss severity, weighted-average life, and discount rates.  Based on projected future cash flows, management determined, during the reporting quarter ended June 30, 2018, that the retained interests had no remaining fair value. Significant increases or decreases in any of these inputs may result in significantly different fair value measurements.

(in thousands)
             
Series
Issue Date
 
September 30, 2018
   
December 31, 2017
 
HMAC 2004-3
June 30, 2004
 
$
-
   
$
177
 
HMAC 2004-4
August 16, 2004
   
-
     
386
 
HMAC 2004-5
September 28, 2004
   
-
     
90
 
              Total
   
$
-
   
$
653
 

During the three months ended September 30, 2018, the Company completed a transaction whereby certain securitizations associated with its retained interest positions were terminated by exercising the Company's optional early termination rights.  As part of the early termination, the Company received net distributions of approximately $1.4 million, resulting in a gain of that amount.

NOTE 5.   REPURCHASE AGREEMENTS

As of September 30, 2018, the Company had outstanding repurchase agreement obligations of approximately $203.7 million with a net weighted average borrowing rate of 2.26%.  These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $212.9 million, and cash pledged to counterparties of approximately $3.2 million.  As of December 31, 2017, the Company had outstanding repurchase agreement obligations of approximately $200.2 million with a net weighted average borrowing rate of 1.52%.  These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $210.0 million, and cash pledged to counterparties of approximately $2.2 million.

-12-


As of September 30, 2018 and December 31, 2017, the Company's repurchase agreements had remaining maturities as summarized below:

($ in thousands)
                             
    
OVERNIGHT
   
BETWEEN 2
   
BETWEEN 31
   
GREATER
       
    
(1 DAY OR
   
AND
   
AND
   
THAN
       
   
LESS)
   
30 DAYS
   
90 DAYS
   
90 DAYS
   
TOTAL
 
September 30, 2018
                             
Fair value of securities pledged, including accrued
                             
interest receivable
 
$
1,084
   
$
137,102
   
$
74,702
   
$
-
   
$
212,888
 
Repurchase agreement liabilities associated with
                                       
these securities
 
$
828
   
$
132,039
   
$
70,875
   
$
-
   
$
203,742
 
Net weighted average borrowing rate
   
2.58
%
   
2.22
%
   
2.32
%
   
-
     
2.26
%
December 31, 2017
                                       
Fair value of securities pledged, including accrued
                                       
interest receivable
 
$
-
   
$
94,649
   
$
115,350
   
$
-
   
$
209,999
 
Repurchase agreement liabilities associated with
                                       
these securities
 
$
-
   
$
90,686
   
$
109,497
   
$
-
   
$
200,183
 
Net weighted average borrowing rate
   
-
     
1.47
%
   
1.56
%
   
-
     
1.52
%

If, during the term of a repurchase agreement, a lender files for bankruptcy, the Company might experience difficulty recovering its pledged assets, which could result in an unsecured claim against the lender for the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged to such lender, including the accrued interest receivable, and cash posted by the Company as collateral, if any.  At September 30, 2018 and December 31, 2017, the Company had an aggregate amount at risk (the difference between the amount loaned to the Company, including interest payable, and the fair value of securities and cash pledged (if any), including accrued interest on such securities) with all counterparties of approximately $11.9 million and $11.7 million, respectively.  The Company did not have an amount at risk with any individual counterparty greater than 10% of the Company's equity at September 30, 2018 or December 31, 2017.

NOTE 6. DERIVATIVE FINANCIAL INSTRUMENTS

In connection with its interest rate risk management strategy, the Company economically hedges a portion of the cost of its repurchase agreement funding and junior subordinated notes by entering into derivatives and other hedging contracts.  To date the Company has entered into Eurodollar and T-Note futures contracts, but may enter into other contracts in the future.  The Company has not elected hedging treatment under GAAP, and as such all gains or losses (realized and unrealized) on these instruments are reflected in earnings for all periods presented.

In addition, the Company utilizes TBA securities as a means of investing in and financing MBS or as a means of reducing its exposure to MBS. The Company accounts for TBA securities as derivative instruments if either the TBA securities do not settle in the shortest period of time possible or if the Company cannot assert that it is probable at inception and throughout the term of the TBA securities that it will take physical delivery of the MBS for a long position, or make delivery of the MBS for a short position, upon settlement of the trade.

-13-


Derivative Assets (Liabilities), at Fair Value

The table below summarizes fair value information about our derivative assets and liabilities as of September 30, 2018 and December 31, 2017.

(in thousands)
           
Derivative Instruments and Related Accounts
Balance Sheet Location
 
September 30, 2018
   
December 31, 2017
 
Assets
           
TBA Securities
Derivative assets, at fair value
 
$
242
   
$
-
 
Total derivative assets, at fair value
   
$
242
   
$
-
 
                   
Margin Balances Posted to (from) Counterparties
                 
Futures contracts
Restricted cash
 
$
549
   
$
442
 
TBA securities
Other liabilities
   
(438
)
   
-
 
Total margin balances on derivative contracts
   
$
111
   
$
442
 

Eurodollar and T-Note futures are cash settled futures contracts on an interest rate, with gains and losses credited or charged to the Company's cash accounts on a daily basis. A minimum balance, or "margin", is required to be maintained in the account on a daily basis. The tables below present information related to the Company's Eurodollar positions at September 30, 2018 and December 31, 2017.

($ in thousands)
                       
As of September 30, 2018
                       
   
Repurchase Agreement Funding Hedges
 
   
Average
   
Weighted
   
Weighted
       
   
Contract
   
Average
   
Average
       
   
Notional
   
Entry
   
Effective
   
Open
 
Expiration Year
 
Amount
   
Rate
   
Rate
   
Equity(1)
 
2019
 
$
100,000
     
2.41
%
   
3.01
%
 
$
603
 
2020
   
100,000
     
2.64
%
   
3.17
%
   
523
 
2021
   
100,000
     
2.80
%
   
3.13
%
   
328
 
Total / Weighted Average
 
$
100,000
     
2.62
%
   
3.10
%
 
$
1,454
 

($ in thousands)
                       
As of September 30, 2018
                       
   
Junior Subordinated Debt Funding Hedges
 
   
Average
   
Weighted
   
Weighted
       
   
Contract
   
Average
   
Average
       
   
Notional
   
Entry
   
Effective
   
Open
 
Expiration Year
 
Amount
   
Rate
   
Rate
   
Equity(1)
 
2019
 
$
26,000
     
1.63
%
   
3.01
%
 
$
359
 
2020
   
26,000
     
1.95
%
   
3.17
%
   
317
 
2021
   
26,000
     
2.22
%
   
3.13
%
   
237
 
Total / Weighted Average
 
$
26,000
     
1.93
%
   
3.10
%
 
$
913
 

-14-


($ in thousands)
                       
As of December 31, 2017
                       
   
Repurchase Agreement Funding Hedges
 
   
Average
   
Weighted
   
Weighted
       
   
Contract
   
Average
   
Average
       
   
Notional
   
Entry
   
Effective
   
Open
 
Expiration Year
 
Amount
   
Rate
   
Rate
   
Equity(1)
 
2018
 
$
60,000
     
1.90
%
   
1.97
%
 
$
41
 
2019
   
60,000
     
2.32
%
   
2.27
%
   
(31
)
2020
   
60,000
     
2.60
%
   
2.36
%
   
(145
)
2021
   
60,000
     
2.80
%
   
2.42
%
   
(230
)
Total / Weighted Average
 
$
60,000
     
2.41
%
   
2.25
%
 
$
(365
)

($ in thousands)
                       
As of December 31, 2017
                       
   
Junior Subordinated Debt Funding Hedges
 
   
Average
   
Weighted
   
Weighted
       
   
Contract
   
Average
   
Average
       
   
Notional
   
Entry
   
Effective
   
Open
 
Expiration Year
 
Amount
   
Rate
   
Rate
   
Equity(1)
 
2018
 
$
26,000
     
1.84
%
   
1.97
%
 
$
33
 
2019
   
26,000
     
1.63
%
   
2.27
%
 
$
166
 
2020
   
26,000
     
1.95
%
   
2.36
%
 
$
107
 
2021
   
26,000
     
2.22
%
   
2.42
%
 
$
51
 
Total / Weighted Average
 
$
26,000
     
1.91
%
   
2.25
%
 
$
357
 

(1)
Open equity represents the cumulative gains (losses) recorded on open futures positions from inception.

The following table summarizes our contracts to purchase and sell TBA securities as of September 30, 2018.

($ in thousands)
          
   
Notional
   
     Net
   
Amount
 Cost
Market
Carrying
   
Long (Short)(1)
Basis(2)
Value(3)
Value(4)
September 30, 2018
              
30-Year TBA Securities:
              
 
 3.0%
$(50,000)
$48,078
$48,320
$242

(1)
Notional amount represents the par value (or principal balance) of the underlying Agency MBS.
(2)
Cost basis represents the forward price to be paid (received) for the underlying Agency MBS.
(3)
Market value represents the current market value of the TBA securities (or of the underlying Agency MBS) as of period-end.
(4)
Net carrying value represents the difference between the market value and the cost basis of the TBA securities as of period-end and is reported in derivative assets (liabilities), at fair value in our consolidated balance sheets.

-15-


Gains (Losses) On Derivative Instruments

The table below presents the effect of the Company's derivative financial instruments on the consolidated statements of operations for the nine and three months ended September 30, 2018 and 2017.

(in thousands)
                       
    
Nine Months Ended September 30,
   
Three Months Ended September 30,
 
   
2018
   
2017
   
2018
   
2017
 
Eurodollar futures contracts (short positions)
                       
Repurchase agreement funding hedges
 
$
2,101
   
$
(578
)
 
$
478
   
$
(13
)
Junior subordinated debt funding hedges
   
679
     
(251
)
   
121
     
(6
)
T-Note futures contracts (short positions)
                               
Repurchase agreement funding hedges
   
759
     
-
     
-
     
-
 
Net TBA securities
   
19
     
-
     
349
     
-
 
Gains (losses) on derivative instruments
 
$
3,558
   
$
(829
)
 
$
948
   
$
(19
)

Credit Risk-Related Contingent Features

The use of derivatives creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the contracts. The Company attempts to minimize this risk in several ways.  For instruments which are not centrally cleared on a registered exchange, the Company limits its counterparties to major financial institutions with acceptable credit ratings, and by monitoring positions with individual counterparties. In addition, the Company may be required to pledge assets as collateral for its derivatives, whose amounts vary over time based on the market value, notional amount and remaining term of the derivative contract. In the event of a default by a counterparty, the Company may not receive payments provided for under the terms of its derivative agreements, and may have difficulty recovering its assets pledged as collateral for its derivatives. The cash and cash equivalents pledged as collateral for the Company's derivative instruments are included in restricted cash on the consolidated balance sheets.

NOTE 7. PLEDGED ASSETS

Assets Pledged to Counterparties

The table below summarizes Bimini's assets pledged as collateral under its repurchase agreements and derivative agreements as of September 30, 2018 and December 31, 2017.

($ in thousands)
                                   
   
September 30, 2018
   
December 31, 2017
 
   
Repurchase
   
Derivative
         
Repurchase
   
Derivative
       
Assets Pledged to Counterparties
 
Agreements
   
Agreements
   
Total
   
Agreements
   
Agreements
   
Total
 
PT MBS - at fair value
 
$
210,267
   
$
-
   
$
210,267
   
$
207,179
   
$
-
   
$
207,179
 
Structured MBS - at fair value
   
1,850
     
-
     
1,850
     
2,091
     
-
     
2,091
 
Accrued interest on pledged securities
   
771
     
-
     
771
     
730
     
-
     
730
 
Restricted cash
   
3,202
     
549
     
3,751
     
2,208
     
442
     
2,650
 
Total
 
$
216,090
   
$
549
   
$
216,639
   
$
212,208
   
$
442
   
$
212,650
 

-16-


Assets Pledged from Counterparties

The table below summarizes assets pledged to Bimini from counterparties under our derivative agreements as of September 30, 2018 and December 31, 2017. Cash received as margin is recognized in cash and cash equivalents with a corresponding amount recognized as an increase in other liabilities in the consolidated balance sheets.

($ in thousands)
           
Assets Pledged to Bimini
 
September 30, 2018
   
December 31, 2017
 
Cash
 
$
438
   
$
-
 
Total
 
$
438
   
$
-
 

NOTE 8. OFFSETTING ASSETS AND LIABILITIES

The Company's derivatives and repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of offset in the event of default or in the event of bankruptcy of either party to the transactions.  The Company reports its assets and liabilities subject to these arrangements on a gross basis.  The following tables present information regarding those assets and liabilities subject to such arrangements as if the Company had presented them on a net basis as of September 30, 2018 and December 31, 2017.
 
(in thousands)
                                  
Offsetting of Assets
                   
Gross Amount Not Offset in the
    
          
Net Amount
Consolidated Balance Sheet
    
    
Gross Amount
of Assets
Financial
    
 
Gross Amount
Offset in the
Presented in the
Instruments
Cash
 
 
of Recognized
Consolidated
Consolidated
Received as
Received as
Net
 
Assets
Balance Sheet
Balance Sheet
Collateral
Collateral
Amount
September 30, 2018
                                  
TBA securities
 
$242
 
$-
 
$242
 
$-
 
$(242)
 
$-
 
(in thousands)
                                   
Offsetting of Liabilities
 
                   
Gross Amount Not Offset in the
       
             
Net Amount
 
Consolidated Balance Sheet
       
     
Gross Amount
 
of Liabilities
 
Financial
         
 
Gross Amount
 
Offset in the
 
Presented in the
 
Instruments
 
Cash
     
 
of Recognized
 
Consolidated
 
Consolidated
 
Posted as
 
Posted as
 
Net
 
 
Liabilities
 
Balance Sheet
 
Balance Sheet
 
Collateral
 
Collateral
 
Amount
 
September 30, 2018
                                   
Repurchase Agreements
 
$
203,742
   
$
-
   
$
203,742
   
$
(200,540
)
 
$
(3,202
)
 
$
-
 
December 31, 2017
                                               
Repurchase Agreements
 
$
200,183
   
$
-
   
$
200,183
   
$
(197,975
)
 
$
(2,208
)
 
$
-
 
 
The amounts disclosed for collateral received by or posted to the same counterparty are limited to the amount sufficient to reduce the asset or liability presented in the consolidated balance sheet to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01.  The fair value of the actual collateral received by or posted to the same counterparty typically exceeds the amounts presented.  See Note 7 for a discussion of collateral posted for, or received against, repurchase obligations and derivative instruments.

-17-


NOTE 9.  TRUST PREFERRED SECURITIES

During 2005, Bimini Capital sponsored the formation of a statutory trust, known as Bimini Capital Trust II ("BCTII") of which 100% of the common equity is owned by Bimini Capital.  It was formed for the purpose of issuing trust preferred capital securities to third-party investors and investing the proceeds from the sale of such capital securities solely in junior subordinated debt securities of Bimini Capital. The debt securities held by BCTII are the sole assets of BCTII.

As of September 30, 2018 and December 31, 2017, the outstanding principal balance on the junior subordinated debt securities owed to BCTII was $26.8 million.  The BCTII trust preferred securities and Bimini Capital's BCTII Junior Subordinated Notes have a rate of interest that floats at a spread of 3.50% over the prevailing three-month LIBOR rate.  As of September 30, 2018, the interest rate was 5.83%. The BCTII trust preferred securities and Bimini Capital's BCTII Junior Subordinated Notes require quarterly interest distributions and are redeemable at Bimini Capital's option, in whole or in part and without penalty. Bimini Capital's BCTII Junior Subordinated Notes are subordinate and junior in right of payment to all present and future senior indebtedness.

BCTII is a VIE because the holders of the equity investment at risk do not have adequate decision making ability over BCTII's activities. Since Bimini Capital's investment in BCTII's common equity securities was financed directly by BCTII as a result of its loan of the proceeds to Bimini Capital, that investment is not considered to be an equity investment at risk. Since Bimini Capital's common share investment in BCTII is not a variable interest, Bimini Capital is not the primary beneficiary of BCTII. Therefore, Bimini Capital has not consolidated the financial statements of BCTII into its consolidated financial statements, and this investment is accounted for on the equity method.

The accompanying consolidated financial statements present Bimini Capital's BCTII Junior Subordinated Notes issued to BCTII as a liability and Bimini Capital's investment in the common equity securities of BCTII as an asset (included in other assets).  For financial statement purposes, Bimini Capital records payments of interest on the Junior Subordinated Notes issued to BCTII as interest expense.

NOTE 10.  COMMON STOCK

The table below presents information related to Bimini Capital's Class A Common Stock issued during the nine and three months ended September 30, 2018 and 2017.

   
Nine Months Ended September 30,
   
Three Months Ended September 30,
 
Shares Issued Related To:
 
2018
   
2017
   
2018
   
2017
 
Shares sold directly to employees
   
83,332
     
-
     
-
     
-
 
Total shares of Class A Common Stock issued
   
83,332
     
-
     
-
     
-
 

There were no issuances of Bimini Capital's Class B Common Stock and Class C Common Stock during the nine months ended September 30, 2018 and 2017.

Stock Repurchase Plan

On March 26, 2018, the Board of Directors of Bimini Capital Management, Inc. (the "Company") approved a Stock Repurchase Plan ("Repurchase Plan").  Pursuant to Repurchase Plan, the Company may purchase up to 500,000 shares of its Class A Common Stock from time to time, subject to certain limitations imposed by Rule 10b-18 of the Securities Exchange Act of 1934.  Share repurchases may be executed through various means, including, without limitation, open market transactions.  The Repurchase Plan does not obligate the Company to purchase any shares, and it expires on November 15, 2018.  The authorization for the Share Repurchase Plan may be terminated, increased or decreased by the Company's Board of Directors in its discretion at any time.

-18-


Through September 30, 2018, the Company repurchased a total of 59,714 shares at an aggregate cost of approximately $144,000, including commissions and fees, for a weighted average price of $2.41 per share.  Subsequent to that date, and through November 2, 2018, the Company has repurchased 1,800 shares for a net cost of approximately $4,000 and a weighted average price of $2.32 per share.

NOTE 11.    STOCK INCENTIVE PLANS

On August 12, 2011, Bimini Capital's shareholders approved the 2011 Long Term Compensation Plan (the "2011 Plan") to assist the Company in recruiting and retaining employees, directors and other service providers by enabling them to participate in the success of Bimini Capital and to associate their interests with those of the Company and its stockholders.  The 2011 Plan is intended to permit the grant of stock options, stock appreciation rights ("SARs"), stock awards, performance units and other equity-based and incentive awards.  The maximum aggregate number of shares of common stock that may be issued under the 2011 Plan pursuant to the exercise of options and SARs, the grant of stock awards or other equity-based awards and the settlement of incentive awards and performance units is equal to 4,000,000 shares.

Performance Units

The Compensation Committee of the Board of Directors of Bimini Capital (the "Committee") may issue Performance Units under the 2011 Plan to certain officers and employees.  "Performance Units" represent the participant's right to receive an amount, based on the value of a specified number of shares of common stock, if the terms and conditions prescribed by the Committee are satisfied.  The Committee will determine the requirements that must be satisfied before Performance Units are earned, including but not limited to any applicable performance period and performance goals.  Performance goals may relate to the Company's financial performance or the participant's performance or such other criteria determined by the Committee, including goals stated with reference to the performance measures discussed below.  If Performance Units are earned, they will be settled in cash, shares of common stock or a combination thereof.

The following table presents the activity related to Performance Units during the nine months ended September 30, 2018 and 2017:

($ in thousands, except per share data)
                       
   
Nine Months Ended September 30,
 
   
2018
   
2017
 
         
Weighted
         
Weighted
 
         
Average
         
Average
 
         
Grant Date
         
Grant Date
 
         
Fair Value
         
Fair Value
 
   
Shares
   
Per Share
 
Shares
   
Per Share
 
Unvested, beginning of period
   
41,000
   
$
0.84
     
70,000
   
$
1.23
 
Granted
   
-
     
-
     
-
     
-
 
Forfeited
   
(6,000
)
   
0.84
     
-
     
-
 
Vested and issued
   
-
     
-
     
-
     
-
 
Unvested, end of period
   
35,000
   
$
0.84
     
70,000
   
$
1.23
 
                                 
Compensation expense during the period
         
$
4
           
$
22
 
Unrecognized compensation expense at period end
         
$
2
           
$
17
 
Weighted-average remaining vesting term (in years)
           
0.2
             
0.8
 
Intrinsic value of unvested shares at period end
         
$
79
           
$
195
 

-19-


NOTE 12.  COMMITMENTS AND CONTINGENCIES

From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business. Management is not aware of any significant reported or unreported contingencies at September 30, 2018.

NOTE 13.  INCOME TAXES

The total income tax (benefit) provision recorded for the nine months ended September 30, 2018 and 2017 was $(0.7) million and $1.3 million, respectively, on consolidated pre-tax book (loss) income of $(2.8) million and $3.2 million in the nine months ended September 30, 2018 and 2017, respectively. The total income tax provision recorded for the three months ended September 30, 2018 and 2017 was $0.3 million and $1.0 million, respectively, on consolidated pre-tax book income of $1.2 million and $2.5 million in the three months ended September 30, 2018 and 2017, respectively.

On December 22, 2017, the Tax Reform Act was signed into law by President Trump. The Tax Reform Act significantly revised the U.S. corporate income tax code by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. On the same date, the Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 which specifies, among other things, that reasonable estimates of the income tax effects of the Tax Reform Act should be used, if determinable. The tax provision for the nine and three months ended September 30, 2018 represents the Company's current best estimate based on management's current interpretation of the Tax Reform Act and may change as the Company receives additional clarification and implementation guidance.

The Company's tax provision is based on a projected effective rate based annualized amounts and includes the expected realization of a portion of the tax benefits of federal and state net operating losses carryforwards ("NOLs"). In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of capital loss and NOL carryforwards is dependent upon the generation of future capital gains and taxable income in periods prior to their expiration. The Company currently provides a valuation allowance against a portion of the NOLs since the Company believes that it is more likely than not that some of the benefits will not be realized in the future. The Company will continue to assess the need for a valuation allowance at each reporting date.

NOTE 14.   EARNINGS PER SHARE

Shares of Class B common stock, participating and convertible into Class A common stock, are entitled to receive dividends in an amount equal to the dividends declared on each share of Class A common stock if, and when, authorized and declared by the Board of Directors. Following the provisions of FASB ASC 260, the Class B common stock is included in the computation of basic EPS using the two-class method, and consequently is presented separately from Class A common stock. Shares of Class B common stock are not included in the computation of diluted Class A EPS as the conditions for conversion to Class A common stock were not met at September 30, 2018 and 2017.

Shares of Class C common stock are not included in the basic EPS computation as these shares do not have participation rights. Shares of Class C common stock are not included in the computation of diluted Class A EPS as the conditions for conversion to Class A common stock were not met at September 30, 2018 and 2017.

The Company has dividend eligible stock incentive plan shares that were outstanding during the nine and three months ended September 30, 2018. The basic and diluted per share computations include these unvested incentive plan shares if there is income available to Class A common stock, as they have dividend participation rights. The stock incentive plan shares have no contractual obligation to share in losses. Because there is no such obligation, the incentive plan shares are not included in the basic and diluted EPS computations when no income is available to Class A common stock even though they are considered participating securities.

-20-


The table below reconciles the numerator and denominator of EPS for the nine and three months ended September 30, 2018 and 2017.

(in thousands, except per-share information)
                       
     
Nine Months Ended September 30,
   
Three Months Ended September 30,
 
   
2018
   
2017
   
2018
   
2017
 
Basic and diluted EPS per Class A common share:
                       
(Loss) income attributable to Class A common shares:
                       
Basic and diluted
 
$
(2,173
)
 
$
1,931
   
$
871
   
$
1,497
 
Weighted average common shares:
                               
Class A common shares outstanding at the balance sheet date
   
12,684
     
12,632
     
12,684
     
12,632
 
Unvested dividend-eligible stock incentive plan shares
                               
outstanding at the balance sheet date
   
-
     
70
     
35
     
70
 
Effect of weighting
   
35
     
-
     
14
     
-
 
Weighted average shares-basic and diluted
   
12,719
     
12,702
     
12,733
     
12,702
 
(Loss) income per Class A common share:
                               
Basic and diluted
 
$
(0.17
)
 
$
0.15
   
$
0.07
   
$
0.12
 

(in thousands, except per-share information)
                       
    
Nine Months Ended September 30,
   
Three Months Ended September 30,
 
   
2018
   
2017
   
2018
   
2017
 
Basic and diluted EPS per Class B common share:
                       
(Loss) income attributable to Class B common shares:
                       
Basic and diluted
 
$
(5
)
 
$
5
   
$
2
   
$
4
 
Weighted average common shares:
                               
Class B common shares outstanding at the balance sheet date
   
32
     
32
     
32
     
32
 
Weighted average shares-basic and diluted
   
32
     
32
     
32
     
32
 
(Loss) income per Class B common share:
                               
Basic and diluted
 
$
(0.17
)
 
$
0.15
   
$
0.07
   
$
0.12
 

NOTE 15.   FAIR VALUE

Authoritative accounting literature establishes a framework for using fair value to measure assets and liabilities and defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) as opposed to the price that would be paid to acquire the asset or received to assume the liability (an entry price). A fair value measure should reflect the assumptions that market participants would use in pricing the asset or liability, including the assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of non-performance. Required disclosures include stratification of balance sheet amounts measured at fair value based on inputs the Company uses to derive fair value measurements. These stratifications are:

·
Level 1 valuations, where the valuation is based on quoted market prices for identical assets or liabilities traded in active markets (which include exchanges and over-the-counter markets with sufficient volume),
·
Level 2 valuations, where the valuation is based on quoted market prices for similar instruments traded in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market, and
·
Level 3 valuations, where the valuation is generated from model-based techniques that use significant assumptions not observable in the market, but observable based on Company-specific data. These unobservable assumptions reflect the Company's own estimates for assumptions that market participants would use in pricing the asset or liability. Valuation techniques typically include option pricing models, discounted cash flow models and similar techniques, but may also include the use of market prices of assets or liabilities that are not directly comparable to the subject asset or liability.

 
-21-

MBS, Orchid common stock, retained interests and TBA securities were all recorded at fair value on a recurring basis during the nine and three months ended September 30, 2018 and 2017. When determining fair value measurements, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset. When possible, the Company looks to active and observable markets to price identical assets.  When identical assets are not traded in active markets, the Company looks to market observable data for similar assets.  Fair value measurements for the retained interests are generated by a model that requires management to make a significant number of assumptions.

 The Company's MBS and TBA securities are valued using Level 2 valuations, and such valuations currently are determined by the Company based on independent pricing sources and/or third party broker quotes, when available. Because the price estimates may vary, the Company must make certain judgments and assumptions about the appropriate price to use to calculate the fair values. The Company and the independent pricing sources use various valuation techniques to determine the price of the Company's securities. These techniques include observing the most recent market for like or identical assets, spread pricing techniques (option adjusted spread, zero volatility spread, spread to the treasury curve or spread to a benchmark such as a TBA security), and model driven approaches (the discounted cash flow method, Black Scholes and SABR models which rely upon observable market rates such as the term structure of interest rates and the volatility). The appropriate spread pricing method used is based on market convention. The pricing source determines the spread of recently observed trade activity or observable markets for assets similar to those being priced. The spread is then adjusted based on variances in certain characteristics between the market observation and the asset being priced. Those characteristics include: type of asset, the expected life of the asset, the stability and predictability of the expected future cash flows of the asset, whether the coupon of the asset is fixed or adjustable, the guarantor of the security if applicable, the coupon, the maturity, the issuer, size of the underlying loans, year in which the underlying loans were originated, loan to value ratio, state in which the underlying loans reside, credit score of the underlying borrowers and other variables if appropriate. The fair value of the security is determined by using the adjusted spread.

The following table presents financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017:

(in thousands)
                       
         
Quoted Prices
             
         
in Active
   
Significant
       
         
Markets for
   
Other
   
Significant
 
         
Identical
   
Observable
   
Unobservable
 
   
Fair Value
   
Assets
   
Inputs
   
Inputs
 
   
Measurements
   
(Level 1)
   
(Level 2)
   
(Level 3)
 
September 30, 2018
                       
Mortgage-backed securities
 
$
212,209
   
$
-
   
$
212,209
   
$
-
 
Orchid Island Capital, Inc. common stock
   
11,020
     
11,020
     
-
     
-
 
TBA securities
   
242
     
-
     
242
     
-
 
December 31, 2017
                               
Mortgage-backed securities
 
$
209,692
   
$
-
   
$
209,692
   
$
-
 
Orchid Island Capital, Inc. common stock
   
14,106
     
14,106
     
-
     
-
 
Retained interests in securitizations
   
653
     
-
     
-
     
653
 

-22-


The following table illustrates a roll forward for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2018 and 2017:

(in thousands)
           
   
Retained Interests in Securitizations
 
   
Nine Months Ended September 30,
 
   
2018
   
2017
 
Balances, January 1
 
$
653
   
$
1,114
 
Gain included in earnings
   
1,105
     
390
 
Collections
   
(1,758
)
   
(946
)
Balances, September 30
 
$
-
   
$
558
 

During the nine months ended September 30, 2018 and 2017, there were no transfers of financial assets or liabilities between levels 1, 2 or 3.

The retained interests are valued based on a discounted cash flow approach.  These values are sensitive to changes in unobservable inputs, including: estimated prepayment speeds, default rates and loss severity, weighted-average life, and discount rates.  Based on projected future cash flows, management determined, during the reporting quarter ended June 30, 2018, that the retained interests had no remaining fair value. Significant increases or decreases in any of these inputs may result in significantly different fair value measurements.

NOTE 16.   SEGMENT INFORMATION

The Company's operations are classified into two principal reportable segments: the asset management segment and the investment portfolio segment.

The asset management segment includes the investment advisory services provided by Bimini Advisors to Orchid and Royal Palm. As discussed in Note 2, the revenues of the asset management segment consist of management fees and overhead reimbursements received pursuant to a management agreement with Orchid.  Total revenues received under this management agreement for the nine months ended September 30, 2018 and 2017, were approximately $5.9 million and $5.4 million, respectively, accounting for approximately 45% and 48% of consolidated revenues, respectively.

The investment portfolio segment includes the investment activities conducted by Bimini Capital and Royal Palm.  The investment portfolio segment receives revenue in the form of interest and dividend income on its investments.

Segment information for the nine months ended September 30, 2018 and 2017 is as follows:

(in thousands)
                             
   
Asset
   
Investment
                   
   
Management
   
Portfolio
   
Corporate
   
Eliminations
   
Total
 
2018
                             
Advisory services, external customers
 
$
5,933
   
$
-
   
$
-
   
$
-
   
$
5,933
 
Advisory services, other operating segments(1)
   
185
     
-
     
-
     
(185
)
   
-
 
Interest and dividend income
   
-
     
7,396
     
1
     
-
     
7,397
 
Interest expense
   
-
     
(2,796
)
   
(1,097
)(2)
   
-
     
(3,893
)
Net revenues
   
6,118
     
4,600
     
(1,096
)
   
(185
)
   
9,437
 
Other
   
-
     
(9,190
)
   
1,785
(3) 
   
-
     
(7,405
)
Operating expenses(4)
   
(2,174
)
   
(2,712
)
   
-
     
-
     
(4,886
)
Intercompany expenses(1)
   
-
     
(185
)
   
-
     
185
     
-
 
Income (loss) before income taxes
 
$
3,944
   
$
(7,487
)
 
$
689
   
$
-
   
$
(2,854
)
-23-


                               
   
Asset
   
Investment
                   
   
Management
   
Portfolio
   
Corporate
   
Eliminations
   
Total
 
2017
                             
Advisory services, external customers
 
$
5,398
   
$
-
   
$
-
   
$
-
   
$
5,398
 
Advisory services, other operating segments(1)
   
146
     
-
     
-
     
(146
)
   
-
 
Interest and dividend income
   
-
     
5,955
     
-
     
-
     
5,955
 
Interest expense
   
-
     
(1,110
)
   
(914
)(2)
   
-
     
(2,024
)
Net revenues
   
5,544
     
4,845
     
(914
)
   
(146
)
   
9,329
 
Other
   
-
     
(1,698
)
   
140
(3) 
   
-
     
(1,558
)
Operating expenses(4)
   
(2,539
)
   
(2,012
)
   
-
     
-
     
(4,551
)
Intercompany expenses(1)
   
-
     
(146
)
   
-
     
146
     
-
 
Income (loss) before income taxes
 
$
3,005
   
$
989
   
$
(774
)
 
$
-
   
$
3,220
 

(1)
Includes fees paid by Royal Palm to Bimini Advisors for advisory services.
(2)
Includes interest on junior subordinated note.
(3)
Includes gains (losses) on Eurodollar futures contracts entered into as a hedge on junior subordinated notes and fair value adjustments on retained interests in securitizations.
(4)
Corporate expenses are allocated based on each segment's proportional share of total revenues.

Assets in each reportable segment were as follows:

(in thousands)
                       
 
Asset
 
Investment
         
 
Management
 
Portfolio
 
Corporate
 
Total
 
September 30, 2018
 
$
1,500
   
$
269,186
   
$
15,857
   
$
286,543
 
December 31, 2017
   
1,632
     
267,429
     
15,528
     
284,589
 
September 30, 2017
   
2,095
     
267,004
     
20,730
     
289,829
 

NOTE 17. RELATED PARTY TRANSACTIONS

Relationships with Orchid

At both September 30, 2018 and December 31, 2017, the Company owned 1,520,036 shares of Orchid common stock, representing approximately 2.9% of the outstanding shares.  The Company received dividends on this common stock investment of approximately $1.3 million and $0.4 million during the nine and three months ended September 30, 2018, respectively, and approximately $1.9 million and $0.6 million during the nine and three months ended September 30, 2017, respectively.

Robert Cauley, the Chief Executive Officer and Chairman of the Board of Directors of the Company, also serves as Chief Executive Officer and Chairman of the Board of Directors of Orchid, receives compensation from Orchid, and owns shares of common stock of Orchid.  In addition, Hunter Haas, the Chief Financial Officer, Chief Investment Officer and Treasurer of the Company, also serves as Chief Financial Officer, Chief Investment Officer and Secretary of Orchid, is a member of Orchid's Board of Directors, receives compensation from Orchid, and owns shares of common stock of Orchid. Robert J. Dwyer and Frank E. Jaumot, our independent directors, each own shares of common stock of Orchid.
-24-

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion of our financial condition and results of operations should be read in conjunction with the financial statements and notes to those statements included in Item 1 of this Form 10-Q. The discussion may contain certain forward-looking statements that involve risks and uncertainties. Forward-looking statements are those that are not historical in nature. As a result of many factors, such as those set forth under "Risk Factors" in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, our actual results may differ materially from those anticipated in such forward-looking statements.

Overview

Bimini Capital Management, Inc. ("Bimini Capital" or the "Company") is a holding company that was formed in September 2003.   The Company's principal operating subsidiaries are Bimini Advisors Holdings, LLC and Royal Palm Capital, LLC. We operate in two business segments: the asset management segment, which includes the investment advisory services provided by Bimini Advisors to Orchid, and the investment portfolio segment, which includes the investment activities conducted by Bimini Capital and Royal Palm.

Bimini Advisors Holdings, LLC and its wholly-owned subsidiary, Bimini Advisors, LLC (a registered investment advisor), are collectively referred to as "Bimini Advisors."  Bimini Advisors serves as the external manager of the portfolio of Orchid Island Capital, Inc. ("Orchid"). From this arrangement, the Company receives management fees and expense reimbursements.  As manager, Bimini Advisors 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 Advisors is at all times subject to the supervision and oversight of Orchid's board of directors and has only such functions and authority as delegated to it. In addition, the Company receives dividends from its investment in Orchid common shares.

Royal Palm Capital, LLC (collectively with its wholly-owned subsidiaries referred to as "Royal Palm") maintains an investment portfolio, consisting primarily of residential mortgage-backed securities ("MBS") issued and guaranteed by a federally chartered corporation or agency ("Agency MBS"). Our investment strategy focuses on, and our portfolio consists of, two categories of Agency MBS: (i) traditional pass-through Agency MBS ("PT MBS") and (ii) structured Agency MBS, such as collateralized mortgage obligations ("CMOs"), interest only securities ("IOs"), inverse interest only securities ("IIOs") and principal only securities ("POs"), among other types of structured Agency MBS.

Stock Repurchase Plan

On March 26, 2018, the Board of Directors of Bimini Capital Management, Inc. (the "Company") approved a Stock Repurchase Plan ("Repurchase Plan").  Pursuant to Repurchase Plan, the Company may purchase up to 500,000 shares of its Class A Common Stock from time to time, subject to certain limitations imposed by Rule 10b-18 of the Securities Exchange Act of 1934.  Share repurchases may be executed through various means, including, without limitation, open market transactions.  The Repurchase Plan does not obligate the Company to purchase any shares, and it expires on November 15, 2018.  The authorization for the Share Repurchase Plan may be terminated, increased or decreased by the Company's Board of Directors in its discretion at any time.

Through September 30, 2018, the Company repurchased a total of 59,714 shares at an aggregate cost of approximately $144,000, including commissions and fees, for a weighted average price of $2.41 per share.  Subsequent to that date, and through November 2, 2018, the Company has repurchased 1,800 shares for a net cost of approximately $4,000 and a weighted average price of $2.32 per share.

-25-


Factors that Affect our Results of Operations and Financial Condition

A variety of industry and economic factors may impact our results of operations and financial condition. These factors include:

interest rate trends;
the difference between Agency MBS yields and our funding and hedging costs;
competition for investments in Agency MBS;
actions taken by the U.S. government, including the presidential administration, the Federal Reserve (the "Fed"), the Federal Open Market Committee (the "FOMC") and the U.S. Treasury;
prepayment rates on mortgages underlying our Agency MBS, and credit trends insofar as they affect prepayment rates; and
the equity markets and the ability of Orchid to raise additional capital; and
other market developments.

In addition, a variety of factors relating to our business may also impact our results of operations and financial condition. These factors include:

our degree of leverage;
our access to funding and borrowing capacity;
our borrowing costs;
our hedging activities;
the market value of our investments;
the requirements to qualify for a registration exemption under the Investment Company Act;
our ability to use net operating loss carryforwards and net capital loss carryforwards to reduce our taxable income;
the impact of possible future changes in tax laws; and
our ability to manage the portfolio of Orchid and maintain our role as manager.

Results of Operations

Described below are the Company's results of operations for the nine and three months ended September 30, 2018, as compared to the nine and three months ended September 30, 2017.

Net (Loss) Income Summary

Consolidated net loss for the nine months ended September 30, 2018 was $2.2 million, or $0.17 basic and diluted loss per share of Class A Common Stock, as compared to consolidated net income of $1.9 million, or $0.15 basic and diluted income per share of Class A Common Stock, for the nine months ended September 30, 2017.

Consolidated net income for the three months ended September 30, 2018 was $0.9 million, or $0.07 basic and diluted income per share of Class A Common Stock, as compared to consolidated net income of $1.5 million, or $0.12 basic and diluted income per share of Class A Common Stock, for the three months ended September 30, 2017.

-26-


The components of net (loss) income for the nine and three months ended September 30, 2018 and 2017, along with the changes in those components are presented in the table below:

(in thousands)
                                   
   
Nine Months Ended September 30,
   
Three Months Ended September 30,
 
   
2018
   
2017
   
Change
   
2018
   
2017
   
Change
 
Advisory services revenues
 
$
5,933
   
$
5,398
   
$
535
   
$
1,873
   
$
1,940
   
$
(67
)
Interest and dividend income
   
7,397
     
5,955
     
1,442
     
2,434
     
2,152
     
282
 
Interest expense
   
(3,893
)
   
(2,024
)
   
(1,869
)
   
(1,437
)
   
(820
)
   
(617
)
Net revenues
   
9,437
     
9,329
     
108
     
2,870
     
3,272
     
(402
)
Other expense
   
(7,405
)
   
(1,558
)
   
(5,847
)
   
(172
)
   
737
     
(909
)
Expenses
   
(4,886
)
   
(4,551
)
   
(335
)
   
(1,496
)
   
(1,518
)
   
22
 
Net (loss) income before income tax (benefit) provision
   
(2,854
)
   
3,220
     
(6,074
)
   
1,202
     
2,491
     
(1,289
)
Income tax (benefit) provision
   
(676
)
   
1,284
     
(1,960
)
   
329
     
990
     
(661
)
Net (loss) income
 
$
(2,178
)
 
$
1,936
   
$
(4,114
)
 
$
873
   
$
1,501
   
$
(628
)

GAAP and Non-GAAP Reconciliation

Economic Interest Expense and Economic Net Interest Income

We use derivative instruments, specifically Eurodollar and Treasury Note ("T-Note") futures contracts, interest rate swaps and swaptions, to hedge a portion of the interest rate risk on repurchase agreements in a rising rate environment.

We have not elected to designate our derivative holdings for hedge accounting treatment under the Financial Accounting Standards Board (the "FASB"), Accounting Standards Codification ("ASC"), Topic 815, Derivatives and Hedging. Changes in fair value of these instruments are presented in a separate line item in our consolidated statements of operations and not included in interest expense. As such, for financial reporting purposes, interest expense and cost of funds are not impacted by the fluctuation in value of the derivative instruments.

For the purpose of computing economic net interest income and ratios relating to cost of funds measures, GAAP interest expense has been adjusted to reflect the realized gains or losses on specific derivative instruments that pertain to each period presented. We believe that adjusting our interest expense for the periods presented by the gains or losses on all derivative instruments would not accurately reflect our economic interest expense for these periods. For each period presented, we have combined the effects of the derivative financial instruments in place for the respective period with the actual interest expense incurred on borrowings to reflect total economic interest expense for the applicable period. Interest expense, including the effect of derivative instruments for the period, is referred to as economic interest expense. Net interest income, when calculated to include the effect of derivative instruments for the period, is referred to as economic net interest income. This presentation includes gains or losses on all contracts in effect during the reporting period, covering the current period as well as periods in the future.

We believe that economic interest expense and economic net interest income provide meaningful information to consider, in addition to the respective amounts prepared in accordance with GAAP. The non-GAAP measures help management to evaluate its financial position and performance without the effects of certain transactions and GAAP adjustments that are not necessarily indicative of our current investment portfolio or operations. The unrealized gains or losses on derivative instruments presented in our consolidated statements of operations are not necessarily representative of the total interest rate expense that we will ultimately realize. This is because as interest rates move up or down in the future, the gains or losses we ultimately realize, and which will affect our total interest rate expense in future periods, may differ from the unrealized gains or losses recognized as of the reporting date.

-27-


Our presentation of the economic value of our hedging strategy has important limitations. First, other market participants may calculate economic interest expense and economic net interest income differently than the way we calculate them. Second, while we believe that the calculation of the economic value of our hedging strategy described above helps to present our financial position and performance, it may be of limited usefulness as an analytical tool. Therefore, the economic value of our investment strategy should not be viewed in isolation and is not a substitute for interest expense and net interest income computed in accordance with GAAP.

The tables below present a reconciliation of the adjustments to interest expense shown for each period relative to our derivative instruments, and the consolidated statements of operations line item, gains (losses) on derivative instruments, calculated in accordance with GAAP for each quarter in 2018 and 2017.

Gains (Losses) on Derivative Instruments - Recognized in Consolidated Statement of Operations (GAAP)
 
(in thousands)
                       
   
Recognized in
                   
   
Statement of
   
TBA
         
Junior
 
   
Operations
   
Securities
   
Repurchase
   
Subordinated
 
Three Months Ended
 
(GAAP)
   
Income (Loss)
   
Agreements
   
Debt
 
September 30, 2018
 
$
948
   
$
349
   
$
478
   
$
121
 
June 30, 2018
   
870
     
194
     
534
     
142
 
March 31, 2018
   
1,741
     
(523
)
   
1,849
     
415
 
December 31, 2017
   
783
     
-
     
546
     
237
 
September 30, 2017
   
(19
)
   
-
     
(13
)
   
(6
)
June 30, 2017
   
(832
)
   
-
     
(581
)
   
(251
)
March 31, 2017
   
22
     
-
     
15
     
7
 
                                 
(in thousands)
                               
   
Recognized in
                         
   
Statement of
   
TBA
           
Junior
 
   
Operations
   
Securities
   
Repurchase
   
Subordinated
 
Nine Months Ended
 
(GAAP)
   
Income (Loss)
   
Agreements
   
Debt
 
September 30, 2018
 
$
3,558
   
$
20
   
$
2,861
   
$
678
 
September 30, 2017
   
(829
)
   
-
     
(579
)
   
(250
)

Losses on Derivative Instruments - Attributed to Current Period (Non-GAAP)
 
(in thousands)
                                   
   
Attributed to Current Period (Non-GAAP)
   
Attributed to Future Periods (Non-GAAP)
 
         
Junior
               
Junior
       
   
Repurchase
   
Subordinated
         
Repurchase
   
Subordinated
       
Three Months Ended
 
Agreements
   
Debt
   
Total
   
Agreements
   
Debt
   
Total
 
September 30, 2018
 
$
(35
)
 
$
11
   
$
(24
)
 
$
513
   
$
110
   
$
623
 
June 30, 2018
   
(108
)
   
(19
)
   
(127
)
   
642
     
161
     
803
 
March 31, 2018
   
(154
)
   
(33
)
   
(187
)
   
2,003
     
448
     
2,451
 
December 31, 2017
   
(170
)
   
(42
)
   
(212
)
   
716
     
279
     
995
 
September 30, 2017
   
(162
)
   
(40
)
   
(202
)
   
149
     
34
     
183
 
June 30, 2017
   
(152
)
   
(37
)
   
(189
)
   
(429
)
   
(214
)
   
(643
)
March 31, 2017
   
(115
)
   
(60
)
   
(175
)
   
130
     
67
     
197
 
                                                 
(in thousands)
                                               
           
Junior
                   
Junior
         
   
Repurchase
   
Subordinated
           
Repurchase
   
Subordinated
         
Nine Months Ended
 
Agreements
   
Debt
   
Total
   
Agreements
   
Debt
   
Total
 
September 30, 2018
 
$
(297
)
 
$
(41
)
 
$
(338
)
 
$
3,158
   
$
719
   
$
3,877
 
September 30, 2017
   
(429
)
   
(137
)
   
(566
)
   
(150
)
   
(113
)
   
(263
)
 
 
-28-


 
Economic Net Portfolio Interest Income
 
(in thousands)
 
         
Interest Expense on Repurchase Agreements
   
Net Portfolio
 
               
Effect of
         
Interest Income
 
   
Interest
   
GAAP
   
Non-GAAP
   
Economic
   
GAAP
   
Economic
 
Three Months Ended
 
Income
   
Basis
   
Hedges(1)
   
Basis(2)
   
Basis
   
Basis(3)
 
September 30, 2018
 
$
2,054
   
$
1,049
   
$
(35
)
 
$
1,084
   
$
1,005
   
$
970
 
June 30, 2018
   
2,001
     
937
     
(108
)
   
1,045
     
1,064
   
$
956
 
March 31, 2018
   
2,080
     
809
     
(154
)
   
963
     
1,271
     
1,117
 
December 31, 2017
   
1,978
     
685
     
(170
)
   
855
     
1,293
     
1,123
 
September 30, 2017
   
1,514
     
504
     
(162
)
   
666
     
1,010
     
848
 
June 30, 2017
   
1,269
     
324
     
(152
)
   
476
     
945
     
793
 
March 31, 2017
   
1,293
     
283
     
(115
)
   
398
     
1,010
     
895
 
                                                 
(in thousands)
 
           
Interest Expense on Repurchase Agreements
   
Net Portfolio
 
                   
Effect of
           
Interest Income
 
   
Interest
   
GAAP
   
Non-GAAP
   
Economic
   
GAAP
   
Economic
 
Nine Months Ended
 
Income
   
Basis
   
Hedges(1)
   
Basis(2)
   
Basis
   
Basis(3)
 
September 30, 2018
 
$
6,135
   
$
2,796
   
$
(297
)
 
$
3,093
   
$
3,339
   
$
3,042
 
September 30, 2017
   
4,076
     
1,111
     
(429
)
   
1,540
     
2,965
     
2,536
 

(1)
Reflects the effect of derivative instrument hedges for only the period presented.
(2)
Calculated by subtracting the effect of derivative instrument hedges attributed to the period presented from GAAP interest expense.
(3)
Calculated by adding the effect of derivative instrument hedges attributed to the period presented to GAAP net portfolio interest income.

Economic Net Interest Income
 
(in thousands)
 
   
Net Portfolio
   
Interest Expense on Junior Subordinated Notes
             
   
Interest Income
         
Effect of
         
Net Interest Income
 
   
GAAP
   
Economic
   
GAAP
   
Non-GAAP
   
Economic
   
GAAP
   
Economic
 
Three Months Ended
 
Basis
   
Basis(1)
   
Basis
   
Hedges(2)
   
Basis(3)
   
Basis
   
Basis(4)
 
September 30, 2018
 
$
1,005
   
$
970
   
$
388
   
$
11
   
$
377
   
$
617
   
$
593
 
June 30, 2018
   
1,064
     
956
     
372
     
(19
)
   
391
     
692
   
$
565
 
March 31, 2018
   
1,271
     
1,117
     
337
     
(33
)
   
370
     
934
     
747
 
December 31, 2017
   
1,293
     
1,123
     
324
     
(42
)
   
366
     
969
     
757
 
September 30, 2017
   
1,010
     
848
     
316
     
(40
)
   
356
     
694
     
492
 
June 30, 2017
   
945
     
793
     
306
     
(37
)
   
343
     
639
     
450
 
March 31, 2017
   
1,010
     
895
     
292
     
(60
)
   
352
     
718
     
543
 
                                                         
(in thousands)
 
   
Net Portfolio
   
Interest Expense on Junior Subordinated Notes
                 
   
Interest Income
           
Effect of
           
Net Interest Income
 
   
GAAP
   
Economic
   
GAAP
   
Non-GAAP
   
Economic
   
GAAP
   
Economic
 
Nine Months Ended
 
Basis
   
Basis(1)
   
Basis
   
Hedges(2)
   
Basis(3)
   
Basis
   
Basis(4)
 
September 30, 2018
 
$
3,339
   
$
3,042
   
$
1,097
   
$
(41
)
 
$
1,138
   
$
2,242
   
$
1,904
 
September 30, 2017
   
2,965
     
2,536
     
914
     
(137
)
   
1,051
     
2,051
     
1,485
 

(1)
Calculated by adding the effect of derivative instrument hedges attributed to the period presented to GAAP net portfolio interest income.
(2)
Reflects the effect of derivative instrument hedges for only the period presented.
(3)
Calculated by subtracting the effect of derivative instrument hedges attributed to the period presented from GAAP interest expense.
(4)
Calculated by adding the effect of derivative instrument hedges attributed to the period presented to GAAP net interest income.

-29-


Segment Information

We have two operating segments. The asset management segment includes the investment advisory services provided by Bimini Advisors to Orchid and Royal Palm. The investment portfolio segment includes the investment activities conducted by Bimini Capital and Royal Palm.  Segment information for the nine months ended September 30, 2018 and 2017 is as follows:
 
(in thousands)
                             
   
Asset
   
Investment
                   
   
Management
   
Portfolio
   
Corporate
   
Eliminations
   
Total
 
2018
                             
Advisory services, external customers
 
$
5,933
   
$
-
   
$
-
   
$
-
   
$
5,933
 
Advisory services, other operating segments(1)
   
185
     
-
     
-
     
(185
)
   
-
 
Interest and dividend income
   
-
     
7,396
     
1
     
-
     
7,397
 
Interest expense
   
-
     
(2,796
)
   
(1,097
)(2)
   
-
     
(3,893
)
Net revenues
   
6,118
     
4,600
     
(1,096
)
   
(185
)
   
9,437
 
Other
   
-
     
(9,190
)
   
1,785
(3) 
   
-
     
(7,405
)
Operating expenses(4)
   
(2,174
)
   
(2,712
)
   
-
     
-
     
(4,886
)
Intercompany expenses(1)
   
-
     
(185
)
   
-
     
185
     
-
 
Income (loss) before income taxes
 
$
3,944
   
$
(7,487
)
 
$
689
   
$
-
   
$
(2,854
)
 
                               
   
Asset
   
Investment
                   
   
Management
   
Portfolio
   
Corporate
   
Eliminations
   
Total
 
2017
                             
Advisory services, external customers
 
$
5,398
   
$
-
   
$
-
   
$
-
   
$
5,398
 
Advisory services, other operating segments(1)
   
146
     
-
     
-
     
(146
)
   
-
 
Interest and dividend income
   
-
     
5,955
     
-
     
-
     
5,955
 
Interest expense
   
-
     
(1,110
)
   
(914
)(2)
   
-
     
(2,024
)
Net revenues
   
5,544
     
4,845
     
(914
)
   
(146
)
   
9,329
 
Other
   
-
     
(1,698
)
   
140
(3) 
   
-
     
(1,558
)
Operating expenses(4)
   
(2,539
)
   
(2,012
)
   
-
     
-
     
(4,551
)
Intercompany expenses(1)
   
-
     
(146
)
   
-
     
146
     
-
 
Income (loss) before income taxes
 
$
3,005
   
$
989
   
$
(774
)
 
$
-
   
$
3,220
 
 
(1)
Includes advisory services revenue received by Bimini Advisors from Royal Palm.
(2)
Includes interest on junior subordinated note.
(3)
Includes gains (losses) on Eurodollar futures contracts entered into as a hedge on junior subordinated notes and fair value adjustments on retained interests in securitizations.
(4)
Corporate expenses are allocated based on each segment's proportional share of total revenues.

Assets in each reportable segment were as follows:

(in thousands)
                       
 
Asset
 
Investment
         
 
Management
 
Portfolio
 
Corporate
 
Total
 
September 30, 2018
 
$
1,500
   
$
269,186
   
$
15,857
   
$
286,543
 
December 31, 2017
   
1,632
     
267,429
     
15,528
     
284,589
 
September 30, 2017
   
2,095
     
267,004
     
20,730
     
289,829
 

-30-


Asset Management Segment

Advisory Services Revenue

Advisory services revenue consists of management fees and overhead reimbursements charged to Orchid for the management of its portfolio pursuant to the terms of a management agreement. We receive a monthly management fee in the amount of:

·
One-twelfth of 1.5% of the first $250 million of the Orchid's equity, as defined in the management agreement,
·
One-twelfth of 1.25% of the Orchid's equity that is greater than $250 million and less than or equal to $500 million, and
·
One-twelfth of 1.00% of the Orchid's equity that is greater than $500 million.

In addition, Orchid is obligated to reimburse us for any direct expenses incurred on its behalf and to pay to us an amount equal to Orchid's pro rata portion of certain overhead costs set forth in the management agreement. The management agreement has been renewed through February 2019 and provides for automatic one-year extension options. Should Orchid terminate the management agreement without cause, it will pay to us a termination fee equal to three times the average annual management fee, as defined in the management agreement, before or on the last day of the automatic renewal term.

(in thousands)
                             
   
Average
   
Average
 
Advisory Services
 
   
Orchid
   
Orchid
   
Management
   
Overhead
       
Three Months Ended
 
MBS
   
Equity
   
Fee
   
Allocation
   
Total
 
September 30, 2018
 
$
3,601,776
   
$
431,962
   
$
1,482
     
391
     
1,873
 
June 30, 2018
   
3,717,690
     
469,974
     
1,606
   
$
361
   
$
1,967
 
March 31, 2018
   
3,745,298
     
488,906
     
1,712
     
381
     
2,093
 
December 31, 2017
   
3,837,575
     
459,322
     
1,625
     
408
     
2,033
 
September 30, 2017
   
3,834,083
     
441,193
     
1,528
     
412
     
1,940
 
June 30, 2017
   
3,499,922
     
406,395
     
1,400
     
388
     
1,788
 
March 31, 2017
   
3,142,095
     
371,691
     
1,302
     
368
     
1,670
 
                                         
(in thousands)
                                       
   
Average
   
Average
 
Advisory Services
 
   
Orchid
   
Orchid
   
Management
   
Overhead
         
Nine Months Ended
 
MBS
   
Equity
   
Fee
   
Allocation
   
Total
 
September 30, 2018
   
3,688,255
     
463,614
     
4,800
     
1,133
     
5,933
 
September 30, 2017
   
3,492,033
     
406,426
     
4,230
     
1,168
     
5,398
 

Investment Portfolio Segment

Net Portfolio Interest Income

We define net portfolio interest income as interest income on MBS less interest expense on repurchase agreement funding. During the nine months ended September 30, 2018, we generated $3.3 million of net portfolio interest income, consisting of $6.1 million of interest income from MBS assets offset by $2.8 million of interest expense on repurchase liabilities.  For the comparable period ended September 30, 2017, we generated $3.0 million of net portfolio interest income, consisting of $4.1 million of interest income from MBS assets offset by $1.1 million of interest expense on repurchase liabilities. The $2.0 million increase in interest income for the nine months ended September 30, 2018 was due to a $55.9 million increase in average MBS balances, combined with a 32 basis point increase in yields earned on the portfolio.  The $1.7 million increase in interest expense for the nine months ended September 30, 2018 was due to a combination of a $54.6 million increase in average repurchase liabilities and an 87 basis point increase in cost of funds.

-31-


Our economic interest expense on repurchase liabilities for the nine months ended September 30, 2018 and 2017 was $3.1 million and $1.5 million, respectively, resulting in $3.0 million and $2.5 million of economic net portfolio interest income, respectively.

During the three months ended September 30, 2018, we generated $1.0 million of net portfolio interest income, consisting of $2.1 million of interest income from MBS assets offset by $1.0 million of interest expense on repurchase liabilities.  For the three months ended September 30, 2017, we generated $1.0 million of net portfolio interest income, consisting of $1.5 million of interest income from MBS assets offset by $0.5 million of interest expense on repurchase liabilities.  The $0.6 million increase in interest income for the three months ended September 30, 2018 was due to a $28.2 million increase in average MBS balances, combined with a 58 basis point increase in yields earned on the portfolio.  The $0.5 million increase in interest expense for the three months ended September 30, 2018 was due to a combination of a $28.6 million increase in average repurchase liabilities and a 96 basis point increase in cost of funds.

Our economic interest expense on repurchase liabilities for the three months ended September 30, 2018 and 2017 was $1.1 million and $0.7 million, respectively, resulting in $1.0 million and $0.8 million of economic net portfolio interest income, respectively.

The tables below provide information on our portfolio average balances, interest income, yield on assets, average repurchase agreement balances, interest expense, cost of funds, net interest income and net interest rate spread for the nine months ended September 30, 2018 and 2017 and each quarter in 2018 and 2017 on both a GAAP and economic basis.

($ in thousands)
                                               
   
Average
         
Yield on
   
Average
   
Interest Expense
   
Average Cost of Funds
 
   
MBS
   
Interest
   
Average
   
Repurchase
   
GAAP
   
Economic
   
GAAP
   
Economic
 
Three Months Ended
 
Held(1)
   
Income(2)
   
MBS
   
Agreements(1)
   
Basis
   
Basis(2)
   
Basis
   
Basis(3)
 
September 30, 2018
 
$
198,367
   
$
2,054
     
4.14
%
 
$
189,582
   
$
1,049
   
$
1,084
     
2.21
%
   
2.29
%
June 30, 2018
   
194,677
     
2,001
     
4.11
%
   
184,621
     
937
     
1,045
     
2.03
%
   
2.27
%
March 31, 2018
   
207,261
     
2,080
     
4.01
%
   
197,001
     
809
     
963
     
1.64
%
   
1.96
%
December 31, 2017
   
203,841
     
1,978
     
3.88
%
   
193,778
     
685
     
855
     
1.41
%
   
1.77
%
September 30, 2017
   
170,237
     
1,514
     
3.56
%
   
161,003
     
504
     
666
     
1.25
%
   
1.66
%
June 30, 2017
   
134,188
     
1,269
     
3.78
%
   
126,341
     
324
     
476
     
1.02
%
   
1.51
%
March 31, 2017
   
128,098
     
1,293
     
4.04
%
   
119,938
     
283
     
398
     
0.94
%
   
1.33
%
                                                                 
($ in thousands)
                                                               
   
Average
           
Yield on
   
Average
   
Interest Expense
   
Average Cost of Funds
 
   
MBS
   
Interest
   
Average
   
Repurchase
   
GAAP
   
Economic
   
GAAP
   
Economic
 
Nine Months Ended
 
Held(1)
   
Income(2)
   
MBS
   
Agreements(1)
   
Basis
   
Basis(2)
   
Basis
   
Basis(3)
 
September 30, 2018
 
$
200,102
   
$
6,135
     
4.09
%
 
$
190,402
   
$
2,796
   
$
3,092
     
1.96
%
   
2.17
%
September 30, 2017
   
144,174
     
4,076
     
3.77
%
   
135,761
     
1,110
     
1,540
     
1.09
%
   
1.51
%

($ in thousands)
                       
   
Net Portfolio
   
Net Portfolio
 
   
Interest Income
   
Interest Spread
 
   
GAAP
   
Economic
   
GAAP
   
Economic
 
Three Months Ended
 
Basis
   
Basis(2)
   
Basis
   
Basis(4)
 
September 30, 2018
 
$
1,005
   
$
970
     
1.93
%
   
1.85
%
June 30, 2018
   
1,064
     
956
     
2.08
%
   
1.84
%
March 31, 2018
   
1,271
     
1,117
     
2.37
%
   
2.05
%
December 31, 2017
   
1,293
     
1,123
     
2.47
%
   
2.11
%
September 30, 2017
   
1,010
     
848
     
2.31
%
   
1.90
%
June 30, 2017
   
945
     
793
     
2.76
%
   
2.27
%
March 31, 2017
   
1,010
     
894
     
3.10
%
   
2.71
%
                                 
-32-


($ in thousands)
                       
   
Net Portfolio
   
Net Portfolio
 
   
Interest Income
   
Interest Spread
 
   
GAAP
   
Economic
   
GAAP
   
Economic
 
Nine Months Ended
 
Basis
   
Basis(2)
   
Basis
   
Basis(4)
 
September 30, 2018
 
$
3,340
   
$
3,043
     
2.13
%
   
1.92
%
September 30, 2017
   
2,965
     
2,535
     
2.68
%
   
2.26
%

(1)
Portfolio yields and costs of borrowings presented in the tables above and the tables on page 34 are calculated based on the average balances of the underlying investment portfolio/repurchase agreement balances and are annualized for the periods presented. Average balances for quarterly periods are calculated using two data points, the beginning and ending balances.
(2)
Economic interest expense and economic net interest income presented in the tables above and the tables on page 34 include the effect of derivative instrument hedges for only the period presented.
(3)
Represents interest cost of our borrowings and the effect of derivative instrument hedges attributed to the period related to hedging activities divided by average MBS.
(4)
Economic net interest spread is calculated by subtracting average economic cost of funds from yield on average MBS.

Interest Income and Average Earning Asset Yield

Our interest income was $6.1 million for the nine months ended September 30, 2018 and $4.1 million for the nine months ended September 30, 2017.  Average MBS holdings were $200.1 million and $144.2 million for the nine months ended September 30, 2018 and 2017, respectively. The $2.0 million increase in interest income was due to combination of a 32 basis point increase in yields and a $55.9 million increase in average MBS holdings.

Our interest income was $2.1 million for the three months ended September 30, 2018 and $1.5 million for the three months ended September 30, 2017.  Average MBS holdings were $198.4 million and $170.2 million for the three months ended September 30, 2018 and 2017, respectively. The $0.6 million increase in interest income was due to a $28.2 million increase in average MBS holdings, combined with a 58 basis point increase in yields.

The tables below present the average portfolio size, income and yields of our respective sub-portfolios, consisting of structured MBS and PT MBS, for the nine months ended September 30, 2018 and 2017, and for each quarter during 2018 and 2017.

($ in thousands)
                                                     
   
Average MBS Held
   
Interest Income
   
Realized Yield on Average MBS
 
   
PT
   
Structured
         
PT
   
Structured
         
PT
   
Structured
       
Three Months Ended
 
MBS
   
MBS
   
Total
   
MBS
   
MBS
   
Total
   
MBS
   
MBS
   
Total
 
September 30, 2018
 
$
196,305
   
$
2,062
   
$
198,367
   
$
2,008
   
$
46
   
$
2,054
     
4.09
%
   
8.94
%
   
4.14
%
June 30, 2018
   
192,368
     
2,309
     
194,677
     
1,959
     
42
     
2,001
     
4.07
%
   
7.16
%
   
4.11
%
March 31, 2018
   
204,786
     
2,475
     
207,261
     
2,054
     
26
     
2,080
     
4.01
%
   
4.29
%
   
4.01
%
December 31, 2017
   
201,165
     
2,676
     
203,841
     
1,955
     
23
     
1,978
     
3.89
%
   
3.55
%
   
3.88
%
September 30, 2017
   
167,081
     
3,156
     
170,237
     
1,524
     
(10
)
   
1,514
     
3.65
%
   
(1.28
)%
   
3.56
%
June 30, 2017
   
130,519
     
3,669
     
134,188
     
1,220
     
49
     
1,269
     
3.74
%
   
5.33
%
   
3.78
%
March 31, 2017
   
123,163
     
4,935
     
128,098
     
1,210
     
83
     
1,293
     
3.93
%
   
6.67
%
   
4.04
%
                                                                         
($ in thousands)
                                                                       
   
Average MBS Held
   
Interest Income
   
Realized Yield on Average MBS
 
   
PT
   
Structured
           
PT
   
Structured
           
PT
   
Structured
         
Nine Months Ended
 
MBS
   
MBS
   
Total
   
MBS
   
MBS
   
Total
   
MBS
   
MBS
   
Total
 
September 30, 2018
 
$
197,820
   
$
2,282
   
$
200,102
   
$
6,021
   
$
114
   
$
6,135
     
4.06
%
   
6.66
%
   
4.09
%
September 30, 2017
   
140,254
     
3,920
     
144,174
     
3,954
     
122
     
4,075
     
3.76
%
   
4.12
%
   
3.77
%

-33-


Interest Expense on Repurchase Agreements and the Cost of Funds

Our average outstanding balances under repurchase agreements were $190.4 million and $135.8 million, generating interest expense of $2.8 million and $1.1 million for the nine months ended September 30, 2018 and 2017, respectively.  Our average cost of funds was 1.96% and 1.09% for nine months ended September 30, 2018 and 2017, respectively.  There was an 87 basis point increase in the average cost of funds and a $54.6 million increase in average outstanding repurchase agreements during the nine months ended September 30, 2018, compared to the nine months ended September 30, 2017. 

Our economic interest expense was $3.1 million and $1.5 million for the nine months ended September 30, 2018 and 2017, respectively. There was a 66 basis point increase in the average economic cost of funds to 2.17% for the nine months ended September 30, 2018 from 1.51% for the nine months ended September 30, 2017.  The $1.6 million increase in economic interest expense was due to the $54.6 million increase in average outstanding repurchase agreements during the nine months ended September 30, 2018, combined with the negative performance of our derivative holdings attributed to the current period.

Our average outstanding balances under repurchase agreements were $189.6 million and $161.0 million, generating interest expense of $1.0 million and $0.5 million for the three months ended September 30, 2018 and 2017, respectively.  Our average cost of funds was 2.21% and 1.25% for three months ended September 30, 2018 and 2017, respectively.  There was a 96 basis point increase in the average cost of funds and a $28.6 million increase in average outstanding repurchase agreements during the three months ended September 30, 2018, compared to the three months ended September 30, 2017.  

Our economic interest expense was $1.1 million and $0.7 million for the three months ended September 30, 2018 and 2017, respectively. There was a 63 basis point increase in the average economic cost of funds to 2.29% for the three months ended September 30, 2018 from 1.66% for the three months ended September 30, 2017.  The $0.4 million increase in economic interest expense was due to the $28.6 million increase in average outstanding repurchase agreements during the three months ended September 30, 2018, combined with the negative performance of our derivative agreements attributed to the current period.

Because all of our repurchase agreements are short-term, changes in market rates have a more immediate impact on our interest expense.  Our average cost of funds calculated on a GAAP basis was 4 basis points above the average one-month LIBOR and 34 basis points below the average six-month LIBOR for the quarter ended September 30, 2018. Our average economic cost of funds was 12 basis points above the average one-month LIBOR and 26 basis points below the average six-month LIBOR for the quarter ended September 30, 2018. The average term to maturity of the outstanding repurchase agreements decreased from 38 days at December 31, 2017 to 27 days at September 30, 2018.

The tables below present the average outstanding balances under our repurchase agreements, interest expense and average economic cost of funds, and average one-month and six-month LIBOR rates for the nine months ended September 30, 2018 and 2017, and for each quarter in 2018 and 2017, on both a GAAP and economic basis.

($ in thousands)
                             
   
Average
                         
   
Balance of
   
Interest Expense
   
Average Cost of Funds
 
   
Repurchase
   
GAAP
   
Economic
   
GAAP
   
Economic
 
Three Months Ended
 
Agreements
   
Basis
   
Basis
   
Basis
   
Basis
 
September 30, 2018
 
$
189,582
   
$
1,049
   
$
1,084
     
2.21
%
   
2.29
%
June 30, 2018
   
184,621
     
937
     
1,045
     
2.03
%
   
2.27
%
March 31, 2018
   
197,001
     
809
     
963
     
1.64
%
   
1.96
%
December 31, 2017
   
193,778
     
685
     
855
     
1.41
%
   
1.77
%
September 30, 2017
   
161,003
     
504
     
666
     
1.25
%
   
1.66
%
June 30, 2017
   
126,341
     
324
     
476
     
1.02
%
   
1.51
%
March 31, 2017
   
119,938
     
283
     
398
     
0.94
%
   
1.33
%
                                         
($ in thousands)
                                       
   
Average
                                 
   
Balance of
   
Interest Expense
   
Average Cost of Funds
 
   
Repurchase
   
GAAP
   
Economic
   
GAAP
   
Economic
 
Nine Months Ended
 
Agreements
   
Basis
   
Basis
   
Basis
   
Basis
 
September 30, 2018
 
$
190,402
   
$
2,796
   
$
3,092
     
1.96
%
   
2.17
%
September 30, 2017
   
135,761
     
1,110
     
1,540
     
1.09
%
   
1.51
%
 
 
-34-


 
               
Average GAAP Cost of Funds
   
Average Economic Cost of Funds
 
               
Relative to Average
   
Relative to Average
 
   
Average LIBOR
   
One-Month
   
Six-Month
   
One-Month
   
Six-Month
 
Three Months Ended
 
One-Month
   
Six-Month
   
LIBOR
   
LIBOR
   
LIBOR
   
LIBOR
 
September 30, 2018
   
2.17
%
   
2.55
%
   
0.04
%
   
(0.34
)%
   
0.12
%
   
(0.26
)%
June 30, 2018
   
1.99
%
   
2.48
%
   
0.04
%
   
(0.45
)%
   
0.28
%
   
(0.21
)%
March 31, 2018
   
1.69
%
   
2.11
%
   
(0.05
)%
   
(0.47
)%
   
0.27
%
   
(0.15
)%
December 31, 2017
   
1.36
%
   
1.62
%
   
0.05
%
   
(0.21
)%
   
0.41
%
   
0.15
%
September 30, 2017
   
1.20
%
   
1.45
%
   
0.05
%
   
(0.20
)%
   
0.46
%
   
0.21
%
June 30, 2017
   
1.05
%
   
1.43
%
   
(0.03
)%
   
(0.41
)%
   
0.46
%
   
0.08
%
March 31, 2017
   
0.82
%
   
1.37
%
   
0.12
%
   
(0.43
)%
   
0.51
%
   
(0.04
)%
                                                 
                                                 
                   
Average GAAP Cost of Funds
   
Average Economic Cost of Funds
 
                   
Relative to Average
   
Relative to Average
 
   
Average LIBOR
   
One-Month
   
Six-Month
   
One-Month
   
Six-Month
 
Nine Months Ended
 
One-Month
   
Six-Month
   
LIBOR
   
LIBOR
   
LIBOR
   
LIBOR
 
September 30, 2018
   
1.95
%
   
2.38
%
   
0.01
%
   
(0.42
)%
   
0.22
%
   
(0.21
)%
September 30, 2017
   
1.03
%
   
1.42
%
   
0.06
%
   
(0.33
)%
   
0.48
%
   
0.09
%

Dividend Income

At December 31, 2016, we owned 1,395,036 shares of Orchid common stock.  We acquired 125,000 additional shares in March 2017, bringing the total number of shares owned to 1,520,036 at September 30, 2017, December 31, 2017 and September 30, 2018.  Orchid paid total dividends of $0.83 per share and $0.25 per share during the nine and three months ended September 30, 2018, respectively, and  $0.1.26 per share and $0.42 per share during the nine and three months ended September 30, 2017, respectively.  During the nine and three months ended September 30, 2018, we received dividends on this common stock investment of approximately $1.3 million and $0.4 million, respectively, compared to $1.9 million and $0.6 million during the nine and three months ended September 30, 2017, respectively.

Junior Subordinated Notes

Interest expense on our junior subordinated debt securities was $1.1 million and $0.9 million for the nine months ended September 30, 2018 and 2017, respectively.  The average rate of interest paid for the nine months ended September 30, 2018 was 5.57% compared to 4.64% for the comparable period in 2017.

Interest expense on our junior subordinated debt securities was $0.4 million and $0.3 million for the three month periods ended September 30, 2018 and 2017, respectively.  The average rate of interest paid for the three months ended September 30, 2018 was 5.84% compared to 4.76% for the comparable period in 2017.

The junior subordinated debt securities pay interest at a floating rate.  The rate is adjusted quarterly and set at a spread of 3.50% over the prevailing three-month LIBOR rate on the determination date.  As of September 30, 2018, the interest rate was 5.83%.

-35-


Gains or Losses and Other Income

The table below presents our gains or losses and other income for the nine and three months ended September 30, 2018 and 2017.
(in thousands)
                                   
   
Nine Months Ended September 30,
   
Three Months Ended September 30,
 
   
2018
   
2017
   
Change
   
2018
   
2017
   
Change
 
Realized losses on sales of MBS
 
$
(577
)
 
$
(1
)
 
$
(576
)
 
$
(473
)
 
$
-
   
$
(473
)
Unrealized (losses) gains on MBS
   
(8,407
)
   
(296
)
   
(8,111
)
   
(1,593
)
   
168
     
(1,761
)
Total (losses) gains on MBS
   
(8,984
)
   
(297
)
   
(8,687
)
   
(2,066
)
   
168
     
(2,234
)
Gains (losses) on derivative instruments
   
3,558
     
(829
)
   
4,387
     
947
     
(19
)
   
966
 
Gains on retained interests in securitizations
   
1,105
     
390
     
715
     
1,357
     
85
     
1,272
 
Unrealized (losses) gains on
                                               
Orchid Island Capital, Inc. common stock
   
(3,086
)
   
(823
)
   
(2,263
)
   
(410
)
   
501
     
(911
)

We invest in MBS with the intent to earn net income from the realized yield on those assets over their related funding and hedging costs, and not for the purpose of making short term gains from trading in these securities.   However, we have sold, and may continue to sell, existing assets to acquire new assets, which our management believes might have higher risk-adjusted returns in light of current or anticipated interest rates, federal government programs or general economic conditions or to manage our balance sheet as part of our asset/liability management strategy.  During the nine months ended September 30, 2018, the Company received proceeds of $60.4 million from the sales of MBS.   During the nine months ended September 30, 2017, the Company received proceeds of $1.7 million. There were no sales of MBS during the three months ended September 30, 2018 or 2017.

The fair value of our MBS portfolio and derivative instruments, and the gains (losses) reported on those financial instruments, are sensitive to changes in interest rates.  The table below presents historical interest rate data for each quarter end during 2018 and 2017.

   
5 Year
   
10 Year
   
15 Year
   
30 Year
   
Three
 
   
U.S. Treasury
   
U.S. Treasury
   
Fixed-Rate
   
Fixed-Rate
   
Month
 
   
Rate(1)
   
Rate(1)
   
Mortgage Rate(2)
   
Mortgage Rate(2)
   
Libor(3)
 
September 30, 2018
   
2.95
%
   
3.06
%
   
4.08
%
   
4.63
%
   
2.40
%
June 30, 2018
   
2.73
%
   
2.85
%
   
4.04
%
   
4.57
%
   
2.34
%
March 31, 2018
   
2.56
%
   
2.74
%
   
3.91
%
   
4.44
%
   
2.31
%
December 31, 2017
   
2.21
%
   
2.40
%
   
3.39
%
   
3.95
%
   
1.61
%
September 30, 2017
   
1.93
%
   
2.33
%
   
3.11
%
   
3.81
%
   
1.32
%
June 30, 2017
   
1.88
%
   
2.30
%
   
3.17
%
   
3.90
%
   
1.26
%
March 31, 2017
   
1.93
%
   
2.40
%
   
3.41
%
   
4.20
%
   
1.13
%

(1)
Historical 5 Year and 10 Year U.S. Treasury Rates are obtained from quoted end of day prices on the Chicago Board Options Exchange.
(2)
Historical 30 Year and 15 Year Fixed Rate Mortgage Rates are obtained from Freddie Mac's Primary Mortgage Market Survey.
(3)
Historical LIBOR are obtained from the Intercontinental Exchange Benchmark Administration Ltd.


The retained interests in securitizations represent the residual net interest spread remaining after payments on the notes issued through the securitization.  Fluctuations in value of retained interests are primarily driven by projections of future interest rates (the forward LIBOR curve), the discount rate used to determine the present value of the residual cash flows and prepayment and loss estimates on the underlying mortgage loans.  During the nine and three months ended September 30, 2018, we recorded gains on retained interests of $1.1 million and $1.4 million, respectively, compared to $0.4 million and $0.1 million, respectively, for the nine and three months ended September 30, 2017. During the three months ended September 30, 2018, the Company completed a transaction whereby certain securitizations associated with its retained interest positions were terminated by exercising the Company's optional early termination rights. As part of the early termination, the Company received net distributions of approximately $1.4 million, resulting in a gain of that amount.

-36-


Operating Expenses

For the nine and three months ended September 30, 2018, our total operating expenses were approximately $4.9 million and $1.5 million, respectively, compared to approximately $4.6 million and $1.5 million for the nine and three months ended September 30, 2017, respectively.   The table below presents a breakdown of operating expenses for the nine and three months ended September 30, 2018 and 2017.

(in thousands)
                                   
   
Nine Months Ended September 30,
   
Three Months Ended September 30,
 
   
2018
   
2017
   
Change
   
2018
   
2017
   
Change
 
Compensation and related benefits
 
$
3,071
   
$
2,684
   
$
387
   
$
969
   
$
869
   
$
100
 
Legal fees
   
71
     
81
     
(10
)
   
(35
)
   
40
     
(75
)
Accounting, auditing and other professional fees
   
276
     
266
     
10
     
84
     
80
     
4
 
Directors' fees and liability insurance
   
482
     
498
     
(16
)
   
161
     
165
     
(4
)
Administrative and other expenses
   
986
     
1,022
     
(36
)
   
317
     
364
     
(47
)
   
$
4,886
   
$
4,551
   
$
335
   
$
1,496
   
$
1,518
   
$
(22
)

Financial Condition:

Mortgage-Backed Securities

As of September 30, 2018, our MBS portfolio consisted of $212.2 million of agency or government MBS at fair value and had a weighted average coupon of 4.25%.  During the nine months ended September 30, 2018, we received principal repayments of $19.6 million compared to $7.7 million for the comparable period ended September 30, 2017.  The average prepayment speeds for the quarters ended September 30, 2018 and 2017 were 9.5% and 8.3%, respectively.

The following table presents the 3-month constant prepayment rate ("CPR") experienced on our structured and PT MBS sub-portfolios, on an annualized basis, for the quarterly periods presented.  CPR is a method of expressing the prepayment rate for a mortgage pool that assumes that a constant fraction of the remaining principal is prepaid each month or year. Specifically, the CPR in the chart below represents the three month prepayment rate of the securities in the respective asset category.  Assets that were not owned for the entire quarter have been excluded from the calculation.  The exclusion of certain assets during periods of high trading activity can create a very high, and often volatile, reliance on a small sample of underlying loans.

         
Structured
       
   
PT MBS
   
MBS
   
Total
 
Three Months Ended
 
Portfolio (%)
   
Portfolio (%)
   
Portfolio (%)
 
September 30, 2018
   
8.6
     
13.5
     
9.5
 
June 30, 2018
   
13.4
     
11.6
     
13.1
 
March 31, 2018
   
7.2
     
16.8
     
8.6
 
December 31, 2017
   
7.2
     
16.9
     
8.8
 
September 30, 2017
   
5.2
     
18.8
     
8.3
 
June 30, 2017
   
5.9
     
20.4
     
9.9
 
March 31, 2017
   
4.8
     
18.8
     
8.8
 

-37-


The following tables summarize certain characteristics of our PT MBS and structured MBS as of September 30, 2018 and December 31, 2017:
 
($ in thousands)
           
         
Weighted
 
     
Percentage
 
Average
 
     
of
Weighted
Maturity
 
   
Fair
Entire
Average
in
Longest
Asset Category
 
Value
Portfolio
Coupon
Months
Maturity
September 30, 2018
           
Fixed Rate MBS
$
210,267
99.1%
4.26%
325
1-Aug-48
Interest-Only MBS
 
1,223
0.6%
3.43%
220
25-Dec-39
Inverse Interest-Only MBS
 
719
0.3%
4.47%
269
25-Apr-41
Total MBS Portfolio
$
212,209
100.0%
4.25%
324
1-Aug-48
December 31, 2017
           
Fixed Rate MBS
$
207,179
98.8%
4.21%
321
1-Dec-47
Interest-Only MBS
 
1,476
0.7%
3.43%
229
25-Dec-39
Inverse Interest-Only MBS
 
1,037
0.5%
5.01%
278
25-Apr-41
Total MBS Portfolio
$
209,692
100.0%
4.21%
320
1-Dec-47
 
($ in thousands)
                       
   
September 30, 2018
   
December 31, 2017
 
         
Percentage of
         
Percentage of
 
Agency
 
Fair Value
   
Entire Portfolio
   
Fair Value
   
Entire Portfolio
 
Fannie Mae
 
$
194,782
     
91.8
%
 
$
178,581
     
85.2
%
Freddie Mac
   
17,285
     
8.1
%
   
30,896
     
14.7
%
Ginnie Mae
   
142
     
0.1
%
   
215
     
0.1
%
Total Portfolio
 
$
212,209
     
100.0
%
 
$
209,692
     
100.0
%

   
September 30, 2018
   
December 31, 2017
 
Weighted Average Pass-through Purchase Price
 
$
106.84
   
$
109.06
 
Weighted Average Structured Purchase Price
 
$
6.02
   
$
6.02
 
Weighted Average Pass-through Current Price
 
$
103.20
   
$
107.13
 
Weighted Average Structured Current Price
 
$
6.80
   
$
7.06
 
Effective Duration (1)
   
4.839
     
3.832
 

(1)
Effective duration is the approximate percentage change in price for a 100 basis point change in rates.  An effective duration of 4.839 indicates that an interest rate increase of 1.0% would be expected to cause a 4.839% decrease in the value of the MBS in our investment portfolio at September 30, 2018.  An effective duration of 3.832 indicates that an interest rate increase of 1.0% would be expected to cause a 3.832% decrease in the value of the MBS in our investment portfolio at December 31, 2017. These figures include the structured securities in the portfolio but do include the effect of our funding cost hedges. Effective duration quotes for individual investments are obtained from The Yield Book, Inc.

The following table presents a summary of our portfolio assets acquired during the nine months ended September 30, 2018 and 2017.

($ in thousands)
                                   
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
   
Total Cost
   
Average Price
   
Weighted Average Yield
   
Total Cost
   
Average Price
   
Weighted Average Yield
 
PT MBS
 
$
91,578
   
$
104.72
     
3.67
%
 
$
77,295
   
$
107.68
     
2.70
%

-38-


Our portfolio of PT MBS is typically comprised of adjustable-rate MBS, fixed-rate MBS and hybrid adjustable-rate MBS. We generally seek to acquire low duration assets that offer high levels of protection from mortgage prepayments provided they are reasonably priced by the market.  Although the duration of an individual asset can change as a result of changes in interest rates, we strive to maintain a hedged PT MBS portfolio with an effective duration of less than 2.0. The stated contractual final maturity of the mortgage loans underlying our portfolio of PT MBS generally ranges up to 30 years. However, the effect of prepayments of the underlying mortgage loans tends to shorten the resulting cash flows from our investments substantially. Prepayments occur for various reasons, including refinancing of underlying mortgages and loan payoffs in connection with home sales.

The duration of our IO and IIO portfolio will vary greatly depending on the structural features of the securities.  While prepayment activity will always affect the cash flows associated with the securities, the interest only nature of IO's may cause their durations to become extremely negative when prepayments are high, and less negative when prepayments are low. Prepayments affect the durations of IIO's similarly, but the floating rate nature of the coupon of IIOs (which is inversely related to the level of one month LIBOR) causes their price movements - and model duration - to be affected by changes in both prepayments and one month LIBOR - both current and anticipated levels.  As a result, the duration of IIO securities will also vary greatly.

Prepayments on the loans underlying our MBS can alter the timing of the cash flows received by us. As a result, we gauge the interest rate sensitivity of its assets by measuring their effective duration. While modified duration measures the price sensitivity of a bond to movements in interest rates, effective duration captures both the movement in interest rates and the fact that cash flows to a mortgage related security are altered when interest rates move. Accordingly, when the contract interest rate on a mortgage loan is substantially above prevailing interest rates in the market, the effective duration of securities collateralized by such loans can be quite low because of expected prepayments.

We face the risk that the market value of our PT MBS assets will increase or decrease at different rates than that of our structured MBS or liabilities, including our hedging instruments. Accordingly, we assess our interest rate risk by estimating the duration of our assets and the duration of our liabilities. We generally calculate duration and effective duration using various third-party models or obtain these quotes from third parties.  However, empirical results and various third-party models may produce different duration numbers for the same securities.

The following sensitivity analysis shows the estimated impact on the fair value of our interest rate-sensitive investments and hedge positions as of September 30, 2018, assuming rates instantaneously fall 100 bps, rise 100 bps and rise 200 bps, adjusted to reflect the impact of convexity, which is the measure of the sensitivity of our hedge positions and Agency MBS' effective duration to movements in interest rates.

($ in thousands)
                                         
   
Fair
   
$ Change in Fair Value
   
% Change in Fair Value
 
MBS Portfolio
 
Value
   
-100BPS
   
+100BPS
   
+200BPS
   
-100BPS
   
+100BPS
   
+200BPS
 
Fixed Rate MBS
 
$
210,267
   
$
8,354
   
$
(11,724
)
 
$
(24,755
)
   
3.97
%
   
(5.58
)%
   
(11.77
)%
Interest-Only MBS
   
1,223
     
(309
)
   
169
     
254
     
(25.31
)%
   
13.82
%
   
20.80
%
Inverse Interest-Only MBS
   
719
     
(26
)
   
(106
)
   
(278
)
   
(3.67
)%
   
(14.68
)%
   
(38.71
)%
Total MBS Portfolio
 
$
212,209
   
$
8,019
   
$
(11,661
)
 
$
(24,779
)
   
3.78
%
   
(5.50
)%
   
(11.68
)%

-39-


($ in thousands)
                                         
   
Notional
   
$ Change in Fair Value
   
% Change in Fair Value
 
   
Amount(1)
   
-100BPS
   
+100BPS
   
+200BPS
   
-100BPS
   
+100BPS
   
+200BPS
 
Eurodollar Futures Contracts
                                         
Repurchase Agreement Hedges
 
$
1,200,000
   
$
(2,251
)
 
$
3,000
   
$
6,000
     
(0.77
)%
   
1.03
%
   
2.06
%
Junior Subordinated Debt Hedges
   
312,000
     
(585
)
   
780
     
1,560
     
(0.77
)%
   
1.03
%
   
2.06
%
TBA Contracts
   
50,000
     
(2,752
)
   
3,394
     
6,873
     
(5.75
)%
   
7.10
%
   
14.37
%
   
$
1,562,000
   
$
(5,588
)
 
$
7,174
   
$
14,433
     
(0.36
)%
   
0.46
%
   
0.92
%
                                                         
Gross Totals
         
$
2,431
   
$
(4,487
)
 
$
(10,346
)
                       

(1)
Represents the total cumulative contract/notional amount of Eurodollar futures contracts.

In addition to changes in interest rates, other factors impact the fair value of our interest rate-sensitive investments and hedging instruments, such as the shape of the yield curve, market expectations as to future interest rate changes and other market conditions. Accordingly, in the event of changes in actual interest rates, the change in the fair value of our assets would likely differ from that shown above and such difference might be material and adverse to our stockholders.

Repurchase Agreements

As of September 30, 2018, we had established borrowing facilities in the repurchase agreement market with a number of commercial banks and other financial institutions and had borrowings in place with five of these counterparties.  We believe these facilities provide borrowing capacity in excess of our needs.  None of these lenders are affiliated with us. These borrowings are secured by our MBS.

As of September 30, 2018, we had obligations outstanding under the repurchase agreements of approximately $203.7 million with a net weighted average borrowing cost of 2.26%. The remaining maturity of our outstanding repurchase agreement obligations ranged from 1 to 54 days, with a weighted average maturity of 27 days.  Securing the repurchase agreement obligation as of September 30, 2018 are MBS with an estimated fair value, including accrued interest, of $212.9 million and a weighted average maturity of 325 months.  Through November 2, 2018, we have been able to maintain our repurchase facilities with comparable terms to those that existed at September 30, 2018 with maturities through January 18, 2019.

The table below presents information about our period-end and average repurchase agreement obligations for each quarter in 2018 and 2017.

($ in thousands)
 
               
Difference Between Ending
 
   
Ending Balance
   
Average Balance
   
Repurchase Agreements and
 
   
of Repurchase
   
of Repurchase
   
Average Repurchase Agreements
 
Three Months Ended
 
Agreements
   
Agreements
   
Amount
   
Percent
 
September 30, 2018
 
$
203,742
   
$
189,582
   
$
14,160
     
7.47
%
June 30, 2018
   
175,422
     
184,621
     
(9,199
)
   
(4.98
)%
March 31, 2018
   
193,820
     
197,001
     
(3,181
)
   
(1.61
)%
December 31, 2017
   
200,183
     
193,778
     
6,405
     
3.31
%
September 30, 2017
   
187,374
     
161,003
     
26,371
     
16.38
%(1)
June 30, 2017
   
134,633
     
126,341
     
8,292
     
6.56
%
March 31, 2017
   
118,049
     
119,938
     
(1,889
)
   
(1.57
)%

(1)
The higher ending balance relative to the average balance during the quarter ended September 30, 2017 reflects the growth of the portfolio, on a leveraged basis. During the quarter ended September 30, 2017, our investment in PT MBS increased $56.1 million.

-40-


Liquidity and Capital Resources

Liquidity is our ability to turn non-cash assets into cash, purchase additional investments, repay principal and interest on borrowings, fund overhead and fulfill margin calls.  Our principal immediate sources of liquidity include cash balances, unencumbered assets, the availability to borrow under repurchase agreements, and fees and dividends received from Orchid.  Our borrowing capacity will vary over time as the market value of our interest earning assets varies.  Our balance sheet also generates liquidity on an on-going basis through payments of principal and interest we receive on our MBS portfolio. As further described in Note 4 to the financial statements, during the three months ended September 30, 2018, certain securitizations associated with our retained interest positions were terminated for a net distribution of approximately $1.4 million.  Historically, the ongoing regular cash flows from these retained interest positions provided the Company with liquidity, however, the predictability of such cash flows diminished in recent months which contributed to the decision to terminate and collect a one-time final distribution.  Future cash flows from the remaining unterminated positions is expected to be negligible.  Management believes that we currently have sufficient liquidity and capital resources available for (a) the acquisition of additional investments consistent with the size and nature of our existing MBS portfolio, (b) the repayments on borrowings, (c) the payment of overhead and operating expenses, and (d) the payment of other accrued obligations.

Our strategy for hedging our funding costs typically involves taking short positions in Eurodollar futures, T-Note futures, swaptions or other instruments. Since inception we have primarily used short positions in Eurodollar futures.  When the market causes these short positions to decline in value we are required to meet margin calls with cash.  This can reduce our liquidity position to the extent other securities in our portfolio move in price in such a way that we do not receive enough cash through margin calls to offset the Eurodollar related margin calls. If this were to occur in sufficient magnitude, the loss of liquidity might force us to reduce the size of the levered portfolio, pledge additional structured securities to raise funds or risk operating the portfolio with less liquidity.

Our master repurchase agreements have no stated expiration, but can be terminated at any time at our option or at the option of the counterparty. However, once a definitive repurchase agreement under a master repurchase agreement has been entered into, it generally may not be terminated by either party.  A negotiated termination can occur, but may involve a fee to be paid by the party seeking to terminate the repurchase agreement transaction.

Under our repurchase agreement funding arrangements, we are required to post margin at the initiation of the borrowing.  The margin posted represents the haircut, which is a percentage of the market value of the collateral pledged. To the extent the market value of the asset collateralizing the financing transaction declines, the market value of our posted margin will be insufficient and we will be required to post additional collateral.  Conversely, if the market value of the asset pledged increases in value, we would be over collateralized and we would be entitled to have excess margin returned to us by the counterparty.  Our lenders typically value our pledged securities daily to ensure the adequacy of our margin and make margin calls as needed, as do we.  Typically, but not always, the parties agree to a minimum threshold amount for margin calls so as to avoid the need for nuisance margin calls on a daily basis.

As discussed above, we invest a portion of our capital in structured MBS.  We do not apply leverage to this portion of our portfolio. The leverage inherent in the structured securities replaces the leverage obtained by acquiring PT securities and funding them in the repurchase market.  This structured MBS strategy has been a core element of the Company's overall investment strategy since 2008.  However, we have and may continue to pledge a portion of our structured MBS in order to raise our cash levels, but generally will not pledge these securities in order to acquire additional assets.

-41-


In future periods we expect to continue to finance our activities through repurchase agreements.  As of September 30, 2018, we had cash and cash equivalents of $6.2 million.  We generated cash flows of $25.8 million from principal and interest payments on our MBS portfolio and had average repurchase agreements outstanding of $190.4 million during the nine months ended September 30, 2018.  In addition, during the nine months ended September 30, 2018, we received approximately $6.0 million in management fees and expense reimbursements as manager of Orchid and approximately $1.3 million in dividends from our investment in Orchid common stock. As discussed above, during the quarter ended September 30, 2018, we received approximately $1.4 million in connection with the termination of certain securitizations associated with our retained interests.  We do not expect to generate cash in similar transactions in future periods.

The table below summarizes the effect that certain future contractual obligations existing as of September 30, 2018 will have on our liquidity and cash flows.

(in thousands)
                             
   
Obligations Maturing
 
   
Within One Year
   
One to Three Years
   
Three to Five Years
   
More than Five Years
   
Total
 
Repurchase agreements
 
$
203,742
   
$
-
   
$
-
   
$
-
   
$
203,742
 
Interest expense on repurchase agreements(1)
   
755
     
-
     
-
     
-
     
755
 
Junior subordinated notes(2)
   
-
     
-
     
-
     
26,000
     
26,000
 
Interest expense on junior subordinated notes(1)
   
1,597
     
3,080
     
3,076
     
18,788
     
26,541
 
Other
   
250
     
-
     
-
     
-
     
250
 
Totals
 
$
206,344
   
$
3,080
   
$
3,076
   
$
44,788
   
$
257,288
 

(1)
Interest expense on repurchase agreements and junior subordinated notes are based on current interest rates as of September 30, 2018 and the remaining term of liabilities existing at that date.
(2)
We hold a common equity interest in Bimini Capital Trust II.  The amount presented represents our net cash outlay.

Outlook

Orchid Island Capital Inc.

To the extent Orchid is able to increase its capital base over time, we will benefit via increased management fees.  In addition, 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.  As a stockholder of Orchid, we will also continue to share in distributions, if any, paid by Orchid to its stockholders.  Our operating results are also impacted by changes in the market value of our holdings of Orchid common shares, although these market value changes do not impact our cash flows from Orchid.

The independent Board of Directors of Orchid has the ability to terminate the management agreement and thus end our ability to collect management fees and share overhead costs.  Should Orchid terminate the management agreement without cause, it will pay us a termination fee equal to three times the average annual management fee, as defined in the management agreement, before or on the last day of the current automatic renewal term.

-42-


Interest Rates and the MBS Market

The economy of the United States grew by over 4% during the second quarter of 2018 and likely grew by 3% or more during the third quarter.  Economic growth that handily exceeds what most economists estimate as the sustainable growth rate of the economy may generate price pressure in the economy.  Inflation, running below the target level of the Federal Reserve (the "Fed") for most of the past several years, reached the Fed's 2% target level during the third quarter. On October 5, 2018, the Bureau of Labor Statistics reported the U3 unemployment rate reached 3.7% in September, the lowest level since December 1969.  The unemployment rate appears to be headed lower given strength of job gains year to date.

During the second quarter of 2018 the interest rate and equity markets appeared to be driven by external factors more than the performance of the economy.  The specter of a trade war, or wars, with our various trading partners was a constant source of concern to market participants.  The Trump administration did not appear to be making any progress with our trading partners even as it announced new tariffs on several occasions.  A regime change in Italy also impacted the markets as a new threat to the stability of the European Union appeared to emerge.  The new Italian government coalition threatened to leave the European Union and bring back the Lire during the campaign leading up to its victory in late May.  The economic data reported over the course of the second quarter was consistently strong, but the markets reacted more to these external factors.  This changed during the third quarter.  Several factors led to this change.

The Trump administration finally had a breakthrough on the trade front when it reached an agreement in principle with Mexico.  By the end of September, the Trump administration also reached an agreement with Canada, thus averting the demise of NAFTA that was widely feared.  The new agreement, the United States Mexico Canada Agreement, or "USMCA" as it will be called, will now move through the ratification process over approximately the next six months.  These developments seemed to calm the markets and demonstrate that the Trump administration could reach agreements with our trading partners.  Tensions with China over trade have not subsided and new tariffs were implemented during the third quarter.  However, the tariffs were set at 10%, versus the 25% level the market feared, and will not go into effect until January 2019.  The tariffs on $50 billion of goods imported from China each year threatened by the Trump administration earlier this year did go into effect during the quarter, but the impact of these tariffs is not expected to be material.

Developments in Italy are on-going, but the threat of Italy leaving the European Union appears to be gone for now.  What remains to be resolved is Italy's compliance, or lack thereof, with the various budget and deficit guidelines of the European Union and European Central Bank.  There is also the threat of a ratings downgrade later this month, a potential source of an adverse market reaction.

The difference between the second quarter and the third is the market now takes its direction from the economy versus the external developments described above. The trade wars are not perceived to be the threat they once were, or their effect will likely be less than feared.  Developments in Italy are not as bad as feared.  Finally, the economy continued to appear very strong in the third quarter, and the Fed has acknowledged as much through its public comments.  On September 7, 2018, the Bureau of Labor Statistics released the August employment data and the average hourly earnings number exceeded market expectations and triggered a sell-off in the rates market.  The ten-year U.S. Treasury note rates eventually broke out of the trading range in place since late May of 2.80% - 3.00% and began moving steadily higher.  In fact, the 10-year U.S. Treasury rate closed higher 22 times during the 30-day period from August 24, 2018 through October 5, 2018. This was the first time that the 10-year U.S. Treasury rate increased this many times in a 30-day period since 1984, when rates were close to 14%. These increases caused the yield on the 10-year U.S. Treasury rate to increase by over 40 basis points in just 30 days, setting a new year-to-date high yield, as did the 30-year U.S. Treasury (increasing 42 basis points during the same period).  In fact, many short-term U.S. Treasury rates are at their highest level since the financial crisis began.

At its quarterly meeting that concluded on September 26, 2018, the Fed acknowledged the economy was strong and the summary of economic projections reflected their optimism.  The so-called "dot plot", or summary of committee member forecasts for the Federal Funds rate, reflected expectations for one more rate hike in 2018, three in 2019 and possibly one more hike in 2020.

-43-

The Agency MBS market was impacted by several factors during the quarter.  The performance drivers were the movement in interest rates, the continued decline in the Fed's reinvestments of its monthly pay-downs – which hit its cap in mid-October, and the relative attractiveness of the Agency MBS asset class. As interest rates moved steadily higher starting in late August, prepayment expectations were not materially affected. This is because refinancing activity had already been on a steady decline and the MBA's refinance index was at multi-year lows.  As the cap on the Fed's reinvestment of its their pay-downs hit in mid-October, which limits re-investments of monthly pay-downs only to the extent they exceed $20 billion per month, an important source of demand for the Agency MBS asset class is essentially gone. However, the rise in rates over the course of the period, and in fact the last two years, mitigated this problem as the supply of Agency MBS declined. The third driver of performance was the attractiveness of the Agency MBS asset class on a relative return basis with other asset classes.  However, recent production of Agency MBS has frequently had characteristics that negatively impact the anticipated total returns of the securities.  In this case the spread between the weighted average coupon of the underlying mortgage loans and the net rate received by the investor is quite high.  This leads to higher prepayment activity for the given coupon versus more typical spreads.  Also, average loan balances appear higher than what market participants are accustomed to and average FICO scores are higher as well.  All three of these factors tend to increase prepayment expectations and negatively impact expected returns for the securities.  This has negatively impacted the relative attractiveness of the MBS asset class and has manifested itself in the relative performance versus investment and sub-investment grade corporate securities, various non-Agency RMBS, commercial mortgage backed securities and asset-backed securities.  The spread of the 30-year, current coupon Agency MBS has traded between 70 and 74 basis points above the 10-year U.S. treasury during the quarter but has traded as high as 78 basis points in October.  For the quarter the Bloomberg Agency MBS index had a slightly negative return of -0.12%, a year-to-date return through the end of the third quarter of -1.07% and a negative 0.63% return in the fourth quarter to date. When interest rates broke through previous year-to-date high levels in early October, Agency MBS performed poorly as investors feared the duration extension of the securities and sold them, a phenomenon referred to as convexity related selling.

Recent Regulatory Developments

The scope and nature of the actions the U.S. government or the Fed will ultimately undertake are unknown and will continue to evolve.  Although the Trump administration has made statements of its intentions to reform housing finance and tax policy, many of these potential policy changes will require congressional action.  In addition, the Fed has made statements regarding additional increases to the Federal Funds Rate in 2018 and beyond.

In September 2017, the FOMC announced that it would implement a balance sheet normalization policy by gradually decreasing the Fed's reinvestment of payments received on its U.S. Treasuries and Agency MBS holdings. More specifically, principal payments received by the Fed will be reinvested only to the extent they exceed gradually rising caps until the FOMC determines that the Fed is holding no more securities than necessary to implement monetary policy efficiently and effectively. In October 2017, the FOMC commenced this balance sheet normalization program. In October 2018, the Fed reached its terminal cap of $20 billion per month.  Going forward, the Fed will only purchase Agency MBS to the extent paydowns on the Fed's holdings exceed $20 billion in any given month.

Effect on Us

Regulatory developments, movements in interest rates and prepayment rates as well as loan modification programs affect us in many ways, including the following:

Effects on our Assets

A change in or elimination of the guarantee structure of Agency MBS may increase our costs (if, for example, guarantee fees increase) or require us to change our investment strategy altogether. For example, the elimination of the guarantee structure of Agency MBS may cause us to change our investment strategy to focus on non-Agency MBS, which in turn would require us to significantly increase our monitoring of the credit risks of our investments in addition to interest rate and prepayment risks.

-44-

Lower long-term interest rates can affect the value of our Agency MBS in a number of ways. If prepayment rates are relatively low (due, in part, to the refinancing problems described above), lower long-term interest rates can increase the value of higher-coupon Agency MBS. This is because investors typically place a premium on assets with yields that are higher than market yields. Although lower long-term interest rates may increase asset values in our portfolio, we may not be able to invest new funds in similarly-yielding assets.

If prepayment levels increase, the value of our Agency MBS affected by such prepayments may decline. This is because a principal prepayment accelerates the effective term of an Agency MBS, which would shorten the period during which an investor would receive above-market returns (assuming the yield on the prepaid asset is higher than market yields). Also, prepayment proceeds may not be able to be reinvested in similar-yielding assets. Agency MBS backed by mortgages with high interest rates are more susceptible to prepayment risk because holders of those mortgages are most likely to refinance to a lower rate. IOs and IIOs, however, may be the types of Agency MBS most sensitive to increased prepayment rates. Because the holder of an IO or IIO receives no principal payments, the values of IOs and IIOs are entirely dependent on the existence of a principal balance on the underlying mortgages. If the principal balance is eliminated due to prepayment, IOs and IIOs essentially become worthless. Although increased prepayment rates can negatively affect the value of our IOs and IIOs, they have the opposite effect on POs. Because POs act like zero-coupon bonds, meaning they are purchased at a discount to their par value and have an effective interest rate based on the discount and the term of the underlying loan, an increase in prepayment rates would reduce the effective term of our POs and accelerate the yields earned on those assets, which would increase our net income.

Higher long-term rates can also affect the value of our Agency MBS.  As long-term rates rise, rates available to borrowers also rise.  This tends to cause prepayment activity to slow and extend the expected average life of mortgage cash flows.  As the expected average life of the mortgage cash flows increases, coupled with higher discount rates, the value of Agency MBS declines.  Some of the instruments the Company uses to hedge our Agency MBS assets, such as Euro Dollar futures, swaps, interest rate futures and swaptions, are stable average life instruments.  This means that to the extent we use such instruments to hedge our Agency MBS assets, our hedges may not adequately protect us from price declines, and therefore may negatively impact our book value.  It is for this reason we use interest only securities in our portfolio. As interest rates rise, the expected average life of these securities increases, causing generally positive price movements as the number and size of the cash flows increase the longer the underlying mortgages remain outstanding. This makes interest only securities desirable hedge instruments for pass-through Agency MBS.

As the economy has rebounded from the financial crisis, the Fed has taken steps to remove the considerable accommodation that was employed to combat the crisis.  At the conclusion of its meeting in September 2017, the Fed announced it would implement caps on the amount of Agency MBS assets it would allow to run off, or not be re-invested, starting in October 2017.  Previously the Fed would re-invest all of the principal repayments it received each month on the Agency MBS assets it had acquired during its quantitative easing programs.  By capping the amount they would allow to run off each month, the Fed was effectively limiting the amount it would re-invest.  Per the Fed's September 2017 announcement, the cap reached $20 billion per month in October of 2018.  At the time of the Fed's announcement in September 2017, its monthly re-investments were approximately $20 billion per month as well, so this implied the Fed would stop, or nearly stop, re-investing its monthly pay-downs beyond October of 2018.  The purchases each month by the Fed have been a significant source of demand in the Agency MBS market and as it is reduced slowly over the course of 2018 and essentially eliminated beyond October of 2018, the removal of this source of demand could negatively impact Agency MBS prices.  The extent this negatively impacts the Agency MBS market will be a function of the level of supply each month – as the supply/demand balance affects the price of any asset – and whether or not another source of demand emerges to replace the Fed.

-45-


Because we base our investment decisions on risk management principles rather than anticipated movements in interest rates, in a volatile interest rate environment we may allocate more capital to structured Agency MBS with shorter durations, such as short-term fixed and floating rate CMOs. We believe these securities have a lower sensitivity to changes in long-term interest rates than other asset classes. We may attempt to mitigate our exposure to changes in long-term interest rates by investing in IOs and IIOs, which typically have different sensitivities to changes in long-term interest rates than PT MBS, particularly PT MBS backed by fixed-rate mortgages.

If Fannie Mae and Freddie Mac were to modify or end their repurchase programs, our investment portfolio could be negatively impacted.

Effects on our borrowing costs

We leverage our PT MBS portfolio and a portion of our structured Agency MBS with principal balances through the use of short-term repurchase agreement transactions. The interest rates on our debt are determined by market levels of both the Federal Funds Rate and LIBOR. An increase in the Federal Funds Rate or LIBOR would increase our borrowing costs, which could affect our interest rate spread if there is no corresponding increase in the interest we earn on our assets. This would be most prevalent with respect to our Agency MBS backed by fixed rate mortgage loans because the interest rate on a fixed-rate mortgage loan does not change even though market rates may change.

In order to protect our net interest margin against increases in short-term interest rates, we may enter into interest rate swaps, which effectively convert our floating-rate repurchase agreement debt to fixed-rate debt, or utilize other hedging instruments such as Eurodollar and T-Note futures contracts or interest rate swaptions.

Summary

By most estimates the U.S. economy had fully recovered from the financial crisis of 2008 when the Trump administration passed the Tax Cuts and Jobs Act of 2017 and the Bipartisan Budget Act of 2018, which added a significant source of fiscal stimulation to the economy.  As expected, growth has accelerated, reaching 4% annualized in the second quarter of 2018 and likely over 3% in the third quarter.  The economic data has in many cases reached multi-year or, in some cases, multi-decade levels.  The economy appears to have considerable momentum as it enters the fourth quarter.  Up until the third quarter, it appeared the markets had a muted reaction to these developments, being driven by external factors like the threat of a trade war escalation and/or developments in Italy and various emerging markets.  During the third quarter, the Trump administration finally had a break-through on the trade front and is close to finalizing a revised NAFTA agreement with Mexico and Canada, to be named the USMCA.  The markets took this as a sign that the Trump administration was capable of agreements with its major trading partners and the threat of a material trade war disrupting the domestic economy faded.  The Fed raised the Federal Funds rate at its September meeting and indicated it expects to continue their gradual pace of rate hikes into 2020.

The Agency MBS market generated a slight negative return of - 0.12% as interest rates increased significantly during the third quarter of 2018.  Year-to-date through the end of the third quarter of 2018, the Agency MBS market has generated a -1.07% return. The returns in the preceding sentences are as reported by the Bloomberg Agency MBS Index. Given the extent by which interest rates had risen through the end of the third quarter this was a commendable performance. However, when interest rates broke through previous year-to-date high levels in early October, Agency MBS performed poorly as investors feared the duration extension of the securities and sold them, a phenomenon often referred to as convexity related selling. The return of the Bloomberg Agency MBS index in the fourth quarter to date is -0.63%.

-46-


For the past several years, a significant source of demand for Agency MBS, the Fed, through reinvestment of its monthly pay-downs, essentially exited the market as of mid-October. Going forward, the relative performance of the Agency MBS asset class will be driven by demand from banks and money managers, historically core investors in the Agency MBS asset class, and the relative attractiveness of the Agency MBS asset class.

Critical Accounting Policies

Management's discussion and analysis of financial condition and results of operations is based on the amounts reported in our condensed consolidated financial statements.  These condensed consolidated financial statements are prepared in accordance with GAAP. The Company's significant accounting policies are described in Note 1 to the Company's accompanying condensed consolidated financial statements.

GAAP requires the Company's management to make complex and subjective decisions and assessments.  The Company's most critical accounting policies involve decisions and assessments which could significantly affect reported assets and liabilities, as well as reported revenues and expenses. The Company believes that all of the decisions and assessments upon which its financial statements are based were reasonable at the time made based upon information available to it at that time. There have been no changes to our critical accounting policies as discussed in our annual report on Form 10-K for the year ended December 31, 2017.

Capital Expenditures

At September 30, 2018, we had no material commitments for capital expenditures.

Off-Balance Sheet Arrangements

At September 30, 2018, we did not have any off-balance sheet arrangements.

Inflation

Virtually all of our assets and liabilities are interest rate sensitive in nature. As a result, interest rates and other factors influence our performance far more so than does inflation. Changes in interest rates do not necessarily correlate with inflation rates or changes in inflation rates. Our activities and balance sheet are measured with reference to historical cost and/or fair market value without considering inflation.

-47-


ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not Applicable.

ITEM 4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report (the "evaluation date"), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (the "CEO") and Chief Financial Officer (the "CFO"), of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended ("Exchange Act"). Based on this evaluation, the CEO and CFO concluded our disclosure controls and procedures, as designed and implemented, were effective as of the evaluation date (1) in ensuring that information regarding the Company and its subsidiaries is accumulated and communicated to our management, including our CEO and CFO, by our employees, as appropriate to allow timely decisions regarding required disclosure and (2) in providing reasonable assurance that information we must disclose in our periodic reports under the Exchange Act is recorded, processed, summarized and reported within the time periods prescribed by the SEC's rules and forms.

Changes in Internal Controls over Financial Reporting

There were no significant changes in the Company's internal control over financial reporting that occurred during the Company's most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
-48-

PART II.  OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

We are not party to any material pending legal proceedings as described in Item 103 of Regulation S-K.


ITEM 1A.  RISK FACTORS.

There have been no material changes from the risk factors disclosed in the "Risk Factors" section of our Annual Report on Form 10-K filed with the SEC on March 9, 2018.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The table below presents share repurchase activity for the three months ended September 30, 2018.

               
Shares Purchased
   
Maximum Number
 
   
Total Number
   
Weighted-Average
   
as Part of Publicly
   
of Shares That May Yet
 
   
of Shares
   
Price Paid
   
Announced
   
Be Repurchased Under
 
   
Repurchased
   
Per Share
   
Programs(2)
   
the Authorization(1)
 
July
   
6,589
   
$
2.51
     
6,589
     
462,139
 
August
   
19,100
     
2.48
     
19,100
     
443,039
 
September
   
2,753
     
2.36
     
2,753
     
440,286
 
Totals / Weighted Average
   
28,442
   
$
2.48
     
28,442
     
440,286
 

(1)
On March 26, 2018, the Company's Board of Directors authorized the repurchase of up to 500,000 shares of the Company's Class A common stock. Unless modified or extended by the Board, the authorization expires on November 15, 2018.

The Company did not have any unregistered sales of its equity securities during the three months ended September 30, 2018.



ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.  MINE SAFETY DISCLOSURES.

Not Applicable.

ITEM 5.  OTHER INFORMATION

None.

-49-


ITEM 6. EXHIBITS

Exhibit No

 
 
 
 
 
 
 
 
 
 

*
Filed herewith.
**
Furnished herewith
***
Submitted electronically herewith.
-50-

Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BIMINI CAPITAL MANAGEMENT, INC.



Date: November 2, 2018
 
By:
/s/ Robert E. Cauley  
     
Robert E. Cauley
Chairman and Chief Executive Officer



Date: November 2, 2018
 
By:
 /s/ G. Hunter Haas, IV  
     
G. Hunter Haas, IV
President, Chief Financial Officer, Chief Investment Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)

-51-
EX-31.1 2 bmnm10220180930x311.htm EXHIBIT 31.1
 
Exhibit 31.1

CERTIFICATIONS


I, Robert E. Cauley, certify that:
 
1.  
I have reviewed this Quarterly Report on Form 10-Q of Bimini Capital Management, Inc. (the "registrant");
  
2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
  
3.  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
  
4.  
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
  
 
a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
  
 
b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
  
 
c)
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
  
 
d)
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
 
5.  
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing equivalent functions):
 
 
a)
all significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
  
 
b)
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: November 2, 2018
 
   
/s/ Robert E. Cauley
 
Robert E. Cauley
 
Chairman of the Board and Chief Executive Officer
 
EX-31.2 3 bmnm10220180930x312.htm EXHIBIT 31.2

 
Exhibit 31.2

CERTIFICATIONS


I, G. Hunter Haas, IV, certify that:
 
1.  
I have reviewed this Quarterly Report on Form 10-Q of Bimini Capital Management, Inc. (the "registrant");
  
2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
  
3.  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
  
4.  
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
  
 
a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
  
 
b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
  
 
c)
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
  
 
d)
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
 
5.  
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing equivalent functions):
 
 
a)
all significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
  
 
b)
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: November 2, 2018
 
   
/s/ G. Hunter Haas, IV
 
G. Hunter Haas, IV
 
President and Chief Financial Officer
 
EX-32.1 4 bmnm10220180930x321.htm EXHIBIT 32.1
 
Exhibit 32.1

 
CERTIFICATION
PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002, 10 U.S.C. SECTION 1350

I, Robert E. Cauley, in compliance 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, hereby certify that, the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2018 (the "Report") filed with the Securities and Exchange Commission:

1.
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

It is not intended that this statement be deemed to be filed for purposes of the Securities Exchange Act of 1934



November 2, 2018
 
/s/ Robert E.Cauley
   
Robert E. Cauley,
Chairman of the Board and
Chief Executive Officer
EX-32.2 5 bmnm10220180930x322.htm EXHIBIT 32.2
 
Exhibit 32.2

 

 
CERTIFICATION
PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002, 10 U.S.C. SECTION 1350

I, G. Hunter Haas, IV, in compliance 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, hereby certify that, the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2018 (the "Report") filed with the Securities and Exchange Commission:

1.
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

It is not intended that this statement be deemed to be filed for purposes of the Securities Exchange Act of 1934



November 2, 2018
 
/s/ G. Hunter Haas, IV
   
G. Hunter Haas, IV
President and Chief Financial Officer


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Capital Management, Inc. 209692132 0.001 228896549 55692248 1562914 0 203742239 --12-31 0 1000000 0.0156 98000000 1.23 0.001 0 132039000 0.0226 90686000 1000000 0 0 12725 3750730 -279199256 0.001 0 17000 0 35000 0 2018 0 41000 775127 <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >NOTE </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >9</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >. TRUST PREFERRED SECURITIES</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >During 2005, </font><font style='font-family:Arial Narrow;font-size:11pt;' >Bimini Capital sponsored </font><font style='font-family:Arial Narrow;font-size:11pt;' >the formation of a </font><font style='font-family:Arial Narrow;font-size:11pt;' >statutory trust, known as Bimini Capital Trust II (&#8220;BCTII&#8221;) of which 100% of the common eq</font><font style='font-family:Arial Narrow;font-size:11pt;' >uity is owned by Bimini Capital. It was</font><font style='font-family:Arial Narrow;font-size:11pt;' > formed for the purpose of issuing trust preferred capital securities to third-party investors and investing the proceeds from the sale of such capital securities solely in junior subordinated debt securities of Bimini Capital. The debt securities held by </font><font style='font-family:Arial Narrow;font-size:11pt;' >BCTII</font><font style='font-family:Arial Narrow;font-size:11pt;' > are the sole assets of </font><font style='font-family:Arial Narrow;font-size:11pt;' >BCTII</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >As of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >,</font><font style='font-family:Arial Narrow;font-size:11pt;' > the outstanding principal balance on the junior subordinated debt securities owed to BCTII was $26.8 million. The BCTII trust preferred securities and Bimini Capital&#39;s BCTII </font><font style='font-family:Arial Narrow;font-size:11pt;' >Junior Subordinated Notes have a rate of interest that floats at a spread of 3.50% over the prevailing three-month LIBOR rate. </font><font style='font-family:Arial Narrow;font-size:11pt;' >As of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' >, the interest rate was </font><font style='font-family:Arial Narrow;font-size:11pt;' >5.83%</font><font style='font-family:Arial Narrow;font-size:11pt;' >. The BCTII trust preferred securities and Bimini Capital&#39;s BCTII Junior </font><font style='font-family:Arial Narrow;font-size:11pt;' >Subordinated Notes require quarterly interest distributions and are redeemable at Bimini Capital&#39;s option, in whole or in part and without penalty. Bimini Capital&#39;s BCTII Junior Subordinated Notes are subordinate and junior in right of payment to</font><font style='font-family:Arial Narrow;font-size:11pt;' > all prese</font><font style='font-family:Arial Narrow;font-size:11pt;' >nt and future senior indebtedness. </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >BCTII is a VIE because the holders of the equity investment at risk do not have adequate decision making ability over BCTII&#8217;s activities. Since Bimini Capital&#39;s investment in BCTII&#8217;s common equity securities was finance</font><font style='font-family:Arial Narrow;font-size:11pt;' >d directly by BCTII as a result of its loan of the proceeds to Bimini Capital, that investment is not considered to be an equity investment at risk. Since Bimini Capital&#39;s common share investment in BCTII is not a variable interest, Bimini Capital is not t</font><font style='font-family:Arial Narrow;font-size:11pt;' >he primary beneficiary of BCTII. Therefore, Bimini Capital has not consolidated the financial statements of BCTII into its consolidated financial statements, and this investment is accounted for on the equity method.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The accompanying consolidated financia</font><font style='font-family:Arial Narrow;font-size:11pt;' >l statements present Bimini Capital&#39;s BCTII Junior Subordinated Notes issued to BCTII as a liability and Bimini Capital&#39;s investment in the common equity securities of BCTII as an asset (included in other assets). For financial statement purposes, Bimini </font><font style='font-family:Arial Narrow;font-size:11pt;' >Capital records payments of interest on the Junior Subordinated Notes issued to BCTII as interest expense.</font></p></div> 83332 10000000 31938 BMNM 212208805 334878779 6103250 386000 2003-09-24 0 3316852 0 44524584 0.84 0.001 200182751 12660627 1000000 53574348 31938 286542879 2018-09-30 0.001 79000 0.001 11900000 70000 0 0 284588797 0.0232 0 0.84 284588797 0 22000 0.0152 346444 100000 0 0.001 109497000 0 4800000 12748 1084000 0.001 0 6153586 14105934 12725 0.001 334938851 334878779 4069979 0 334938851 1.23 12682445 2754474 -281377251 746121 12684245 0 3359312 0 32 90000 2649610 12661 31938 0 195000 -279199256 12684 0.001 212888000 74702000 9900000 <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >NOTE </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >12</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >. COMMITMENTS AND CONTINGENCIES</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business. Management is not aware of any significant </font><font style='font-family:Arial Narrow;font-size:11pt;' >reported or unreported contingencies at </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p></div> 4000 0.001 0 <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >NOTE </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >13</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >. INCOME TAXES</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' > </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The total income tax </font><font style='font-family:Arial Narrow;font-size:11pt;' >(benefit) provision </font><font style='font-family:Arial Narrow;font-size:11pt;' >recorded for the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine</font><font style='font-family:Arial Narrow;font-size:11pt;' > months </font><font style='font-family:Arial Narrow;font-size:11pt;' >ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >was $</font><font style='font-family:Arial Narrow;font-size:11pt;' >(0.7) million </font><font style='font-family:Arial Narrow;font-size:11pt;' >and </font><font style='font-family:Arial Narrow;font-size:11pt;' >$1.3 million, respectively, on consolidated </font><font style='font-family:Arial Narrow;font-size:11pt;' >pre-tax book </font><font style='font-family:Arial Narrow;font-size:11pt;' >(loss) income </font><font style='font-family:Arial Narrow;font-size:11pt;' >of $</font><font style='font-family:Arial Narrow;font-size:11pt;' >(2.8) million </font><font style='font-family:Arial Narrow;font-size:11pt;' >and $</font><font style='font-family:Arial Narrow;font-size:11pt;' >3.2</font><font style='font-family:Arial Narrow;font-size:11pt;' > million </font><font style='font-family:Arial Narrow;font-size:11pt;' >in the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >,</font><font style='font-family:Arial Narrow;font-size:11pt;' > respectively.</font><font style='font-family:Times New Roman;font-size:12pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >The total income tax provision recorded for the three months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >was $0.</font><font style='font-family:Arial Narrow;font-size:11pt;' >3</font><font style='font-family:Arial Narrow;font-size:11pt;' > million and $</font><font style='font-family:Arial Narrow;font-size:11pt;' >1.0</font><font style='font-family:Arial Narrow;font-size:11pt;' > million, respectively, on consolidated pre-tax book income o</font><font style='font-family:Arial Narrow;font-size:11pt;' >f $</font><font style='font-family:Arial Narrow;font-size:11pt;' >1.2</font><font style='font-family:Arial Narrow;font-size:11pt;' > million and $</font><font style='font-family:Arial Narrow;font-size:11pt;' >2.5</font><font style='font-family:Arial Narrow;font-size:11pt;' > million in the three months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >,</font><font style='font-family:Arial Narrow;font-size:11pt;' > respectively.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >On December 22, 2017, the Tax Reform Act was signed into law by President Trump. The Tax Reform Act significantly revised the U.S. corporate income tax code </font><font style='font-family:Arial Narrow;font-size:11pt;' >by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. On the same date, the Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 which specifies, among other things, that reasonable e</font><font style='font-family:Arial Narrow;font-size:11pt;' >stimates of the income tax effects of the Tax Reform Act should be used, if determinable. The tax provision for the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine and three</font><font style='font-family:Arial Narrow;font-size:11pt;' > months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > represents the Company&#8217;s current best estimate</font><font style='font-family:Times New Roman;font-size:12pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >based on management&#8217;s current interpretation of the Tax</font><font style='font-family:Arial Narrow;font-size:11pt;' > Reform Act and may change as the Company receives additional clarification and implementation guidance. </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company</font><font style='font-family:Arial Narrow;font-size:11pt;' >&#8217;s tax provision is based on a projected effective rate based annualized amounts and includes the expected </font><font style='font-family:Arial Narrow;font-size:11pt;' >realiz</font><font style='font-family:Arial Narrow;font-size:11pt;' >ation of </font><font style='font-family:Arial Narrow;font-size:11pt;' >a portion of the</font><font style='font-family:Arial Narrow;font-size:11pt;' > tax benefits of federal and state </font><font style='font-family:Arial Narrow;font-size:11pt;' >net operating losses carryforwards (&#8220;NOLs&#8221;)</font><font style='font-family:Arial Narrow;font-size:11pt;' >. </font><font style='font-family:Arial Narrow;font-size:11pt;' >In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be r</font><font style='font-family:Arial Narrow;font-size:11pt;' >ealized. The ultimate realization of capital loss and NOL carryforwards is dependent upon the generation of future capital gains and taxable income in periods prior to their expiration. </font><font style='font-family:Arial Narrow;font-size:11pt;' >The Company </font><font style='font-family:Arial Narrow;font-size:11pt;' >currently provides a valuation allowance against a portion</font><font style='font-family:Arial Narrow;font-size:11pt;' > of the NOLs </font><font style='font-family:Arial Narrow;font-size:11pt;' >since the Company believes that it is more likely than not that </font><font style='font-family:Arial Narrow;font-size:11pt;' >some of </font><font style='font-family:Arial Narrow;font-size:11pt;' >the benefits will not be realized in the future. The Company will continue to assess the need for a valuation allowance at each reporting date.</font></p></div> 31938 0 0 286542879 11700000 0 32 0 1114000 P0Y9M12D 70000 474958 10000000 0 false 45005351 0 0 12748 558000 0 2000 0 31938 55692248 53574348 1000000 0.001 1946894 137102000 98000000 232968531 31938 177000 Maryland 26804440 0 0.001 0 0 946000 -281377251 11020261 0 -2177995 1758000 653380 1105000 P0Y2M10D 0.0258 0.0222 5651437 8752860 9904316 <div><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Consolidation </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The accompanying consolidated financial statements include the accounts of Bimini Capital, Bimini Advisors and Royal Palm. All inter-company accounts and transactions have been eliminated from the consolidated financial statements.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Financial Accounting </font><font style='font-family:Arial Narrow;font-size:11pt;' >Standards Board (the &quot;FASB&quot;) Accounting Standards Codification (&quot;ASC&quot;) Topic 810, Consolidation, requires the consolidation of a variable interest entity (&quot;VIE&quot;) by an enterprise if it is deemed the primary beneficiary of the VIE. Bimini Capital has a comm</font><font style='font-family:Arial Narrow;font-size:11pt;' >on share investment in a trust used in connection with the issuance of Bimini Capital&#39;s junior subordinated notes. See Note </font><font style='font-family:Arial Narrow;font-size:11pt;' >9</font><font style='font-family:Arial Narrow;font-size:11pt;' > for a description of the accounting used for this VIE. </font></p><p style='text-align:left;line-height:13.8pt;' ></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Basis of Presentation </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The accompanying unaudited </font><font style='font-family:Arial Narrow;font-size:11pt;' >condensed consolid</font><font style='font-family:Arial Narrow;font-size:11pt;' >ated </font><font style='font-family:Arial Narrow;font-size:11pt;' >financial statements have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, t</font><font style='font-family:Arial Narrow;font-size:11pt;' >hey do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been incl</font><font style='font-family:Arial Narrow;font-size:11pt;' >uded. Operating results fo</font><font style='font-family:Arial Narrow;font-size:11pt;' >r the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine and three</font><font style='font-family:Arial Narrow;font-size:11pt;' > month periods</font><font style='font-family:Arial Narrow;font-size:11pt;' > ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > are not necessarily indicative of the results that may be expected for the year end</font><font style='font-family:Arial Narrow;font-size:11pt;' >ing</font><font style='font-family:Arial Narrow;font-size:11pt;' > December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2018</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The </font><font style='font-family:Arial Narrow;font-size:11pt;' >consolidated </font><font style='font-family:Arial Narrow;font-size:11pt;' >balance sheet at December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' > has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete </font><font style='font-family:Arial Narrow;font-size:11pt;' >consolidated </font><font style='font-family:Arial Narrow;font-size:11pt;' >financial statements. For further information, r</font><font style='font-family:Arial Narrow;font-size:11pt;' >efer to the financial statements and footnotes thereto included in the Company&#8217;s </font><font style='font-family:Arial Narrow;font-size:11pt;' >A</font><font style='font-family:Arial Narrow;font-size:11pt;' >nnual </font><font style='font-family:Arial Narrow;font-size:11pt;' >R</font><font style='font-family:Arial Narrow;font-size:11pt;' >eport on Form 10-K for the year ended December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p><p style='text-align:left;line-height:13.8pt;' ></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Use of Estimates</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The preparation of financial statements in conformity with GAAP requires management to m</font><font style='font-family:Arial Narrow;font-size:11pt;' >ake estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting peri</font><font style='font-family:Arial Narrow;font-size:11pt;' >od. Actual results could differ from those estimates. Significant estimates affecting the accompanying consolidated financial statements include determining the fair values of MBS, investment in Orchid common shares, derivatives and retained interests, de</font><font style='font-family:Arial Narrow;font-size:11pt;' >termining the amounts of asset valuation allowances, and the computation of the income tax provision or benefit and the deferred tax asset allowances recorded for each accounting period.</font></p><p style='text-align:left;line-height:13.8pt;' ></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Statement of Comprehensive Income</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >In accordance with ASC Topic 220, </font><font style='font-family:Arial Narrow;font-size:11pt;font-style:italic;' >Comprehensive Income</font><font style='font-family:Arial Narrow;font-size:11pt;' >, a statement of comprehensive income has not been included as the Company has no items of other comprehensive income</font><font style='font-family:Arial Narrow;font-size:11pt;' > (loss)</font><font style='font-family:Arial Narrow;font-size:11pt;' >.&#160; Comprehensive </font><font style='font-family:Arial Narrow;font-size:11pt;' >(loss) income</font><font style='font-family:Arial Narrow;font-size:11pt;' > is the same as net </font><font style='font-family:Arial Narrow;font-size:11pt;' >(loss) income</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >for all </font><font style='font-family:Arial Narrow;font-size:11pt;' >periods presented.</font></p><p style='text-align:left;line-height:13.8pt;' ></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Mort</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >gage-Backed Securities</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company invests primarily in mortgage pass-through (&#8220;PT&#8221;) certificates, collateralized mor</font><font style='font-family:Arial Narrow;font-size:11pt;' >tgage obligations, and interest-</font><font style='font-family:Arial Narrow;font-size:11pt;' >only (&#8220;IO&#8221;) </font><font style='font-family:Arial Narrow;font-size:11pt;' >securities and inverse interest-</font><font style='font-family:Arial Narrow;font-size:11pt;' >only (&#8220;IIO&#8221;) securities representing interest in or </font><font style='font-family:Arial Narrow;font-size:11pt;' >obligations backed by pools of mortgage-backed loans. The</font><font style='font-family:Arial Narrow;font-size:11pt;' > Company has </font><font style='font-family:Arial Narrow;font-size:11pt;' >elected to account for its investment in MBS under the fair value option. Electing the fair value option </font><font style='font-family:Arial Narrow;font-size:11pt;' >requires</font><font style='font-family:Arial Narrow;font-size:11pt;' > the Company to record changes in fair value in the </font><font style='font-family:Arial Narrow;font-size:11pt;' >consolidated </font><font style='font-family:Arial Narrow;font-size:11pt;' >stateme</font><font style='font-family:Arial Narrow;font-size:11pt;' >nt of operations, which, in management&#8217;s view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company records MBS </font><font style='font-family:Arial Narrow;font-size:11pt;' >transactions on the trade date. Security purchases that have not settled as of the balance sheet date are included in the MBS balance with an offsetting liability recorded, whereas securit</font><font style='font-family:Arial Narrow;font-size:11pt;' >ies</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >sold</font><font style='font-family:Arial Narrow;font-size:11pt;' > that have not settled as of the balance sheet date are rem</font><font style='font-family:Arial Narrow;font-size:11pt;' >oved from the MBS balance with an offsetting receivable recorded.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The fair value of the Company&#8217;s investment in MBS is governed by ASC Topic 820, </font><font style='font-family:Arial Narrow;font-size:11pt;font-style:italic;' >Fair Value Measurement</font><font style='font-family:Arial Narrow;font-size:11pt;' >.&#160; The definition of fair value in ASC Topic 820 focuses on the price that would be rec</font><font style='font-family:Arial Narrow;font-size:11pt;' >eived to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. The fair value measurement assumes that the transaction to sell the asset or transfer the liability either occurs in t</font><font style='font-family:Arial Narrow;font-size:11pt;' >he principal market for the asset or liability, or in the absence of a principal market, occurs in the most advantageous market for the asset or liability. Estimated fair values for MBS are based on independent pricing sources and/or third-party broker quo</font><font style='font-family:Arial Narrow;font-size:11pt;' >tes, when available. </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Income on PT MBS is based on the stated interest rate of the security. Premiums or discounts present at the date of purchase are not amortized. </font><font style='font-family:Arial Narrow;font-size:11pt;' >Premium lost and discount accretion resulting from monthly principal repayments are refl</font><font style='font-family:Arial Narrow;font-size:11pt;' >ected in unrealize</font><font style='font-family:Arial Narrow;font-size:11pt;' >d gains on MBS in the c</font><font style='font-family:Arial Narrow;font-size:11pt;' >ons</font><font style='font-family:Arial Narrow;font-size:11pt;' >olidated statements of operations. </font><font style='font-family:Arial Narrow;font-size:11pt;' >For IO securities, the income is accrued based on the carrying value and the effective yield. </font><font style='font-family:Arial Narrow;font-size:11pt;' >The difference between income accrued and the interest received on the security is</font><font style='font-family:Arial Narrow;font-size:11pt;' > characterized as a return of investment and serves </font><font style='font-family:Arial Narrow;font-size:11pt;' >to reduce the asset&#8217;s carrying </font><font style='font-family:Arial Narrow;font-size:11pt;' >value. </font><font style='font-family:Arial Narrow;font-size:11pt;' >At each reporting date, the effective yield is adjusted prospectively for future reporting periods based on the new estimate of prepayments and the contractual terms </font><font style='font-family:Arial Narrow;font-size:11pt;' >of the security. For IIO securities, effective yield and income recognition calculations also take into account the index value applicable to the security. Changes in fair value of MBS during each reporting period are recorded in earnings and reported as</font><font style='font-family:Arial Narrow;font-size:11pt;' > unrealized gains or losses on mortgage-backed securities in the accompanying consolidated statements of operations.</font><font style='font-family:Times New Roman;font-size:12pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >The </font><font style='font-family:Arial Narrow;font-size:11pt;' >amount </font><font style='font-family:Arial Narrow;font-size:11pt;' >reported as unrealized gains or losses on mortgage backed securities thus captures the net effect of changes in the fair market </font><font style='font-family:Arial Narrow;font-size:11pt;' >value of securities caused by market developments and any premium or discount lost as a result of principal repayments during the period.</font></p><p style='text-align:left;line-height:13.8pt;' ></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Orchid Island Capital, Inc.</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' > Common Stock</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company has </font><font style='font-family:Arial Narrow;font-size:11pt;' >elected the fair value option for its investment in Orchid common shares. The change in the fair value of this investment and dividends received on this investment are reflected in the consolidated statements of operations. We estimate the fair value of </font><font style='font-family:Arial Narrow;font-size:11pt;' >our investment in Orchid on a market approach using &#8220;Level 1&#8221; inputs based on the quoted market price of Orchid&#8217;s common stock on a national stock exchange.</font><font style='font-family:Times New Roman;font-size:12pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >Electing the fair value option requires the Company to record changes in fair value in the consolid</font><font style='font-family:Arial Narrow;font-size:11pt;' >ated statement</font><font style='font-family:Arial Narrow;font-size:11pt;' >s</font><font style='font-family:Arial Narrow;font-size:11pt;' > of operations, which, in management&#8217;s view, mo</font><font style='font-family:Arial Narrow;font-size:11pt;' >re</font><font style='font-family:Arial Narrow;font-size:11pt;' > appropriately reflects the results of our operations for a particular reporting period and is consistent with how the investment is managed.</font></p><p style='text-align:left;line-height:13.8pt;' ></p></div> <div><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Advisory Services</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Orchid </font><font style='font-family:Arial Narrow;font-size:11pt;' >is </font><font style='font-family:Arial Narrow;font-size:11pt;' >externally managed and advised by Bimini Advisors pursuant to the terms of a management </font><font style='font-family:Arial Narrow;font-size:11pt;' >agreement. Under the terms of the management agreement</font><font style='font-family:Arial Narrow;font-size:11pt;' >,</font><font style='font-family:Arial Narrow;font-size:11pt;' > Orchid is obligated to pay Bimini Advisors a monthly management fee and a pro rata portion of certain overhead costs and to reimburse the Company for any direct expenses incurred on its behalf.</font></p><p style='text-align:left;line-height:13.8pt;' ></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Retained Interests in Securitizations</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Retained i</font><font style='font-family:Arial Narrow;font-size:11pt;' >nterests in the subordinated tranches of securities created in securitization transactions were initially recorded at their fair value when issued by Royal Palm. Subsequent adjustments to fair value were reflected in the consolidated statements of operatio</font><font style='font-family:Arial Narrow;font-size:11pt;' >ns.</font></p><p style='text-align:left;line-height:13.8pt;' ></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Derivative Financial Instruments</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company uses derivative instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may continue to do so in the future. The principal instruments that the </font><font style='font-family:Arial Narrow;font-size:11pt;' >Company has used to date are Treasury Note (&#8220;T-Note&#8221;) and Eurodollar futures contracts, and </font><font style='font-family:Arial Narrow;font-size:11pt;' >&#8220;to-be-announced&#8221; (&#8220;TBA&#8221;) securities transactions, but </font><font style='font-family:Arial Narrow;font-size:11pt;' >it </font><font style='font-family:Arial Narrow;font-size:11pt;' >may enter into other derivatives in the future.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company accounts for TBA securities as derivative ins</font><font style='font-family:Arial Narrow;font-size:11pt;' >truments if either the TBA securities do not settle in the shortest period of time possible or if the Company cannot assert that it is probable at inception of the TBA transaction, or throughout its term, that it will take physical delivery of the MBS for </font><font style='font-family:Arial Narrow;font-size:11pt;' >a long position, or make delivery of the MBS for a short position, upon settlement of the trade. Gains</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >losses</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >associated with TBA securities transactions are reported in gain (loss) on derivative instruments in the accompanying consolidated statements </font><font style='font-family:Arial Narrow;font-size:11pt;' >of operations. </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company does not account for any of its derivative financial instruments as hedges in order to align the accounting treatment of its derivative instruments with the treatment of its portfolio assets under the fair value option. FASB </font><font style='font-family:Arial Narrow;font-size:11pt;' >ASC Topic 815, </font><font style='font-family:Arial Narrow;font-size:11pt;font-style:italic;' >Derivatives and Hedging</font><font style='font-family:Arial Narrow;font-size:11pt;' >, requires that all derivative instruments be carried at fair value. Changes in fair value are recorded in the consolidated operations for each period.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Holding derivatives creates exposure to credit risk related to the potential for failure by counterparties to honor their </font><font style='font-family:Arial Narrow;font-size:11pt;' >commitments. In addition, the Company may be required to post collateral based on any declines in the market value of the derivatives</font><font style='font-family:Arial Narrow;font-size:11pt;' >. In the event of default by a counterparty, the Company may have difficulty recovering its collateral and may not receive payments provided for under the terms of the agreement. To mitigate this risk, the Company uses only well-established commercial ba</font><font style='font-family:Arial Narrow;font-size:11pt;' >nks as counterparties.</font></p><p style='text-align:left;line-height:13.8pt;' ></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Financial Instruments</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >ASC Topic 825</font><font style='font-family:Arial Narrow;font-size:11pt;font-style:italic;' >, Financial Instruments</font><font style='font-family:Arial Narrow;font-size:11pt;' >, requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value, either in the body of the financial statements or in the</font><font style='font-family:Arial Narrow;font-size:11pt;' > accompanying notes. MBS, Orchid common stock, derivative assets</font><font style='font-family:Arial Narrow;font-size:11pt;' >, interest rate swaptions and retained interests in securitization transactions are accounted for at fair value in the consolidated balance sheets. The methods and assumptions used </font><font style='font-family:Arial Narrow;font-size:11pt;' >to estimate fair value for these instruments are presented in Note </font><font style='font-family:Arial Narrow;font-size:11pt;' >15</font><font style='font-family:Arial Narrow;font-size:11pt;' > of the consolidated financial statements.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, other assets, repurchase agreements, acc</font><font style='font-family:Arial Narrow;font-size:11pt;' >rued interest payable and other liabilities generally approximates their carrying value as of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >, due to the short-term nature of these financial instruments. </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >It is impractical to estimate the fair value of the Company&#8217;s</font><font style='font-family:Arial Narrow;font-size:11pt;' > junior subordinated notes. Currently, there is a limited market for these types of instruments and the Company is unable to ascertain what interest rates would be available to the Company for similar financial instruments. Further Information regarding t</font><font style='font-family:Arial Narrow;font-size:11pt;' >hese instruments is presented in Note </font><font style='font-family:Arial Narrow;font-size:11pt;' >9</font><font style='font-family:Arial Narrow;font-size:11pt;' > to the consolidated financial statements.</font></p><p style='text-align:left;line-height:13.8pt;' ></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Property and Equipment, net</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Property and equipment, net, consists of computer equipment with a depreciable life of 3 years, office furniture and equipment with deprecia</font><font style='font-family:Arial Narrow;font-size:11pt;' >ble lives of 8 to 20 years, land which has no depreciable life, and buildings and improvements with depreciable lives of 30 years. Property and equipment is recorded at acquisition cost and depreciated using the straight-line method over the estimated use</font><font style='font-family:Arial Narrow;font-size:11pt;' >ful lives of the assets.</font></p><p style='text-align:left;line-height:13.8pt;' ></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Repurchase Agreements</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company finances the acquisition of the majority of its PT MBS through the use of repurchase agreements under master repurchase agreements. Pursuant to ASC Topic 860, </font><font style='font-family:Arial Narrow;font-size:11pt;font-style:italic;' >Transfers and Servicing</font><font style='font-family:Arial Narrow;font-size:11pt;' >, </font><font style='font-family:Arial Narrow;font-size:11pt;' >the Company </font><font style='font-family:Arial Narrow;font-size:11pt;' >account</font><font style='font-family:Arial Narrow;font-size:11pt;' >s</font><font style='font-family:Arial Narrow;font-size:11pt;' > for repurchase transactions as collateralized financing transactions, which are carried at their contractual amounts, including accrued interest, as specified in the respective agreements</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p><p style='text-align:left;line-height:13.8pt;' ></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Share-Based Compensation</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company follows the provisions of ASC Topic 718, </font><font style='font-family:Arial Narrow;font-size:11pt;font-style:italic;' >Compensation &#8211; Stock Compensation</font><font style='font-family:Arial Narrow;font-size:11pt;' >, to account for stock and stock-based awards. For stock and stock-based awards issued to employees, a compensation charge is recorded against earnings over the vesting </font><font style='font-family:Arial Narrow;font-size:11pt;' >period based on the fair value of the award. The Company applies a zero forfeiture rate for its equity based awards, as such awards have been granted to a limited number of employees and historical forfeitures have been minimal. A significant forfeiture,</font><font style='font-family:Arial Narrow;font-size:11pt;' > or an indication that significant forfeitures may occur, would result in a revised forfeiture rate which would be accounted for prospectively as a change in an estimate. For transactions with </font><font style='font-family:Arial Narrow;font-size:11pt;' >non-employees in which services are performed in exchange for t</font><font style='font-family:Arial Narrow;font-size:11pt;' >he Company&#8217;s common stock or other equity instruments, the transactions are recorded on the basis of the fair value of the service received or the fair value of the equity instruments issued, whichever is more readily measurable at the date of the issuance</font><font style='font-family:Arial Narrow;font-size:11pt;' > of the common stock.</font></p><p style='text-align:left;line-height:13.8pt;' ></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Earnings Per Share</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company follows the provisions of ASC Topic 260, </font><font style='font-family:Arial Narrow;font-size:11pt;font-style:italic;' >Earnings Per Share</font><font style='font-family:Arial Narrow;font-size:11pt;' >, which requires companies with complex capital structures, common stock equivalents or two (or more) classes of securities that participate i</font><font style='font-family:Arial Narrow;font-size:11pt;' >n </font><font style='font-family:Arial Narrow;font-size:11pt;' >dividend distributions</font><font style='font-family:Arial Narrow;font-size:11pt;' > to present both basic and diluted earnings per share (&#8220;EPS&#8221;) on the face of the consolidated statement of operations. Basic EPS is calculated as income available to common stockholders divided by the weighted average number of comm</font><font style='font-family:Arial Narrow;font-size:11pt;' >on shares outstanding during the period. </font><font style='font-family:Arial Narrow;font-size:11pt;' >Diluted EPS is calculated using the treasury stock or two-class method, as applicable for common stock equivalents. However, the common stock equivalents are not included in computing diluted EPS if the result is an</font><font style='font-family:Arial Narrow;font-size:11pt;' >ti-dilutive.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Outstanding shares of Class B Common Stock, participating and convertible into Class A Common Stock, are entitled to receive dividends in an amount equal to the dividends declared</font><font style='font-family:Arial Narrow;font-size:11pt;' >, if any,</font><font style='font-family:Arial Narrow;font-size:11pt;' > on each share of Class A Common Stock</font><font style='font-family:Arial Narrow;font-size:11pt;' >. </font><font style='font-family:Arial Narrow;font-size:11pt;' >Accordingly, </font><font style='font-family:Arial Narrow;font-size:11pt;' >shares of the Class B Common Stock are included in the computation of basic EPS using the two-class method and, consequently, are presented separately from Class A Common Stock.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The shares of Class&#160;C Common Stock are not included in the basic EPS computat</font><font style='font-family:Arial Narrow;font-size:11pt;' >ion as these shares do not have participation rights. The outstanding shares of Class B and Class&#160;C Common Stock are not included in the computation of diluted EPS for the Class A Common Stock as the conditions for conversion into shares of Class&#160;A Common </font><font style='font-family:Arial Narrow;font-size:11pt;' >Stock were not met.</font></p><p style='text-align:left;line-height:13.8pt;' ></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Income Taxes</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' > </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities represent the differences between the financial statement and income tax bases of assets and liabilities using </font><font style='font-family:Arial Narrow;font-size:11pt;' >enacted tax rates. The measurement of net deferred tax assets is adjusted by a valuation allowance if, based on the Company&#8217;s evaluation, it is more likely than not that they will not be realized.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company&#8217;s U.S. federal income tax returns for years </font><font style='font-family:Arial Narrow;font-size:11pt;' >ended on or after December 31, 2015 remain open for examination. Although management believes its calculations for tax returns are correct and the positions taken thereon are reasonable, the final outcome of tax audits could be materially different from th</font><font style='font-family:Arial Narrow;font-size:11pt;' >e tax returns filed by the Company, and those differences could result in significant costs or benefits to the Company. For tax filing purposes, Bimini Capital and Bimini Advisors are consolidated as a single tax paying entity. Royal Palm files as a separ</font><font style='font-family:Arial Narrow;font-size:11pt;' >ate tax paying entity.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company measures, recognizes and presents its uncertain tax positions in accordance with ASC Topic 740, </font><font style='font-family:Arial Narrow;font-size:11pt;font-style:italic;' >Income Taxes</font><font style='font-family:Arial Narrow;font-size:11pt;' >. Under that guidance, the Company assesses the likelihood, based on their technical merit, that tax positions </font><font style='font-family:Arial Narrow;font-size:11pt;' >will be sustained upon examination based on the facts, circumstances and information available at the end of each period. The measurement of uncertain tax positions is adjusted when new information is available, or when an event occurs that requires a cha</font><font style='font-family:Arial Narrow;font-size:11pt;' >nge.</font><font style='font-family:Arial Narrow;font-size:11pt;' > The Company recognizes tax positions in the financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority based on </font><font style='font-family:Arial Narrow;font-size:11pt;' >the technical merits of the position. A position that </font><font style='font-family:Arial Narrow;font-size:11pt;' >meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The difference between the benefit recognized and the tax benefit claimed on a tax return is referred to as an unrecognized tax ben</font><font style='font-family:Arial Narrow;font-size:11pt;' >efit and is recorded as a liability in the consolidated balance sheets. The Company records income tax-related interest and penalties, if applicable, within the income tax provision.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the &#8220;Tax Reform Ac</font><font style='font-family:Arial Narrow;font-size:11pt;' >t&#8221;) was signed into law by President Trump. The Tax Reform Act significantly revised the U.S. corporate income tax code by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. On the same date, the Securities</font><font style='font-family:Arial Narrow;font-size:11pt;' > and Exchange Commission issued Staff Accounting Bulletin No. 118 which specifies, among other things, that reasonable estimates of the income tax effects of the Tax Reform Act should be used, if determinable. The Company has accounted for the effects of t</font><font style='font-family:Arial Narrow;font-size:11pt;' >he Tax Reform Act using reasonable estimates based on currently available information and its interpretations thereof. This accounting may change due to, among other things, changes in interpretations the Company has made and the issuance of new tax or acc</font><font style='font-family:Arial Narrow;font-size:11pt;' >ounting guidance. GAAP requires that the effects of a change in tax rate on the value of deferred tax assets and deferred tax liabilities be recognized upon enactment</font><font style='font-family:Arial Narrow;font-size:11pt;' >. </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ></p></div> 3918 21515 57853 57903 -480767 1200403 -8983541 -296691 29006 198270 1315505 -20445 128514 133397 383980 -678809 7515853 3223395 91578375 77294851 60431192 1654834 19646969 7654912 426414 945645 -15393 -29379 0 1204235 -9980062 -68273074 1233087584 762398624 1229528096 696852430 3764711 1891045 1418880 261492 3615665 65546194 1151456 496515 <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >NOTE </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >14</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >. EARNINGS PER SHARE</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Shares of Class&#160;B </font><font style='font-family:Arial Narrow;font-size:11pt;' >common stock</font><font style='font-family:Arial Narrow;font-size:11pt;' >, participating and convertible into Class&#160;A </font><font style='font-family:Arial Narrow;font-size:11pt;' >common stock</font><font style='font-family:Arial Narrow;font-size:11pt;' >, are entitled to receive dividends in an amount equal to the dividends declared on each share of Class&#160;A </font><font style='font-family:Arial Narrow;font-size:11pt;' >common stock</font><font style='font-family:Arial Narrow;font-size:11pt;' > if, and when, </font><font style='font-family:Arial Narrow;font-size:11pt;' >authorized and declared by the Board of Directors. Following the provisions of FASB ASC 260, the Class&#160;B </font><font style='font-family:Arial Narrow;font-size:11pt;' >common stock</font><font style='font-family:Arial Narrow;font-size:11pt;' > is included in the computation of basic EPS using the two-class method, and consequently is presented separately from Class&#160;A </font><font style='font-family:Arial Narrow;font-size:11pt;' >common stock</font><font style='font-family:Arial Narrow;font-size:11pt;' >. </font><font style='font-family:Arial Narrow;font-size:11pt;' >Shares of </font><font style='font-family:Arial Narrow;font-size:11pt;' >Class B </font><font style='font-family:Arial Narrow;font-size:11pt;' >common stock</font><font style='font-family:Arial Narrow;font-size:11pt;' > are not included in the computation of diluted Class&#160;A EPS as the conditions for conversion to Class&#160;A </font><font style='font-family:Arial Narrow;font-size:11pt;' >common stock</font><font style='font-family:Arial Narrow;font-size:11pt;' > were not met at </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Shares of </font><font style='font-family:Arial Narrow;font-size:11pt;' >Class&#160;C </font><font style='font-family:Arial Narrow;font-size:11pt;' >common stock</font><font style='font-family:Arial Narrow;font-size:11pt;' > are not included in the basic EPS computation as these shares do not have participation rights. </font><font style='font-family:Arial Narrow;font-size:11pt;' >Shares of </font><font style='font-family:Arial Narrow;font-size:11pt;' >Class&#160;C </font><font style='font-family:Arial Narrow;font-size:11pt;' >common stock</font><font style='font-family:Arial Narrow;font-size:11pt;' > are not included in the computation of diluted Class&#160;A EPS as the conditions for conversion to Class&#160;A </font><font style='font-family:Arial Narrow;font-size:11pt;' >common stock</font><font style='font-family:Arial Narrow;font-size:11pt;' > were not met</font><font style='font-family:Arial Narrow;font-size:11pt;' > at</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company has </font><font style='font-family:Arial Narrow;font-size:11pt;' >dividend eligible stock incentive plan shares that were outstanding during the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine and three</font><font style='font-family:Arial Narrow;font-size:11pt;' > months </font><font style='font-family:Arial Narrow;font-size:11pt;' >ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' >. The basic and diluted per share computations include</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >these unvested incentive plan shares</font><font style='font-family:Arial Narrow;font-size:11pt;' > if</font><font style='font-family:Arial Narrow;font-size:11pt;' > there is income available to Class A common stock</font><font style='font-family:Arial Narrow;font-size:11pt;' >, as they have dividend participation rights. The stock incentive plan shares have no contractual obligation to share in losses. </font><font style='font-family:Arial Narrow;font-size:11pt;' >Because</font><font style='font-family:Arial Narrow;font-size:11pt;' > there is no such obligation, the incentive plan shares are not includ</font><font style='font-family:Arial Narrow;font-size:11pt;' >ed in the basic and diluted EPS computations </font><font style='font-family:Arial Narrow;font-size:11pt;' >when no income is available to Class A common stock</font><font style='font-family:Arial Narrow;font-size:11pt;' > even though they are </font><font style='font-family:Arial Narrow;font-size:11pt;' >considered </font><font style='font-family:Arial Narrow;font-size:11pt;' >participating securities.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The table below reconciles the numerator and denominator of EPS for the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine and three</font><font style='font-family:Arial Narrow;font-size:11pt;' > months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:13.5pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands, except per-share information)</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:15pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:217.5pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td colspan='4' rowspan='1' style='width:142.5pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:142.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Nine Months Ended September 30,</font></td><td colspan='4' rowspan='1' style='width:150pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Three Months Ended September 30,</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Basic and diluted EPS per Class A common share:</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(Loss) income attributable to Class A common shares:</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:232.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:232.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Basic and diluted</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:63.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2,173)</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:63.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,931</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:67.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >871</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:67.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,497</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Weighted average common shares:</font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:232.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:232.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Class A common shares outstanding at the balance sheet date</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >12,684</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >12,632</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >12,684</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >12,632</font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:232.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:232.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Unvested dividend-eligible stock incentive plan shares</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:15pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >outstanding at the balance sheet date</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >70</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >35</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >70</font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:232.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:232.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Effect of weighting </font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >35</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >14</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Weighted average shares-basic and diluted</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >12,719</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >12,702</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >12,733</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >12,702</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(Loss) income per Class A common share:</font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:232.5pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:232.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Basic and diluted</font></td><td style='width:7.5pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:63.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(0.17)</font></td><td style='width:7.5pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:63.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.15</font></td><td style='width:7.5pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:67.5pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.07</font></td><td style='width:7.5pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:67.5pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.12</font></td></tr></table></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:13.5pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands, except per-share information)</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:15pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:217.5pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td colspan='4' rowspan='1' style='width:142.5pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:142.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Nine Months Ended September 30,</font></td><td colspan='4' rowspan='1' style='width:150pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Three Months Ended September 30,</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Basic and diluted EPS per Class B common share:</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(Loss) income attributable to Class B common shares:</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:232.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:232.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Basic and diluted</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:63.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(5)</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:63.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >5</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:67.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:67.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >4</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Weighted average common shares:</font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:232.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:232.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Class B common shares outstanding at the balance sheet date</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >32</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >32</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >32</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >32</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Weighted average shares-basic and diluted</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >32</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >32</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >32</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >32</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(Loss) income per Class B common share:</font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:232.5pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:232.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Basic and diluted</font></td><td style='width:7.5pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:63.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(0.17)</font></td><td style='width:7.5pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:63.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.15</font></td><td style='width:7.5pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:67.5pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.07</font></td><td style='width:7.5pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:67.5pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.12</font></td></tr></table></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >NOTE </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >17</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >. RELATED PARTY TRANSACTIONS</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Relationships with Orchid</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >At </font><font style='font-family:Arial Narrow;font-size:11pt;' >both </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >, the Company owned 1,</font><font style='font-family:Arial Narrow;font-size:11pt;' >520,036 </font><font style='font-family:Arial Narrow;font-size:11pt;' >shares of Orchid common stock</font><font style='font-family:Arial Narrow;font-size:11pt;' >, </font><font style='font-family:Arial Narrow;font-size:11pt;' >representing approximately </font><font style='font-family:Arial Narrow;font-size:11pt;' >2.9</font><font style='font-family:Arial Narrow;font-size:11pt;' >% of the outstanding shares. </font><font style='font-family:Arial Narrow;font-size:11pt;' >T</font><font style='font-family:Arial Narrow;font-size:11pt;' >he Company received </font><font style='font-family:Arial Narrow;font-size:11pt;' >dividends on this common stock investment of approximately</font><font style='font-family:Arial Narrow;font-size:11pt;' > $1.3 million and </font><font style='font-family:Arial Narrow;font-size:11pt;' >$</font><font style='font-family:Arial Narrow;font-size:11pt;' >0.4</font><font style='font-family:Arial Narrow;font-size:11pt;' > million</font><font style='font-family:Arial Narrow;font-size:11pt;' > d</font><font style='font-family:Arial Narrow;font-size:11pt;' >uring the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine and three</font><font style='font-family:Arial Narrow;font-size:11pt;' > months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' >, respectively, </font><font style='font-family:Arial Narrow;font-size:11pt;' >and approximately $</font><font style='font-family:Arial Narrow;font-size:11pt;' >1.9</font><font style='font-family:Arial Narrow;font-size:11pt;' > million and $0.6 million during the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine and three</font><font style='font-family:Arial Narrow;font-size:11pt;' > months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >, respe</font><font style='font-family:Arial Narrow;font-size:11pt;' >ctively</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Robert Cauley, the Chief Executive Officer and Chairman of the Board of Directors of the Company, also serves as Chief Executive Officer and Chairman of the Board of Directors of Orchid, receives compensation from Orchid, and owns shares of commo</font><font style='font-family:Arial Narrow;font-size:11pt;' >n stock of Orchid. In addition, Hunter Haas, the Chief Financial Officer, Chief Investment Officer and Treasurer of the Company, also serves as Chief Financial Officer, Chief Investment Officer and Secretary of Orchid, is a member of Orchid&#8217;s Board of Dir</font><font style='font-family:Arial Narrow;font-size:11pt;' >ectors, receives compensation from Orchid, and owns shares of common stock of Orchid. </font><font style='font-family:Arial Narrow;font-size:11pt;' >Robert J. Dwyer and Frank E. Jaumot, our independent directors, each own shares of common stock of Orchid.</font></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The table below reconciles the numerator and denominator of EPS for the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine and three</font><font style='font-family:Arial Narrow;font-size:11pt;' > months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:13.5pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands, except per-share information)</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:15pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:217.5pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td colspan='4' rowspan='1' style='width:142.5pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:142.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Nine Months Ended September 30,</font></td><td colspan='4' rowspan='1' style='width:150pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Three Months Ended September 30,</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Basic and diluted EPS per Class A common share:</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(Loss) income attributable to Class A common shares:</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:232.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:232.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Basic and diluted</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:63.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2,173)</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:63.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,931</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:67.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >871</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:67.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,497</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Weighted average common shares:</font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:232.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:232.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Class A common shares outstanding at the balance sheet date</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >12,684</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >12,632</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >12,684</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >12,632</font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:232.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:232.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Unvested dividend-eligible stock incentive plan shares</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:15pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >outstanding at the balance sheet date</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >70</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >35</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >70</font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:232.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:232.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Effect of weighting </font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >35</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >14</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Weighted average shares-basic and diluted</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >12,719</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >12,702</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >12,733</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >12,702</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(Loss) income per Class A common share:</font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:232.5pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:232.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Basic and diluted</font></td><td style='width:7.5pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:63.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(0.17)</font></td><td style='width:7.5pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:63.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.15</font></td><td style='width:7.5pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:67.5pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.07</font></td><td style='width:7.5pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:67.5pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.12</font></td></tr></table></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:13.5pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands, except per-share information)</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:15pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:217.5pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td colspan='4' rowspan='1' style='width:142.5pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:142.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Nine Months Ended September 30,</font></td><td colspan='4' rowspan='1' style='width:150pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Three Months Ended September 30,</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Basic and diluted EPS per Class B common share:</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(Loss) income attributable to Class B common shares:</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:232.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:232.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Basic and diluted</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:63.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(5)</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:63.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >5</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:67.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:67.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >4</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Weighted average common shares:</font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:232.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:232.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Class B common shares outstanding at the balance sheet date</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >32</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >32</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >32</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >32</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Weighted average shares-basic and diluted</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >32</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >32</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >32</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >32</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:247.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:247.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(Loss) income per Class B common share:</font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:63.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:67.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:232.5pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:232.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Basic and diluted</font></td><td style='width:7.5pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:63.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(0.17)</font></td><td style='width:7.5pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:63.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:63.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.15</font></td><td style='width:7.5pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:67.5pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.07</font></td><td style='width:7.5pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:67.5pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:67.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.12</font></td></tr></table></div> 14000 0 871000 1497000 871000 1497000 2000 4000 2000 4000 92098 422341 12684245 12660627 31938 31938 31938 31938 3918 6147952 12684000 12632000 35000 70000 32000 32000 92098 212208805 422341 209692132 771000 0 3202000 549000 203742000 0 203742000 -200540000 -3202000 0 200183000 0 200183000 -197975000 -2208000 0 0.0583 0.035 0 0 0 0 26800000 26800000 4000000 0 0 0.84 -6000 212209000 0 212209000 0 209692000 0 209692000 0 0 0 1873002 1939974 2054249 1513511 380009 638415 4307260 4091900 1049174 503632 388012 316176 2870074 3272092 -1593237 168034 -473165 0 -410410 501612 947850 -18813 1356887 85451 133 366 -171942 736650 968672 868924 160613 165040 48879 120419 317743 364058 1495907 1518441 1202225 2490301 328735 989081 873490 1501220 0.07 0.07 0.12 0.12 0.07 0.07 0.12 0.12 12732812 31938 12701627 31938 199997 83 199914 0 19297 0 199997 0 <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Recent Accounting Pronouncements</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >In November 2016, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) 2016-18, </font><font style='font-family:Arial Narrow;font-size:11pt;font-style:italic;' >Statement of Cash Flows &#8211; (Topic 230): Restricted Cash. </font><font style='font-family:Arial Narrow;font-size:11pt;' >ASU 2016-18 requires that restricted cash and restricted</font><font style='font-family:Arial Narrow;font-size:11pt;' > cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. ASU 2016-18 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017. Early app</font><font style='font-family:Arial Narrow;font-size:11pt;' >lication is permitted. The Company early adopted the ASU beginning with the first quarter of 2017. </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows &#8211; (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15</font><font style='font-family:Arial Narrow;font-size:11pt;' > addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU 2016-15 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017. Early application is pe</font><font style='font-family:Arial Narrow;font-size:11pt;' >rmitted. The Company&#8217;s adoption of this ASU did not have a material impact on its consolidated financial statements.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >In June 2016, the FASB issued ASU 2016-13, Financial Instruments &#8211; Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other in</font><font style='font-family:Arial Narrow;font-size:11pt;' >struments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). ASU 2016-13 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2019. Early ap</font><font style='font-family:Arial Narrow;font-size:11pt;' >plication is permitted for fiscal periods beginning after December 15, 2018. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >In January 2016, the FASB issued ASU 2016-01, Financial Instrument</font><font style='font-family:Arial Narrow;font-size:11pt;' >s-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 provides guidance for the recognition, measurement, presentation and disclosure of financial assets and financial liabilities. ASU 2016-01</font><font style='font-family:Arial Narrow;font-size:11pt;' > is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017 and, for most provisions, is effective using the cumulative-effect transition approach. Early application is permitted for certain provisions. </font><font style='font-family:Arial Narrow;font-size:11pt;' >T</font><font style='font-family:Arial Narrow;font-size:11pt;' >he Company</font><font style='font-family:Arial Narrow;font-size:11pt;' >&#8217;s adoption </font><font style='font-family:Arial Narrow;font-size:11pt;' >of this ASU </font><font style='font-family:Arial Narrow;font-size:11pt;' >did not </font><font style='font-family:Arial Narrow;font-size:11pt;' >have a material impact on its consolidated financial statements</font><font style='font-family:Arial Narrow;font-size:11pt;' >. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which implements a common revenue standard and clarifies the pri</font><font style='font-family:Arial Narrow;font-size:11pt;' >nciples used for recognizing revenue. The amendments in the ASU clarify that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be</font><font style='font-family:Arial Narrow;font-size:11pt;' > entitled in exchange for those goods or services. The amendments in ASU No. 2014-09 became effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. </font><font style='font-family:Arial Narrow;font-size:11pt;' >Interest income from MBS</font><font style='font-family:Arial Narrow;font-size:11pt;' > and dividend income </font><font style='font-family:Arial Narrow;font-size:11pt;' >from the </font><font style='font-family:Arial Narrow;font-size:11pt;' >investment in Orchid are scoped out of the new revenue recognition standard. Management fee income is within the scope of the new revenue recognition standard. As a result of the new revenue recognition standard there is no ch</font><font style='font-family:Arial Narrow;font-size:11pt;' >ange to the recognition of management fees revenue as management fees are still recognized on a pro-rata basis </font><font style='font-family:Arial Narrow;font-size:11pt;' >during the period </font><font style='font-family:Arial Narrow;font-size:11pt;' >which the service is provided. Therefore the adoption of this ASU did not have a material impact on its consolidated financial </font><font style='font-family:Arial Narrow;font-size:11pt;' >statements.</font></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Reclassifications</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Certain prior period amounts have been reclassified to conform to </font><font style='font-family:Arial Narrow;font-size:11pt;' >current period presentations.</font></p><p style='text-align:left;line-height:13.8pt;' ></p></div> 4230000 1168000 5398000 600000 800000 242000 0 242000 0 549000 442000 111000 442000 -50000000 48078000 48320000 242000 26000000 0.0163 0.0301 359000 26000000 0.0195 0.0317 317000 26000000 0.0222 0.0313 237000 26000000 0.0193 0.031 913000 100000000 0.0241 0.0301 603000 100000000 0.0264 0.0317 523000 100000000 0.028 0.0313 328000 60000000 0.019 0.0197 41000 60000000 0.0232 0.0227 -31000 60000000 0.026 0.0236 -145000 60000000 0.028 0.0242 -230000 60000000 0.0241 0.0225 -365000 26000000 0.0184 0.0197 33000 26000000 0.0163 0.0227 166000 26000000 0.0195 0.0236 107000 26000000 0.0222 0.0242 51000 26000000 0.0191 0.0225 357000 2101000 -578000 679000 -251000 759000 0 19000 0 <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Segment Reporting</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:24.5pt;' >The Company&#8217;s operations are classified into two principal reportable segments: the asset management segment and the investment portfolio segment. These segments are evaluated by </font><font style='font-family:Arial Narrow;font-size:11pt;' >management in deciding how to allocate resources and in assessing performance. The accounting policies of the operating segments are the same as the Company&#8217;s accounting policies with the exception that inter-segment revenues and expenses are included in </font><font style='font-family:Arial Narrow;font-size:11pt;' >the presentation of segment results. For further information </font><font style='font-family:Arial Narrow;font-size:11pt;' >see Note </font><font style='font-family:Arial Narrow;font-size:11pt;' >16</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p><p style='text-align:left;line-height:13.8pt;' ></p></div> 216090000 549000 210267000 0 0 1850000 210267000 1850000 771000 3751000 216639000 83332 0 500000 2018-11-15 144000 4000 59714 1800 2.41 2.32 242000 0 242000 0 0 0 1000 1097000 -1096000 1785000 0 0 689000 0 7397000 3893000 9437000 -7405000 4886000 0 0 0 0 914000 -914000 140000 0 0 -774000 0 5955000 2024000 9329000 -1558000 4551000 0 289829000 0 -185000 0 0 -185000 0 0 -185000 0 0 -146000 0 0 -146000 0 0 -146000 0 5933000 5398000 0.45 0.48 212116707 209269791 209269791 212116707 5933000 0 185000 0 0 7396000 0 2796000 6118000 4600000 0 -9190000 2174000 2712000 0 185000 3944000 -7487000 5398000 0 146000 0 0 5955000 0 1110000 5544000 4845000 0 -1698000 2539000 2012000 0 146000 3005000 989000 1500000 269186000 1632000 267429000 2095000 267004000 15857000 15528000 20730000 5933000 4800000 1133000 100000000 0.0262 0.031 1454000 1520036 1520036 0.029 0.029 5933461 5398019 6135025 4075160 1261630 1880245 13330116 11353424 2795728 1110387 1097497 914055 9436891 9328982 -8407020 -296002 -576521 -689 -3085673 -823308 3558272 -828825 1105056 389568 1047 1223 -7404839 -1558033 3071203 2683872 481838 498140 347385 346999 985196 1022377 4885622 4551388 -2853570 -675575 -2177995 3219561 1283181 1936380 -0.17 0.15 -0.17 0.15 -0.17 0.15 -0.17 0.15 12718667 12701627 31938 31938 83 199914 0 -60 -143760 0 -60 -143760 0 -143820 199997 -143820 222891 0 143820 0 -19297 0 222891 0 143820 0 199997 0 <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >NOTE </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >1</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Business Description</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Bimini Capital Management, Inc., a Maryland corporation </font><font style='font-family:Arial Narrow;font-size:11pt;' >(&#8220;Bimini Capital&#8221; or the &#8220;Company&#8221;) formed in September 2003, is a holding company. The Company</font><font style='font-family:Arial Narrow;font-size:11pt;' > operates in two business segments through its </font><font style='font-family:Arial Narrow;font-size:11pt;' >principal operating subsidiaries</font><font style='font-family:Arial Narrow;font-size:11pt;' >, </font><font style='font-family:Arial Narrow;font-size:11pt;' >Bimini Advisors Holdings, LLC and Royal Palm Capital, LLC.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Bimini Advisors Hol</font><font style='font-family:Arial Narrow;font-size:11pt;' >dings, LLC and its wholly-owned subsidiary, Bimini Advisors, LLC (a registered investment advisor), are collectively referred to as &quot;Bimini Advisors.&quot; Bimini Advisors manages a residential mortgage-backed securities (&#8220;MBS&#8221;) portfolio for Orchid Island Cap</font><font style='font-family:Arial Narrow;font-size:11pt;' >ital, Inc. (&quot;Orchid&quot;) and receives fees for providing these services.</font><font style='font-family:Arial Narrow;font-size:11pt;' > Bimini Advisors also manages the MBS portfolio of Royal Palm Capital, LLC.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Royal Palm Capital, LLC maintains an investment portfolio, consisting primarily of MBS investments, for its ow</font><font style='font-family:Arial Narrow;font-size:11pt;' >n benefit. Royal Palm Capital, LLC and its wholly-owned subsidiaries are collectively referred to as &quot;Royal Palm.&quot; </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Consolidation </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The accompanying consolidated financial statements include the accounts of Bimini Capital, Bimini Advisors and Royal Palm. All inter-company accounts and transactions have been eliminated from the consolidated financial statements.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Financial Accounting </font><font style='font-family:Arial Narrow;font-size:11pt;' >Standards Board (the &quot;FASB&quot;) Accounting Standards Codification (&quot;ASC&quot;) Topic 810, Consolidation, requires the consolidation of a variable interest entity (&quot;VIE&quot;) by an enterprise if it is deemed the primary beneficiary of the VIE. Bimini Capital has a comm</font><font style='font-family:Arial Narrow;font-size:11pt;' >on share investment in a trust used in connection with the issuance of Bimini Capital&#39;s junior subordinated notes. See Note </font><font style='font-family:Arial Narrow;font-size:11pt;' >9</font><font style='font-family:Arial Narrow;font-size:11pt;' > for a description of the accounting used for this VIE. </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Basis of Presentation </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The accompanying unaudited </font><font style='font-family:Arial Narrow;font-size:11pt;' >condensed consolid</font><font style='font-family:Arial Narrow;font-size:11pt;' >ated </font><font style='font-family:Arial Narrow;font-size:11pt;' >financial statements have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, t</font><font style='font-family:Arial Narrow;font-size:11pt;' >hey do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been incl</font><font style='font-family:Arial Narrow;font-size:11pt;' >uded. Operating results fo</font><font style='font-family:Arial Narrow;font-size:11pt;' >r the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine and three</font><font style='font-family:Arial Narrow;font-size:11pt;' > month periods</font><font style='font-family:Arial Narrow;font-size:11pt;' > ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > are not necessarily indicative of the results that may be expected for the year end</font><font style='font-family:Arial Narrow;font-size:11pt;' >ing</font><font style='font-family:Arial Narrow;font-size:11pt;' > December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2018</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The </font><font style='font-family:Arial Narrow;font-size:11pt;' >consolidated </font><font style='font-family:Arial Narrow;font-size:11pt;' >balance sheet at December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' > has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete </font><font style='font-family:Arial Narrow;font-size:11pt;' >consolidated </font><font style='font-family:Arial Narrow;font-size:11pt;' >financial statements. For further information, r</font><font style='font-family:Arial Narrow;font-size:11pt;' >efer to the financial statements and footnotes thereto included in the Company&#8217;s </font><font style='font-family:Arial Narrow;font-size:11pt;' >A</font><font style='font-family:Arial Narrow;font-size:11pt;' >nnual </font><font style='font-family:Arial Narrow;font-size:11pt;' >R</font><font style='font-family:Arial Narrow;font-size:11pt;' >eport on Form 10-K for the year ended December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Use of Estimates</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The preparation of financial statements in conformity with GAAP requires management to m</font><font style='font-family:Arial Narrow;font-size:11pt;' >ake estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting peri</font><font style='font-family:Arial Narrow;font-size:11pt;' >od. Actual results could differ from those estimates. Significant estimates affecting the accompanying consolidated financial statements include determining the fair values of MBS, investment in Orchid common shares, derivatives and retained interests, de</font><font style='font-family:Arial Narrow;font-size:11pt;' >termining the amounts of asset valuation allowances, and the computation of the income tax provision or benefit and the deferred tax asset allowances recorded for each accounting period.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Statement of Comprehensive Income</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >In accordance with ASC Topic 220, </font><font style='font-family:Arial Narrow;font-size:11pt;font-style:italic;' >Comprehensive Income</font><font style='font-family:Arial Narrow;font-size:11pt;' >, a statement of comprehensive income has not been included as the Company has no items of other comprehensive income</font><font style='font-family:Arial Narrow;font-size:11pt;' > (loss)</font><font style='font-family:Arial Narrow;font-size:11pt;' >.&#160; Comprehensive </font><font style='font-family:Arial Narrow;font-size:11pt;' >(loss) income</font><font style='font-family:Arial Narrow;font-size:11pt;' > is the same as net </font><font style='font-family:Arial Narrow;font-size:11pt;' >(loss) income</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >for all </font><font style='font-family:Arial Narrow;font-size:11pt;' >periods presented.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Segment Reporting</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:24.5pt;' >The Company&#8217;s operations are classified into two principal reportable segments: the asset management segment and the investment portfolio segment. These segments are evaluated by </font><font style='font-family:Arial Narrow;font-size:11pt;' >management in deciding how to allocate resources and in assessing performance. The accounting policies of the operating segments are the same as the Company&#8217;s accounting policies with the exception that inter-segment revenues and expenses are included in </font><font style='font-family:Arial Narrow;font-size:11pt;' >the presentation of segment results. For further information </font><font style='font-family:Arial Narrow;font-size:11pt;' >see Note </font><font style='font-family:Arial Narrow;font-size:11pt;' >16</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Cash and Cash Equivalents and Restricted Cash</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Cash and cash equivalents include cash on deposit with financial institutions and highly liquid investments</font><font style='font-family:Arial Narrow;font-size:11pt;' > with original maturities of three months or less at the time of purchase. Restricted cash includes cash pledged as collateral for repurchase agreements </font><font style='font-family:Arial Narrow;font-size:11pt;' >and </font><font style='font-family:Arial Narrow;font-size:11pt;' >derivative instruments.</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >The following table presents the Company&#8217;s cash, cash equivalents and rest</font><font style='font-family:Arial Narrow;font-size:11pt;' >ricted cash as of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:13.5pt;' ><td style='width:360pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:11.25pt;' ><td style='width:360pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:90pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:90pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td colspan='2' rowspan='1' style='width:90pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:90pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >December 31, 2017</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Cash and cash equivalents</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >6,153,586</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >6,103,250</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Restricted cash</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3,750,730</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2,649,610</font></td></tr><tr style='height:13.5pt;' ><td style='width:360pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Total cash, cash equivalents and restricted cash</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >9,904,316</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >8,752,860</font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company maintains cash balances at several banks and, at times, these balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. </font><font style='font-family:Arial Narrow;font-size:11pt;' >The Federal Deposit Insurance Corporation insures </font><font style='font-family:Arial Narrow;font-size:11pt;' >eligible accounts </font><font style='font-family:Arial Narrow;font-size:11pt;' >up to $250,000 per depositor at each financial institution. At </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' >, the Company&#8217;s cash deposits exceeded federally insured limits by approximately</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >$4.8</font><font style='font-family:Arial Narrow;font-size:11pt;' > million. The Company also maintains excess margin in accounts with d</font><font style='font-family:Arial Narrow;font-size:11pt;' >erivative exchanges. Restricted cash balances are uninsured, but are held in separate customer accounts that are segregated from the general funds of the counterparty. </font><font style='font-family:Arial Narrow;font-size:11pt;' >The Company </font><font style='font-family:Arial Narrow;font-size:11pt;' >limits uninsured balances to only </font><font style='font-family:Arial Narrow;font-size:11pt;' >large, well-known bank</font><font style='font-family:Arial Narrow;font-size:11pt;' >s</font><font style='font-family:Arial Narrow;font-size:11pt;' > and derivative c</font><font style='font-family:Arial Narrow;font-size:11pt;' >ounterparties and believes that it is not exposed to significant credit risk on cash and cash equivalents or restricted cash balances.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Advisory Services</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Orchid </font><font style='font-family:Arial Narrow;font-size:11pt;' >is </font><font style='font-family:Arial Narrow;font-size:11pt;' >externally managed and advised by Bimini Advisors pursuant to the terms of a management </font><font style='font-family:Arial Narrow;font-size:11pt;' >agreement. Under the terms of the management agreement</font><font style='font-family:Arial Narrow;font-size:11pt;' >,</font><font style='font-family:Arial Narrow;font-size:11pt;' > Orchid is obligated to pay Bimini Advisors a monthly management fee and a pro rata portion of certain overhead costs and to reimburse the Company for any direct expenses incurred on its behalf.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Mort</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >gage-Backed Securities</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company invests primarily in mortgage pass-through (&#8220;PT&#8221;) certificates, collateralized mor</font><font style='font-family:Arial Narrow;font-size:11pt;' >tgage obligations, and interest-</font><font style='font-family:Arial Narrow;font-size:11pt;' >only (&#8220;IO&#8221;) </font><font style='font-family:Arial Narrow;font-size:11pt;' >securities and inverse interest-</font><font style='font-family:Arial Narrow;font-size:11pt;' >only (&#8220;IIO&#8221;) securities representing interest in or </font><font style='font-family:Arial Narrow;font-size:11pt;' >obligations backed by pools of mortgage-backed loans. The</font><font style='font-family:Arial Narrow;font-size:11pt;' > Company has </font><font style='font-family:Arial Narrow;font-size:11pt;' >elected to account for its investment in MBS under the fair value option. Electing the fair value option </font><font style='font-family:Arial Narrow;font-size:11pt;' >requires</font><font style='font-family:Arial Narrow;font-size:11pt;' > the Company to record changes in fair value in the </font><font style='font-family:Arial Narrow;font-size:11pt;' >consolidated </font><font style='font-family:Arial Narrow;font-size:11pt;' >stateme</font><font style='font-family:Arial Narrow;font-size:11pt;' >nt of operations, which, in management&#8217;s view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company records MBS </font><font style='font-family:Arial Narrow;font-size:11pt;' >transactions on the trade date. Security purchases that have not settled as of the balance sheet date are included in the MBS balance with an offsetting liability recorded, whereas securit</font><font style='font-family:Arial Narrow;font-size:11pt;' >ies</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >sold</font><font style='font-family:Arial Narrow;font-size:11pt;' > that have not settled as of the balance sheet date are rem</font><font style='font-family:Arial Narrow;font-size:11pt;' >oved from the MBS balance with an offsetting receivable recorded.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The fair value of the Company&#8217;s investment in MBS is governed by ASC Topic 820, </font><font style='font-family:Arial Narrow;font-size:11pt;font-style:italic;' >Fair Value Measurement</font><font style='font-family:Arial Narrow;font-size:11pt;' >.&#160; The definition of fair value in ASC Topic 820 focuses on the price that would be rec</font><font style='font-family:Arial Narrow;font-size:11pt;' >eived to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. The fair value measurement assumes that the transaction to sell the asset or transfer the liability either occurs in t</font><font style='font-family:Arial Narrow;font-size:11pt;' >he principal market for the asset or liability, or in the absence of a principal market, occurs in the most advantageous market for the asset or liability. Estimated fair values for MBS are based on independent pricing sources and/or third-party broker quo</font><font style='font-family:Arial Narrow;font-size:11pt;' >tes, when available. </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Income on PT MBS is based on the stated interest rate of the security. Premiums or discounts present at the date of purchase are not amortized. </font><font style='font-family:Arial Narrow;font-size:11pt;' >Premium lost and discount accretion resulting from monthly principal repayments are refl</font><font style='font-family:Arial Narrow;font-size:11pt;' >ected in unrealize</font><font style='font-family:Arial Narrow;font-size:11pt;' >d gains on MBS in the c</font><font style='font-family:Arial Narrow;font-size:11pt;' >ons</font><font style='font-family:Arial Narrow;font-size:11pt;' >olidated statements of operations. </font><font style='font-family:Arial Narrow;font-size:11pt;' >For IO securities, the income is accrued based on the carrying value and the effective yield. </font><font style='font-family:Arial Narrow;font-size:11pt;' >The difference between income accrued and the interest received on the security is</font><font style='font-family:Arial Narrow;font-size:11pt;' > characterized as a return of investment and serves </font><font style='font-family:Arial Narrow;font-size:11pt;' >to reduce the asset&#8217;s carrying </font><font style='font-family:Arial Narrow;font-size:11pt;' >value. </font><font style='font-family:Arial Narrow;font-size:11pt;' >At each reporting date, the effective yield is adjusted prospectively for future reporting periods based on the new estimate of prepayments and the contractual terms </font><font style='font-family:Arial Narrow;font-size:11pt;' >of the security. For IIO securities, effective yield and income recognition calculations also take into account the index value applicable to the security. Changes in fair value of MBS during each reporting period are recorded in earnings and reported as</font><font style='font-family:Arial Narrow;font-size:11pt;' > unrealized gains or losses on mortgage-backed securities in the accompanying consolidated statements of operations.</font><font style='font-family:Times New Roman;font-size:12pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >The </font><font style='font-family:Arial Narrow;font-size:11pt;' >amount </font><font style='font-family:Arial Narrow;font-size:11pt;' >reported as unrealized gains or losses on mortgage backed securities thus captures the net effect of changes in the fair market </font><font style='font-family:Arial Narrow;font-size:11pt;' >value of securities caused by market developments and any premium or discount lost as a result of principal repayments during the period.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Orchid Island Capital, Inc.</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' > Common Stock</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company has </font><font style='font-family:Arial Narrow;font-size:11pt;' >elected the fair value option for its investment in Orchid common shares. The change in the fair value of this investment and dividends received on this investment are reflected in the consolidated statements of operations. We estimate the fair value of </font><font style='font-family:Arial Narrow;font-size:11pt;' >our investment in Orchid on a market approach using &#8220;Level 1&#8221; inputs based on the quoted market price of Orchid&#8217;s common stock on a national stock exchange.</font><font style='font-family:Times New Roman;font-size:12pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >Electing the fair value option requires the Company to record changes in fair value in the consolid</font><font style='font-family:Arial Narrow;font-size:11pt;' >ated statement</font><font style='font-family:Arial Narrow;font-size:11pt;' >s</font><font style='font-family:Arial Narrow;font-size:11pt;' > of operations, which, in management&#8217;s view, mo</font><font style='font-family:Arial Narrow;font-size:11pt;' >re</font><font style='font-family:Arial Narrow;font-size:11pt;' > appropriately reflects the results of our operations for a particular reporting period and is consistent with how the investment is managed.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Retained Interests in Securitizations</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Retained i</font><font style='font-family:Arial Narrow;font-size:11pt;' >nterests in the subordinated tranches of securities created in securitization transactions were initially recorded at their fair value when issued by Royal Palm. Subsequent adjustments to fair value were reflected in the consolidated statements of operatio</font><font style='font-family:Arial Narrow;font-size:11pt;' >ns.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Derivative Financial Instruments</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company uses derivative instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may continue to do so in the future. The principal instruments that the </font><font style='font-family:Arial Narrow;font-size:11pt;' >Company has used to date are Treasury Note (&#8220;T-Note&#8221;) and Eurodollar futures contracts, and </font><font style='font-family:Arial Narrow;font-size:11pt;' >&#8220;to-be-announced&#8221; (&#8220;TBA&#8221;) securities transactions, but </font><font style='font-family:Arial Narrow;font-size:11pt;' >it </font><font style='font-family:Arial Narrow;font-size:11pt;' >may enter into other derivatives in the future.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company accounts for TBA securities as derivative ins</font><font style='font-family:Arial Narrow;font-size:11pt;' >truments if either the TBA securities do not settle in the shortest period of time possible or if the Company cannot assert that it is probable at inception of the TBA transaction, or throughout its term, that it will take physical delivery of the MBS for </font><font style='font-family:Arial Narrow;font-size:11pt;' >a long position, or make delivery of the MBS for a short position, upon settlement of the trade. Gains</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >losses</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >associated with TBA securities transactions are reported in gain (loss) on derivative instruments in the accompanying consolidated statements </font><font style='font-family:Arial Narrow;font-size:11pt;' >of operations. </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company does not account for any of its derivative financial instruments as hedges in order to align the accounting treatment of its derivative instruments with the treatment of its portfolio assets under the fair value option. FASB </font><font style='font-family:Arial Narrow;font-size:11pt;' >ASC Topic 815, </font><font style='font-family:Arial Narrow;font-size:11pt;font-style:italic;' >Derivatives and Hedging</font><font style='font-family:Arial Narrow;font-size:11pt;' >, requires that all derivative instruments be carried at fair value. Changes in fair value are recorded in the consolidated operations for each period.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Holding derivatives creates exposure to credit risk related to the potential for failure by counterparties to honor their </font><font style='font-family:Arial Narrow;font-size:11pt;' >commitments. In addition, the Company may be required to post collateral based on any declines in the market value of the derivatives</font><font style='font-family:Arial Narrow;font-size:11pt;' >. In the event of default by a counterparty, the Company may have difficulty recovering its collateral and may not receive payments provided for under the terms of the agreement. To mitigate this risk, the Company uses only well-established commercial ba</font><font style='font-family:Arial Narrow;font-size:11pt;' >nks as counterparties.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Financial Instruments</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >ASC Topic 825</font><font style='font-family:Arial Narrow;font-size:11pt;font-style:italic;' >, Financial Instruments</font><font style='font-family:Arial Narrow;font-size:11pt;' >, requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value, either in the body of the financial statements or in the</font><font style='font-family:Arial Narrow;font-size:11pt;' > accompanying notes. MBS, Orchid common stock, derivative assets</font><font style='font-family:Arial Narrow;font-size:11pt;' >, interest rate swaptions and retained interests in securitization transactions are accounted for at fair value in the consolidated balance sheets. The methods and assumptions used </font><font style='font-family:Arial Narrow;font-size:11pt;' >to estimate fair value for these instruments are presented in Note </font><font style='font-family:Arial Narrow;font-size:11pt;' >15</font><font style='font-family:Arial Narrow;font-size:11pt;' > of the consolidated financial statements.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, other assets, repurchase agreements, acc</font><font style='font-family:Arial Narrow;font-size:11pt;' >rued interest payable and other liabilities generally approximates their carrying value as of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >, due to the short-term nature of these financial instruments. </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >It is impractical to estimate the fair value of the Company&#8217;s</font><font style='font-family:Arial Narrow;font-size:11pt;' > junior subordinated notes. Currently, there is a limited market for these types of instruments and the Company is unable to ascertain what interest rates would be available to the Company for similar financial instruments. Further Information regarding t</font><font style='font-family:Arial Narrow;font-size:11pt;' >hese instruments is presented in Note </font><font style='font-family:Arial Narrow;font-size:11pt;' >9</font><font style='font-family:Arial Narrow;font-size:11pt;' > to the consolidated financial statements.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Property and Equipment, net</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Property and equipment, net, consists of computer equipment with a depreciable life of 3 years, office furniture and equipment with deprecia</font><font style='font-family:Arial Narrow;font-size:11pt;' >ble lives of 8 to 20 years, land which has no depreciable life, and buildings and improvements with depreciable lives of 30 years. Property and equipment is recorded at acquisition cost and depreciated using the straight-line method over the estimated use</font><font style='font-family:Arial Narrow;font-size:11pt;' >ful lives of the assets.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Repurchase Agreements</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company finances the acquisition of the majority of its PT MBS through the use of repurchase agreements under master repurchase agreements. Pursuant to ASC Topic 860, </font><font style='font-family:Arial Narrow;font-size:11pt;font-style:italic;' >Transfers and Servicing</font><font style='font-family:Arial Narrow;font-size:11pt;' >, </font><font style='font-family:Arial Narrow;font-size:11pt;' >the Company </font><font style='font-family:Arial Narrow;font-size:11pt;' >account</font><font style='font-family:Arial Narrow;font-size:11pt;' >s</font><font style='font-family:Arial Narrow;font-size:11pt;' > for repurchase transactions as collateralized financing transactions, which are carried at their contractual amounts, including accrued interest, as specified in the respective agreements</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Share-Based Compensation</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company follows the provisions of ASC Topic 718, </font><font style='font-family:Arial Narrow;font-size:11pt;font-style:italic;' >Compensation &#8211; Stock Compensation</font><font style='font-family:Arial Narrow;font-size:11pt;' >, to account for stock and stock-based awards. For stock and stock-based awards issued to employees, a compensation charge is recorded against earnings over the vesting </font><font style='font-family:Arial Narrow;font-size:11pt;' >period based on the fair value of the award. The Company applies a zero forfeiture rate for its equity based awards, as such awards have been granted to a limited number of employees and historical forfeitures have been minimal. A significant forfeiture,</font><font style='font-family:Arial Narrow;font-size:11pt;' > or an indication that significant forfeitures may occur, would result in a revised forfeiture rate which would be accounted for prospectively as a change in an estimate. For transactions with </font><font style='font-family:Arial Narrow;font-size:11pt;' >non-employees in which services are performed in exchange for t</font><font style='font-family:Arial Narrow;font-size:11pt;' >he Company&#8217;s common stock or other equity instruments, the transactions are recorded on the basis of the fair value of the service received or the fair value of the equity instruments issued, whichever is more readily measurable at the date of the issuance</font><font style='font-family:Arial Narrow;font-size:11pt;' > of the common stock.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Earnings Per Share</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company follows the provisions of ASC Topic 260, </font><font style='font-family:Arial Narrow;font-size:11pt;font-style:italic;' >Earnings Per Share</font><font style='font-family:Arial Narrow;font-size:11pt;' >, which requires companies with complex capital structures, common stock equivalents or two (or more) classes of securities that participate i</font><font style='font-family:Arial Narrow;font-size:11pt;' >n </font><font style='font-family:Arial Narrow;font-size:11pt;' >dividend distributions</font><font style='font-family:Arial Narrow;font-size:11pt;' > to present both basic and diluted earnings per share (&#8220;EPS&#8221;) on the face of the consolidated statement of operations. Basic EPS is calculated as income available to common stockholders divided by the weighted average number of comm</font><font style='font-family:Arial Narrow;font-size:11pt;' >on shares outstanding during the period. </font><font style='font-family:Arial Narrow;font-size:11pt;' >Diluted EPS is calculated using the treasury stock or two-class method, as applicable for common stock equivalents. However, the common stock equivalents are not included in computing diluted EPS if the result is an</font><font style='font-family:Arial Narrow;font-size:11pt;' >ti-dilutive.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Outstanding shares of Class B Common Stock, participating and convertible into Class A Common Stock, are entitled to receive dividends in an amount equal to the dividends declared</font><font style='font-family:Arial Narrow;font-size:11pt;' >, if any,</font><font style='font-family:Arial Narrow;font-size:11pt;' > on each share of Class A Common Stock</font><font style='font-family:Arial Narrow;font-size:11pt;' >. </font><font style='font-family:Arial Narrow;font-size:11pt;' >Accordingly, </font><font style='font-family:Arial Narrow;font-size:11pt;' >shares of the Class B Common Stock are included in the computation of basic EPS using the two-class method and, consequently, are presented separately from Class A Common Stock.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The shares of Class&#160;C Common Stock are not included in the basic EPS computat</font><font style='font-family:Arial Narrow;font-size:11pt;' >ion as these shares do not have participation rights. The outstanding shares of Class B and Class&#160;C Common Stock are not included in the computation of diluted EPS for the Class A Common Stock as the conditions for conversion into shares of Class&#160;A Common </font><font style='font-family:Arial Narrow;font-size:11pt;' >Stock were not met.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Income Taxes</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' > </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities represent the differences between the financial statement and income tax bases of assets and liabilities using </font><font style='font-family:Arial Narrow;font-size:11pt;' >enacted tax rates. The measurement of net deferred tax assets is adjusted by a valuation allowance if, based on the Company&#8217;s evaluation, it is more likely than not that they will not be realized.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company&#8217;s U.S. federal income tax returns for years </font><font style='font-family:Arial Narrow;font-size:11pt;' >ended on or after December 31, 2015 remain open for examination. Although management believes its calculations for tax returns are correct and the positions taken thereon are reasonable, the final outcome of tax audits could be materially different from th</font><font style='font-family:Arial Narrow;font-size:11pt;' >e tax returns filed by the Company, and those differences could result in significant costs or benefits to the Company. For tax filing purposes, Bimini Capital and Bimini Advisors are consolidated as a single tax paying entity. Royal Palm files as a separ</font><font style='font-family:Arial Narrow;font-size:11pt;' >ate tax paying entity.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company measures, recognizes and presents its uncertain tax positions in accordance with ASC Topic 740, </font><font style='font-family:Arial Narrow;font-size:11pt;font-style:italic;' >Income Taxes</font><font style='font-family:Arial Narrow;font-size:11pt;' >. Under that guidance, the Company assesses the likelihood, based on their technical merit, that tax positions </font><font style='font-family:Arial Narrow;font-size:11pt;' >will be sustained upon examination based on the facts, circumstances and information available at the end of each period. The measurement of uncertain tax positions is adjusted when new information is available, or when an event occurs that requires a cha</font><font style='font-family:Arial Narrow;font-size:11pt;' >nge.</font><font style='font-family:Arial Narrow;font-size:11pt;' > The Company recognizes tax positions in the financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority based on </font><font style='font-family:Arial Narrow;font-size:11pt;' >the technical merits of the position. A position that </font><font style='font-family:Arial Narrow;font-size:11pt;' >meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The difference between the benefit recognized and the tax benefit claimed on a tax return is referred to as an unrecognized tax ben</font><font style='font-family:Arial Narrow;font-size:11pt;' >efit and is recorded as a liability in the consolidated balance sheets. The Company records income tax-related interest and penalties, if applicable, within the income tax provision.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the &#8220;Tax Reform Ac</font><font style='font-family:Arial Narrow;font-size:11pt;' >t&#8221;) was signed into law by President Trump. The Tax Reform Act significantly revised the U.S. corporate income tax code by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. On the same date, the Securities</font><font style='font-family:Arial Narrow;font-size:11pt;' > and Exchange Commission issued Staff Accounting Bulletin No. 118 which specifies, among other things, that reasonable estimates of the income tax effects of the Tax Reform Act should be used, if determinable. The Company has accounted for the effects of t</font><font style='font-family:Arial Narrow;font-size:11pt;' >he Tax Reform Act using reasonable estimates based on currently available information and its interpretations thereof. This accounting may change due to, among other things, changes in interpretations the Company has made and the issuance of new tax or acc</font><font style='font-family:Arial Narrow;font-size:11pt;' >ounting guidance. GAAP requires that the effects of a change in tax rate on the value of deferred tax assets and deferred tax liabilities be recognized upon enactment</font><font style='font-family:Arial Narrow;font-size:11pt;' >. </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Reclassifications</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Certain prior period amounts have been reclassified to conform to </font><font style='font-family:Arial Narrow;font-size:11pt;' >current period presentations.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Recent Accounting Pronouncements</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >In November 2016, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) 2016-18, </font><font style='font-family:Arial Narrow;font-size:11pt;font-style:italic;' >Statement of Cash Flows &#8211; (Topic 230): Restricted Cash. </font><font style='font-family:Arial Narrow;font-size:11pt;' >ASU 2016-18 requires that restricted cash and restricted</font><font style='font-family:Arial Narrow;font-size:11pt;' > cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. ASU 2016-18 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017. Early app</font><font style='font-family:Arial Narrow;font-size:11pt;' >lication is permitted. The Company early adopted the ASU beginning with the first quarter of 2017. </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows &#8211; (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15</font><font style='font-family:Arial Narrow;font-size:11pt;' > addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU 2016-15 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017. Early application is pe</font><font style='font-family:Arial Narrow;font-size:11pt;' >rmitted. The Company&#8217;s adoption of this ASU did not have a material impact on its consolidated financial statements.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >In June 2016, the FASB issued ASU 2016-13, Financial Instruments &#8211; Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other in</font><font style='font-family:Arial Narrow;font-size:11pt;' >struments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). ASU 2016-13 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2019. Early ap</font><font style='font-family:Arial Narrow;font-size:11pt;' >plication is permitted for fiscal periods beginning after December 15, 2018. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >In January 2016, the FASB issued ASU 2016-01, Financial Instrument</font><font style='font-family:Arial Narrow;font-size:11pt;' >s-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 provides guidance for the recognition, measurement, presentation and disclosure of financial assets and financial liabilities. ASU 2016-01</font><font style='font-family:Arial Narrow;font-size:11pt;' > is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017 and, for most provisions, is effective using the cumulative-effect transition approach. Early application is permitted for certain provisions. </font><font style='font-family:Arial Narrow;font-size:11pt;' >T</font><font style='font-family:Arial Narrow;font-size:11pt;' >he Company</font><font style='font-family:Arial Narrow;font-size:11pt;' >&#8217;s adoption </font><font style='font-family:Arial Narrow;font-size:11pt;' >of this ASU </font><font style='font-family:Arial Narrow;font-size:11pt;' >did not </font><font style='font-family:Arial Narrow;font-size:11pt;' >have a material impact on its consolidated financial statements</font><font style='font-family:Arial Narrow;font-size:11pt;' >. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which implements a common revenue standard and clarifies the pri</font><font style='font-family:Arial Narrow;font-size:11pt;' >nciples used for recognizing revenue. The amendments in the ASU clarify that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be</font><font style='font-family:Arial Narrow;font-size:11pt;' > entitled in exchange for those goods or services. The amendments in ASU No. 2014-09 became effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. </font><font style='font-family:Arial Narrow;font-size:11pt;' >Interest income from MBS</font><font style='font-family:Arial Narrow;font-size:11pt;' > and dividend income </font><font style='font-family:Arial Narrow;font-size:11pt;' >from the </font><font style='font-family:Arial Narrow;font-size:11pt;' >investment in Orchid are scoped out of the new revenue recognition standard. Management fee income is within the scope of the new revenue recognition standard. As a result of the new revenue recognition standard there is no ch</font><font style='font-family:Arial Narrow;font-size:11pt;' >ange to the recognition of management fees revenue as management fees are still recognized on a pro-rata basis </font><font style='font-family:Arial Narrow;font-size:11pt;' >during the period </font><font style='font-family:Arial Narrow;font-size:11pt;' >which the service is provided. Therefore the adoption of this ASU did not have a material impact on its consolidated financial </font><font style='font-family:Arial Narrow;font-size:11pt;' >statements.</font></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Cash and Cash Equivalents and Restricted Cash</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Cash and cash equivalents include cash on deposit with financial institutions and highly liquid investments</font><font style='font-family:Arial Narrow;font-size:11pt;' > with original maturities of three months or less at the time of purchase. Restricted cash includes cash pledged as collateral for repurchase agreements </font><font style='font-family:Arial Narrow;font-size:11pt;' >and </font><font style='font-family:Arial Narrow;font-size:11pt;' >derivative instruments.</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >The following table presents the Company&#8217;s cash, cash equivalents and rest</font><font style='font-family:Arial Narrow;font-size:11pt;' >ricted cash as of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:13.5pt;' ><td style='width:360pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:11.25pt;' ><td style='width:360pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:90pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:90pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td colspan='2' rowspan='1' style='width:90pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:90pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >December 31, 2017</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Cash and cash equivalents</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >6,153,586</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >6,103,250</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Restricted cash</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3,750,730</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2,649,610</font></td></tr><tr style='height:13.5pt;' ><td style='width:360pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Total cash, cash equivalents and restricted cash</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >9,904,316</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >8,752,860</font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company maintains cash balances at several banks and, at times, these balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. </font><font style='font-family:Arial Narrow;font-size:11pt;' >The Federal Deposit Insurance Corporation insures </font><font style='font-family:Arial Narrow;font-size:11pt;' >eligible accounts </font><font style='font-family:Arial Narrow;font-size:11pt;' >up to $250,000 per depositor at each financial institution. At </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' >, the Company&#8217;s cash deposits exceeded federally insured limits by approximately</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >$4.8</font><font style='font-family:Arial Narrow;font-size:11pt;' > million. The Company also maintains excess margin in accounts with d</font><font style='font-family:Arial Narrow;font-size:11pt;' >erivative exchanges. Restricted cash balances are uninsured, but are held in separate customer accounts that are segregated from the general funds of the counterparty. </font><font style='font-family:Arial Narrow;font-size:11pt;' >The Company </font><font style='font-family:Arial Narrow;font-size:11pt;' >limits uninsured balances to only </font><font style='font-family:Arial Narrow;font-size:11pt;' >large, well-known bank</font><font style='font-family:Arial Narrow;font-size:11pt;' >s</font><font style='font-family:Arial Narrow;font-size:11pt;' > and derivative c</font><font style='font-family:Arial Narrow;font-size:11pt;' >ounterparties and believes that it is not exposed to significant credit risk on cash and cash equivalents or restricted cash balances.</font></p><p style='text-align:left;line-height:13.8pt;' ></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The following table presents the Company&#8217;s cash, cash equivalents and rest</font><font style='font-family:Arial Narrow;font-size:11pt;' >ricted cash as of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:13.5pt;' ><td style='width:360pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:11.25pt;' ><td style='width:360pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:90pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:90pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td colspan='2' rowspan='1' style='width:90pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:90pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >December 31, 2017</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Cash and cash equivalents</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >6,153,586</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >6,103,250</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Restricted cash</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3,750,730</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2,649,610</font></td></tr><tr style='height:13.5pt;' ><td style='width:360pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Total cash, cash equivalents and restricted cash</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >9,904,316</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >8,752,860</font></td></tr></table></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The following table summarizes the advisory services revenue from Orchid for the</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine and three</font><font style='font-family:Arial Narrow;font-size:11pt;' > months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:240pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:240pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td colspan='4' rowspan='1' style='width:145.5pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:145.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Nine Months Ended September 30,</font></td><td colspan='4' rowspan='1' style='width:145.5pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:145.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Three Months Ended September 30,</font></td></tr><tr style='height:12.75pt;' ><td style='width:240pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td></tr><tr style='height:12.75pt;' ><td style='width:240pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Management fee</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >4,800</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >4,230</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,482</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,528</font></td></tr><tr style='height:12.75pt;' ><td style='width:240pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Allocated overhead</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,133</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,168</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >391</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >412</font></td></tr><tr style='height:12.75pt;' ><td style='width:240pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >5,933</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >5,398</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,873</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,940</font></td></tr></table></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >NOTE </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >2</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >. </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >ADVISORY SERVICES</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Bimini Advisors serves as the manager and advisor for Orchid pursuant to the terms of a management agreement. As Manager, Bimini Advisors is responsible for administering Orchid&#39;s business activities and day-to-day</font><font style='font-family:Arial Narrow;font-size:11pt;' > 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 Advisors is at all times subject to the supervision and overs</font><font style='font-family:Arial Narrow;font-size:11pt;' >ight of Orchid&#39;s board of directors and has only such functions and authority as delegated to it. Bimini Advisors receives a monthly management fee in the amount of:</font></p><p style='text-align:left;line-height:13.8pt;' ></p><ul style='margin-top:0pt;' ><li style='list-style:disc;text-align:left;margin-top:0pt;margin-bottom:0pt;' ><font style='font-family:Arial Narrow;font-size:11pt;' >One-twelfth of 1.5% of the first $250 million of the Orchid&#8217;s equity, as defined in the m</font><font style='font-family:Arial Narrow;font-size:11pt;' >anagement agreement,</font></li><li style='list-style:disc;text-align:left;margin-top:0pt;margin-bottom:0pt;' ><font style='font-family:Arial Narrow;font-size:11pt;' >One-twelfth of 1.25% of the Orchid&#8217;s equity that is greater than $250 million and less than or equal to $500 million, and</font></li><li style='list-style:disc;text-align:left;margin-top:0pt;margin-bottom:0pt;' ><font style='font-family:Arial Narrow;font-size:11pt;' >One-twelfth of 1.00% of the Orchid&#8217;s equity that is greater than $500 million.</font></li></ul><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Orchid is obligated to reimburse </font><font style='font-family:Arial Narrow;font-size:11pt;' >Bimini Advisors for any direct expenses incurred on its behalf and to pay to Bimini Advisors an amount equal to Orchid&#39;s pro rata portion of certain overhead costs set forth in the management agreement. The management agreement has been renewed through Feb</font><font style='font-family:Arial Narrow;font-size:11pt;' >ruary 20, 2019 and provides for automatic one-year extension options thereafter. Should Orchid terminate the management agreement without cause, it will pay to Bimini Advisors a termination fee equal to three times the average annual management fee, as de</font><font style='font-family:Arial Narrow;font-size:11pt;' >fined in the management agreement, before or on the last day of the current automatic renewal term.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The following table summarizes the advisory services revenue from Orchid for the</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine and three</font><font style='font-family:Arial Narrow;font-size:11pt;' > months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:240pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:240pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td colspan='4' rowspan='1' style='width:145.5pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:145.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Nine Months Ended September 30,</font></td><td colspan='4' rowspan='1' style='width:145.5pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:145.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Three Months Ended September 30,</font></td></tr><tr style='height:12.75pt;' ><td style='width:240pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td></tr><tr style='height:12.75pt;' ><td style='width:240pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Management fee</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >4,800</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >4,230</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,482</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,528</font></td></tr><tr style='height:12.75pt;' ><td style='width:240pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Allocated overhead</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,133</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,168</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >391</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >412</font></td></tr><tr style='height:12.75pt;' ><td style='width:240pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >5,933</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >5,398</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,873</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,940</font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >At </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >and December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >, the net amount due from Orchid was approximately </font><font style='font-family:Arial Narrow;font-size:11pt;' >$0.6</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >million </font><font style='font-family:Arial Narrow;font-size:11pt;' >and $0.</font><font style='font-family:Arial Narrow;font-size:11pt;' >8</font><font style='font-family:Arial Narrow;font-size:11pt;' > million, respectively</font><font style='font-family:Arial Narrow;font-size:11pt;' >. These amounts are</font><font style='font-family:Arial Narrow;font-size:11pt;' > included in &#8220;other assets&#8221; in the consolidated balance sheets.</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font></p></div> 1873000 1940000 1482000 1528000 391000 412000 <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >NOTE </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >3</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >. MORTGAGE-BACKED SECURITIES </font></p><p style='text-align:justify;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The following table presents the Company&#8217;s </font><font style='font-family:Arial Narrow;font-size:11pt;' >MBS</font><font style='font-family:Arial Narrow;font-size:11pt;' > portfolio as of</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and</font><font style='font-family:Arial Narrow;font-size:11pt;' > December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >: </font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:13.5pt;' ><td style='width:360pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:90pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:90pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td colspan='2' rowspan='1' style='width:90pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:90pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >December 31, 2017</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Fixed-rate MBS</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >210,267</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >207,179</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Interest-Only MBS</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,223</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,476</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Inverse Interest-Only MBS</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >719</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,037</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >212,209</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >209,692</font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >At</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and</font><font style='font-family:Arial Narrow;font-size:11pt;' > December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >, </font><font style='font-family:Arial Narrow;font-size:11pt;' >the portfolio consisted entirely of securities with contractual maturities in excess of ten years. </font><font style='font-family:Arial Narrow;font-size:11pt;' >Actual maturities of MBS investments are generally shorter than stated </font><font style='font-family:Arial Narrow;font-size:11pt;' >contractual maturities and are affected by the contractual lives of the underlying mortgages, periodic payments of principal, and prepayments of principal.</font></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The following table presents the Company&#8217;s </font><font style='font-family:Arial Narrow;font-size:11pt;' >MBS</font><font style='font-family:Arial Narrow;font-size:11pt;' > portfolio as of</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and</font><font style='font-family:Arial Narrow;font-size:11pt;' > December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >: </font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:13.5pt;' ><td style='width:360pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:90pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:90pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td colspan='2' rowspan='1' style='width:90pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:90pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >December 31, 2017</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Fixed-rate MBS</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >210,267</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >207,179</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Interest-Only MBS</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,223</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,476</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Inverse Interest-Only MBS</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >719</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,037</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >212,209</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >209,692</font></td></tr></table></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The following table summarizes the </font><font style='font-family:Arial Narrow;font-size:11pt;' >estimated fair value of the </font><font style='font-family:Arial Narrow;font-size:11pt;' >Company&#8217;s re</font><font style='font-family:Arial Narrow;font-size:11pt;' >tained </font><font style='font-family:Arial Narrow;font-size:11pt;' >interests in asset backed securities as of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >. The </font><font style='font-family:Arial Narrow;font-size:11pt;' >retained interests are valued based </font><font style='font-family:Arial Narrow;font-size:11pt;' >on a discounted cash flow approach. These values are sensitive to changes in unobservable inputs, including: estimated prepayment speeds, default rates and loss severity, weighted-average life, and discount rates. Based on projected future cash flows, ma</font><font style='font-family:Arial Narrow;font-size:11pt;' >nagement </font><font style='font-family:Arial Narrow;font-size:11pt;' >d</font><font style='font-family:Arial Narrow;font-size:11pt;' >etermined</font><font style='font-family:Arial Narrow;font-size:11pt;' >, during the reporting quarter ended June 30, 2018,</font><font style='font-family:Arial Narrow;font-size:11pt;' > that the retained interests had no remaining fair value</font><font style='font-family:Arial Narrow;font-size:11pt;' >. Significant increases or decreases in any of these inputs may result in significantly different fair value measurements.</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:116.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:116.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:236.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:236.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:86.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:86.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:86.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:86.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:116.25pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:116.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Series</font></td><td style='width:236.25pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:236.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Issue Date</font></td><td colspan='2' rowspan='1' style='width:93.75pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:93.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td colspan='2' rowspan='1' style='width:93.75pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:93.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >December 31, 2017</font></td></tr><tr style='height:12.75pt;' ><td style='width:116.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:116.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >HMAC 2004-3</font></td><td style='width:236.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:236.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >June 30, 2004</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:86.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:86.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:86.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:86.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >177</font></td></tr><tr style='height:12.75pt;' ><td style='width:116.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:116.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >HMAC 2004-4</font></td><td style='width:236.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:236.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >August 16, 2004</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:86.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:86.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:86.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:86.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >386</font></td></tr><tr style='height:12.75pt;' ><td style='width:116.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:116.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >HMAC 2004-5</font></td><td style='width:236.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:236.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >September 28, 2004</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:86.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:86.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:86.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:86.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >90</font></td></tr><tr style='height:12.75pt;' ><td style='width:116.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:116.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' > Total</font></td><td style='width:236.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:236.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:86.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:86.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:86.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:86.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >653</font></td></tr></table></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >NOTE </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >4</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >. RETAINED INTERESTS</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' > IN SECURITIZATIONS</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The following table summarizes the </font><font style='font-family:Arial Narrow;font-size:11pt;' >estimated fair value of the </font><font style='font-family:Arial Narrow;font-size:11pt;' >Company&#8217;s re</font><font style='font-family:Arial Narrow;font-size:11pt;' >tained </font><font style='font-family:Arial Narrow;font-size:11pt;' >interests in asset backed securities as of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >. The </font><font style='font-family:Arial Narrow;font-size:11pt;' >retained interests are valued based </font><font style='font-family:Arial Narrow;font-size:11pt;' >on a discounted cash flow approach. These values are sensitive to changes in unobservable inputs, including: estimated prepayment speeds, default rates and loss severity, weighted-average life, and discount rates. Based on projected future cash flows, ma</font><font style='font-family:Arial Narrow;font-size:11pt;' >nagement </font><font style='font-family:Arial Narrow;font-size:11pt;' >d</font><font style='font-family:Arial Narrow;font-size:11pt;' >etermined</font><font style='font-family:Arial Narrow;font-size:11pt;' >, during the reporting quarter ended June 30, 2018,</font><font style='font-family:Arial Narrow;font-size:11pt;' > that the retained interests had no remaining fair value</font><font style='font-family:Arial Narrow;font-size:11pt;' >. Significant increases or decreases in any of these inputs may result in significantly different fair value measurements.</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:116.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:116.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:236.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:236.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:86.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:86.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:86.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:86.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:116.25pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:116.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Series</font></td><td style='width:236.25pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:236.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Issue Date</font></td><td colspan='2' rowspan='1' style='width:93.75pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:93.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td colspan='2' rowspan='1' style='width:93.75pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:93.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >December 31, 2017</font></td></tr><tr style='height:12.75pt;' ><td style='width:116.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:116.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >HMAC 2004-3</font></td><td style='width:236.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:236.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >June 30, 2004</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:86.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:86.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:86.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:86.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >177</font></td></tr><tr style='height:12.75pt;' ><td style='width:116.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:116.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >HMAC 2004-4</font></td><td style='width:236.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:236.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >August 16, 2004</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:86.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:86.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:86.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:86.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >386</font></td></tr><tr style='height:12.75pt;' ><td style='width:116.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:116.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >HMAC 2004-5</font></td><td style='width:236.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:236.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >September 28, 2004</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:86.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:86.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:86.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:86.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >90</font></td></tr><tr style='height:12.75pt;' ><td style='width:116.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:116.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' > Total</font></td><td style='width:236.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:236.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:86.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:86.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:86.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:86.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >653</font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >During the three months ended September 30, 2018, t</font><font style='font-family:Arial Narrow;font-size:11pt;' >he </font><font style='font-family:Arial Narrow;font-size:11pt;' >Company</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >completed a </font><font style='font-family:Arial Narrow;font-size:11pt;' >transaction whereby certain securitizations associated with its retained interest positions </font><font style='font-family:Arial Narrow;font-size:11pt;' >were</font><font style='font-family:Arial Narrow;font-size:11pt;' > terminated </font><font style='font-family:Arial Narrow;font-size:11pt;' >by exercising the Company&#8217;s </font><font style='font-family:Arial Narrow;font-size:11pt;' >optional early termination rights. </font><font style='font-family:Arial Narrow;font-size:11pt;' >As part of the early </font><font style='font-family:Arial Narrow;font-size:11pt;' >termination</font><font style='font-family:Arial Narrow;font-size:11pt;' >, </font><font style='font-family:Arial Narrow;font-size:11pt;' >the </font><font style='font-family:Arial Narrow;font-size:11pt;' >Company</font><font style='font-family:Arial Narrow;font-size:11pt;' > receive</font><font style='font-family:Arial Narrow;font-size:11pt;' >d</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >net distributions of approximately $1.4 million</font></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >As of</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >, </font><font style='font-family:Arial Narrow;font-size:11pt;' >the Company&#8217;s</font><font style='font-family:Arial Narrow;font-size:11pt;' > repurchase agreements had remaining maturities as</font><font style='font-family:Arial Narrow;font-size:11pt;' > summarized below:</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:228pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:228pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >($ in thousands)</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:11.25pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:11.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:216.75pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:216.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:63pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:63pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >OVERNIGHT</font></td><td colspan='2' rowspan='1' style='width:63pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:63pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >BETWEEN 2</font></td><td colspan='2' rowspan='1' style='width:63pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:63pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >BETWEEN 31</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >GREATER </font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:11.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:11.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:216.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:216.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:63pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:63pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(1 DAY OR</font></td><td colspan='2' rowspan='1' style='width:63pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:63pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >AND</font></td><td colspan='2' rowspan='1' style='width:63pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:63pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >AND</font></td><td style='width:7.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >THAN</font></td><td style='width:7.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:11.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:11.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:216.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:216.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:63pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:63pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >LESS)</font></td><td colspan='2' rowspan='1' style='width:63pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:63pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >30 DAYS</font></td><td colspan='2' rowspan='1' style='width:63pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:63pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >90 DAYS</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >90 DAYS</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >TOTAL</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:228pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:228pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:228pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:228pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Fair value of securities pledged, including accrued</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:11.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:11.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:216.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:216.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >interest receivable</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,084</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >137,102</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >74,702</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:48pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >212,888</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:228pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:228pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Repurchase agreement liabilities associated with</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:11.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:11.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:216.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:216.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >these securities</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >828</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >132,039</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >70,875</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:48pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >203,742</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:228pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:228pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Net weighted average borrowing rate</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.58%</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.22%</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.32%</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >- </font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.26%</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:228pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:228pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >December 31, 2017</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:228pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:228pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Fair value of securities pledged, including accrued</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:11.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:11.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:216.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:216.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >interest receivable</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >94,649</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >115,350</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:48pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >209,999</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:228pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:228pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Repurchase agreement liabilities associated with</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:11.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:11.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:216.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:216.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >these securities</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >90,686</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >109,497</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:48pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >200,183</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:228pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:228pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Net weighted average borrowing rate</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >- </font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.47%</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.56%</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >- </font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.52%</font></td></tr></table></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >NOTE </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >5</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >. REPURCHASE AGREEMENTS</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >As of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' >, </font><font style='font-family:Arial Narrow;font-size:11pt;' >the Company</font><font style='font-family:Arial Narrow;font-size:11pt;' > had outstanding repurchase </font><font style='font-family:Arial Narrow;font-size:11pt;' >agreement </font><font style='font-family:Arial Narrow;font-size:11pt;' >obligations of approximately </font><font style='font-family:Arial Narrow;font-size:11pt;' >$203.7</font><font style='font-family:Arial Narrow;font-size:11pt;' > million with a net weighted average borrowing rate of </font><font style='font-family:Arial Narrow;font-size:11pt;' >2.26%</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' > These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately </font><font style='font-family:Arial Narrow;font-size:11pt;' >$212.9</font><font style='font-family:Arial Narrow;font-size:11pt;' > million, </font><font style='font-family:Arial Narrow;font-size:11pt;' >and cash pledged to counterpart</font><font style='font-family:Arial Narrow;font-size:11pt;' >ies</font><font style='font-family:Arial Narrow;font-size:11pt;' > of approximately </font><font style='font-family:Arial Narrow;font-size:11pt;' >$3.2</font><font style='font-family:Arial Narrow;font-size:11pt;' > million</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font><font style='font-family:Arial Narrow;font-size:11pt;' > As of December&#160;31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >, the Company had outstanding repurchase agreement obligations of approximately </font><font style='font-family:Arial Narrow;font-size:11pt;' >$200.2</font><font style='font-family:Arial Narrow;font-size:11pt;' > million with a net weighted average borrowing rate of </font><font style='font-family:Arial Narrow;font-size:11pt;' >1.52%</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >These agreements were collateralized by MBS with a fair valu</font><font style='font-family:Arial Narrow;font-size:11pt;' >e</font><font style='font-family:Arial Narrow;font-size:11pt;' >, including accrued interest,</font><font style='font-family:Arial Narrow;font-size:11pt;' > of approximately </font><font style='font-family:Arial Narrow;font-size:11pt;' >$210.0</font><font style='font-family:Arial Narrow;font-size:11pt;' > million</font><font style='font-family:Arial Narrow;font-size:11pt;' >, </font><font style='font-family:Arial Narrow;font-size:11pt;' >and cash pledged to counterpart</font><font style='font-family:Arial Narrow;font-size:11pt;' >ies</font><font style='font-family:Arial Narrow;font-size:11pt;' > of approximately </font><font style='font-family:Arial Narrow;font-size:11pt;' >$2.2</font><font style='font-family:Arial Narrow;font-size:11pt;' > million.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >As of</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >, </font><font style='font-family:Arial Narrow;font-size:11pt;' >the Company&#8217;s</font><font style='font-family:Arial Narrow;font-size:11pt;' > repurchase agreements had remaining maturities as</font><font style='font-family:Arial Narrow;font-size:11pt;' > summarized below:</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:228pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:228pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >($ in thousands)</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:11.25pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:11.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:216.75pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:216.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:63pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:63pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >OVERNIGHT</font></td><td colspan='2' rowspan='1' style='width:63pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:63pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >BETWEEN 2</font></td><td colspan='2' rowspan='1' style='width:63pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:63pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >BETWEEN 31</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >GREATER </font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:11.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:11.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:216.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:216.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:63pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:63pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(1 DAY OR</font></td><td colspan='2' rowspan='1' style='width:63pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:63pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >AND</font></td><td colspan='2' rowspan='1' style='width:63pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:63pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >AND</font></td><td style='width:7.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >THAN</font></td><td style='width:7.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:11.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:11.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:216.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:216.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:63pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:63pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >LESS)</font></td><td colspan='2' rowspan='1' style='width:63pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:63pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >30 DAYS</font></td><td colspan='2' rowspan='1' style='width:63pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:63pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >90 DAYS</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >90 DAYS</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >TOTAL</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:228pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:228pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:228pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:228pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Fair value of securities pledged, including accrued</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:11.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:11.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:216.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:216.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >interest receivable</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,084</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >137,102</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >74,702</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:48pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >212,888</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:228pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:228pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Repurchase agreement liabilities associated with</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:11.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:11.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:216.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:216.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >these securities</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >828</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >132,039</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >70,875</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:48pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >203,742</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:228pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:228pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Net weighted average borrowing rate</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.58%</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.22%</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.32%</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >- </font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.26%</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:228pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:228pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >December 31, 2017</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:228pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:228pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Fair value of securities pledged, including accrued</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:11.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:11.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:216.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:216.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >interest receivable</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >94,649</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >115,350</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:48pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >209,999</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:228pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:228pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Repurchase agreement liabilities associated with</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:11.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:11.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:216.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:216.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >these securities</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >90,686</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >109,497</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:55.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:48pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >200,183</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:228pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:228pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Net weighted average borrowing rate</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >- </font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.47%</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.56%</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:55.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:55.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >- </font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:48pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:48pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.52%</font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >If, during the term of a repurchase agreement, a lender file</font><font style='font-family:Arial Narrow;font-size:11pt;' >s</font><font style='font-family:Arial Narrow;font-size:11pt;' > for bankruptcy, the Company might experience difficulty recovering its pledged assets</font><font style='font-family:Arial Narrow;font-size:11pt;color:#000000;' >,</font><font style='font-family:Arial Narrow;font-size:11pt;' > which could result in an unsecured claim against the lender for the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged to such lender</font><font style='font-family:Arial Narrow;font-size:11pt;color:#000000;' >, including the accrued interest recei</font><font style='font-family:Arial Narrow;font-size:11pt;color:#000000;' >vable</font><font style='font-family:Arial Narrow;font-size:11pt;color:#000000;' >, and cash posted by the Company as collateral, if any. </font><font style='font-family:Arial Narrow;font-size:11pt;' >At </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >, the Company had an aggregate amount at risk (the difference between the amount loaned to the Company, including interest payable, and the fair value of s</font><font style='font-family:Arial Narrow;font-size:11pt;' >ecurities and cash pledged (if any), including accrued interest on such securities) with all counterparties of approximately </font><font style='font-family:Arial Narrow;font-size:11pt;' >$11.9</font><font style='font-family:Arial Narrow;font-size:11pt;' > million and </font><font style='font-family:Arial Narrow;font-size:11pt;' >$11.7</font><font style='font-family:Arial Narrow;font-size:11pt;' > million, respectively. The Company did not have an amount at risk with any </font><font style='font-family:Arial Narrow;font-size:11pt;' >individual coun</font><font style='font-family:Arial Narrow;font-size:11pt;' >terpart</font><font style='font-family:Arial Narrow;font-size:11pt;' >y greater than 10% of the Company&#8217;s equity at </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > or December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >NOTE </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >6</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >. DERIVATIVE FINANCIAL INSTRUMENTS</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >In connection with its interest rate risk management strategy, the Company economically hedges a portion of the cost of its repurchase agreement funding</font><font style='font-family:Arial Narrow;font-size:11pt;' > and junior subordinated notes</font><font style='font-family:Arial Narrow;font-size:11pt;' > by entering into derivative</font><font style='font-family:Arial Narrow;font-size:11pt;' >s and other hedging contracts. To date the Company has entered into Eurodollar </font><font style='font-family:Arial Narrow;font-size:11pt;' >and T-Note futures contracts, but may enter into other contracts in the future</font><font style='font-family:Arial Narrow;font-size:11pt;' >. The Company has not elected hedging treatment under GAAP, and as s</font><font style='font-family:Arial Narrow;font-size:11pt;' >uch all gains or losses (realized and unrealized) on these instruments are reflected in earnings for all periods presented.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >In addition, the Company utilizes TBA securities as a means of investing in and financing MBS or as a means of reducing its exposur</font><font style='font-family:Arial Narrow;font-size:11pt;' >e to MBS. The Company accounts for TBA securities as derivative instruments if either the TBA securities do not settle in the shortest period of time possible or if the Company cannot assert that it is probable at inception and throughout the term of the T</font><font style='font-family:Arial Narrow;font-size:11pt;' >BA securities that it will take physical delivery of the MBS for a long position, or make delivery of the MBS for a short position, upon settlement of the trade.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:18pt;' >Derivative Assets (Liabilities), at Fair Value</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The table below summarizes fair value information about our derivative assets and liabilities as of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:360pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Derivative Instruments and Related Accounts</font></td><td style='width:135pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Balance Sheet Location</font></td><td colspan='2' rowspan='1' style='width:90pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:90pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td colspan='2' rowspan='1' style='width:90pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:90pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >December 31, 2017</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:360pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Assets</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >TBA Securities</font></td><td style='width:135pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Derivative assets, at fair value</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >242</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total derivative assets, at fair value</font></td><td style='width:135pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >242</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:135pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Margin Balances Posted to (from) Counterparties</font></td><td style='width:135pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Futures contracts</font></td><td style='width:135pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Restricted cash</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >549</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >442</font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >TBA securities</font></td><td style='width:135pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Other liabilities</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(438)</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total margin balances on derivative contracts</font></td><td style='width:135pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >111</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >442</font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Eurodollar and T-Note futures are cash settled futures contracts on an interest rate, with gains and losses credited or charged to the Company&#8217;s cash accounts on a daily basis. A minimum balance, or &#8220;margin&#8221;, is required to be maintained in the account on </font><font style='font-family:Arial Narrow;font-size:11pt;' >a daily basis. The tables below present information related to the Company&#8217;s Eurodollar positions at </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >($ in thousands)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:59.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:59.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >As of September 30, 2018</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:59.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:59.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='5' rowspan='1' style='width:248.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:248.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Repurchase Agreement Funding Hedges</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:59.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:59.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Weighted</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Weighted</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:59.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:59.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Contract</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:59.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:59.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Notional</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Entry</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Effective</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Open</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Expiration Year</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:59.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:59.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Amount</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Rate</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Rate</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Equity</font><sup><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(1)</font></sup></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2019</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:59.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:59.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >100,000</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.41%</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3.01%</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >603</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2020</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:59.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:59.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >100,000</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.64%</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3.17%</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >523</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2021</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:59.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:59.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >100,000</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.80%</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3.13%</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >328</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total / Weighted Average</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:59.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:59.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >100,000</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.62%</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3.10%</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,454</font></td></tr></table></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >($ in thousands)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >As of September 30, 2018</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='6' rowspan='1' style='width:258pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:258pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Junior Subordinated Debt Funding Hedges</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Weighted</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Weighted</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Contract</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Notional</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Entry</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Effective</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Open</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Expiration Year</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Amount</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Rate</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Rate</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Equity</font><sup><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(1)</font></sup></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2019</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >26,000</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.63%</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3.01%</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >359</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2020</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >26,000</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.95%</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3.17%</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >317</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2021</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >26,000</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.22%</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3.13%</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >237</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total / Weighted Average</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >26,000</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.93%</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3.10%</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >913</font></td></tr></table></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >($ in thousands)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >As of December 31, 2017</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='5' rowspan='1' style='width:249pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:249pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Repurchase Agreement Funding Hedges</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Weighted</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Weighted</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Contract</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Notional</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Entry</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Effective</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Open</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Expiration Year</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Amount</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Rate</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Rate</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Equity</font><sup><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(1)</font></sup></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2018</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >60,000</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.90%</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.97%</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >41</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2019</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >60,000</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.32%</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.27%</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(31)</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2020</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >60,000</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.60%</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.36%</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(145)</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2021</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >60,000</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.80%</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.42%</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(230)</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total / Weighted Average</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >60,000</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.41%</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.25%</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(365)</font></td></tr></table></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >($ in thousands)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >As of December 31, 2017</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='6' rowspan='1' style='width:258pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:258pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Junior Subordinated Debt Funding Hedges</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Weighted</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Weighted</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Contract</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Notional</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Entry</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Effective</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Open</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Expiration Year</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Amount</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Rate</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Rate</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Equity</font><sup><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(1)</font></sup></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2018</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >26,000</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.84%</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.97%</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >33</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2019</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >26,000</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.63%</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.27%</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >166</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2020</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >26,000</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.95%</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.36%</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >107</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2021</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >26,000</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.22%</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.42%</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >51</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total / Weighted Average</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >26,000</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.91%</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.25%</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >357</font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The following table summarizes our contracts to purchase and sell TBA securities as of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td colspan='4' rowspan='1' style='width:312.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:312.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >($ in thousands)</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:225pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Notional</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Net</font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:225pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Amount</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Cost</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Market</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Carrying</font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:225pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Long (Short)</font><sup><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(1)</font></sup></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Basis</font><sup><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(2)</font></sup></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Value</font><sup><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(3)</font></sup></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Value</font><sup><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(4)</font></sup></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:240pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:240pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;font-style:italic;color:#000000;' >30-Year TBA Securities:</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:225pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3.0%</font></td><td style='width:12.75pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(50,000)</font></td><td style='width:12.75pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >48,078</font></td><td style='width:12.75pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >48,320</font></td><td style='width:12.75pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >242</font></td></tr></table></div><p style='line-height:20pt;' /><div><ul style='margin-top:0pt;' ><li style='list-style:decimal;text-align:left;margin-top:0pt;margin-bottom:0pt;' ><font style='font-family:Arial Narrow;font-size:10pt;' >Notional amount represents the par value (or principal balance) of the underlying Agency </font><font style='font-family:Arial Narrow;font-size:10pt;' >MBS</font><font style='font-family:Arial Narrow;font-size:10pt;' >.</font></li><li style='list-style:decimal;text-align:left;margin-top:0pt;margin-bottom:0pt;' ><font style='font-family:Arial Narrow;font-size:10pt;' >Cost basis represents the forward price to be paid (received) for the underlying Agency </font><font style='font-family:Arial Narrow;font-size:10pt;' >MBS.</font></li><li style='list-style:decimal;text-align:left;margin-top:0pt;margin-bottom:0pt;' ><font style='font-family:Arial Narrow;font-size:10pt;' >Market value represents the current market value of the TBA </font><font style='font-family:Arial Narrow;font-size:10pt;' >securities (or of the underlying Agency </font><font style='font-family:Arial Narrow;font-size:10pt;' >MBS) as of period-end</font><font style='font-family:Arial Narrow;font-size:10pt;' >.</font></li><li style='list-style:decimal;text-align:left;margin-top:0pt;margin-bottom:0pt;' ><font style='font-family:Arial Narrow;font-size:10pt;' >Net carrying value represents the difference between the market value and the cost basis of the TBA securities as of period-end and is reported in derivative assets (liabilities), at fair valu</font><font style='font-family:Arial Narrow;font-size:10pt;' >e in our consolidated balance sheets</font><font style='font-family:Arial Narrow;font-size:10pt;' >.</font></li></ul><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Gains (Losses)</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' > </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >On Derivative Instruments</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The table below presents the effect of the Company&#8217;s derivative financial instruments on the consolidated statements of operations for the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine and three</font><font style='font-family:Arial Narrow;font-size:11pt;' > months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:240pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:225pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td colspan='4' rowspan='1' style='width:145.5pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:145.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;text-decoration:underline;color:#000000;' >Nine Months Ended September 30,</font></td><td colspan='4' rowspan='1' style='width:145.5pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:145.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;text-decoration:underline;color:#000000;' >Three Months Ended September 30,</font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:225pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:240pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Eurodollar futures contracts (short positions)</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:225pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Repurchase agreement funding hedges</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2,101</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(578)</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >478</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(13)</font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:225pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Junior subordinated debt funding hedges</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >679</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(251)</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >121</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(6)</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:240pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >T-Note futures contracts (short positions)</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:225pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Repurchase agreement funding hedges</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >759</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:240pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Net TBA securities</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >19</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >349</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:240pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Gains (losses) on derivative instruments</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3,558</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(829)</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >948</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(19)</font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Credit Risk-Related Contingent Features</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The use of derivatives creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the </font><font style='font-family:Arial Narrow;font-size:11pt;' >contracts. The Company attempts to minimize this risk </font><font style='font-family:Arial Narrow;font-size:11pt;' >in several ways. For instruments which are not</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >centrally cleared on a registered exchange</font><font style='font-family:Arial Narrow;font-size:11pt;' >, the Company limits its counterparties </font><font style='font-family:Arial Narrow;font-size:11pt;' >to major financial institutions with acceptable credit ratings</font><font style='font-family:Arial Narrow;font-size:11pt;' >,</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >by </font><font style='font-family:Arial Narrow;font-size:11pt;' >m</font><font style='font-family:Arial Narrow;font-size:11pt;' >onitoring positions with individual counterparties. In addition, the Company may be required to pledge assets as collateral for its derivatives, whose amounts vary over time based on the market value, notional amount and remaining term of the derivative co</font><font style='font-family:Arial Narrow;font-size:11pt;' >ntract. In the event of a default by a counterparty, the Company may not receive payments provided for under the terms of its derivative agreements, and may have difficulty </font><font style='font-family:Arial Narrow;font-size:11pt;' >recovering</font><font style='font-family:Arial Narrow;font-size:11pt;' > its assets pledged as collateral for its derivatives. The cash and cash e</font><font style='font-family:Arial Narrow;font-size:11pt;' >quivalents pledged as collateral for the Company&#8217;s derivative instruments are included in restricted cash on the consolidated balance sheets.</font></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:18pt;' >Derivative Assets (Liabilities), at Fair Value</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The table below summarizes fair value information about our derivative assets and liabilities as of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:360pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Derivative Instruments and Related Accounts</font></td><td style='width:135pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Balance Sheet Location</font></td><td colspan='2' rowspan='1' style='width:90pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:90pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td colspan='2' rowspan='1' style='width:90pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:90pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >December 31, 2017</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:360pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Assets</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >TBA Securities</font></td><td style='width:135pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Derivative assets, at fair value</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >242</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total derivative assets, at fair value</font></td><td style='width:135pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >242</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:135pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Margin Balances Posted to (from) Counterparties</font></td><td style='width:135pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Futures contracts</font></td><td style='width:135pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Restricted cash</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >549</font></td><td style='width:7.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >442</font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >TBA securities</font></td><td style='width:135pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Other liabilities</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(438)</font></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total margin balances on derivative contracts</font></td><td style='width:135pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >111</font></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:7.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >442</font></td></tr></table></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Eurodollar and T-Note futures are cash settled futures contracts on an interest rate, with gains and losses credited or charged to the Company&#8217;s cash accounts on a daily basis. A minimum balance, or &#8220;margin&#8221;, is required to be maintained in the account on </font><font style='font-family:Arial Narrow;font-size:11pt;' >a daily basis. The tables below present information related to the Company&#8217;s Eurodollar positions at </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >($ in thousands)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:59.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:59.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >As of September 30, 2018</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:59.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:59.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='5' rowspan='1' style='width:248.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:248.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Repurchase Agreement Funding Hedges</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:59.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:59.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Weighted</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Weighted</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:59.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:59.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Contract</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:59.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:59.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Notional</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Entry</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Effective</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Open</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Expiration Year</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:59.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:59.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Amount</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Rate</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Rate</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Equity</font><sup><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(1)</font></sup></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2019</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:59.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:59.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >100,000</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.41%</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3.01%</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >603</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2020</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:59.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:59.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >100,000</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.64%</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3.17%</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >523</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2021</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:59.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:59.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >100,000</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.80%</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3.13%</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >328</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total / Weighted Average</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:59.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:59.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >100,000</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.62%</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3.10%</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,454</font></td></tr></table></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >($ in thousands)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >As of September 30, 2018</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='6' rowspan='1' style='width:258pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:258pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Junior Subordinated Debt Funding Hedges</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Weighted</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Weighted</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Contract</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Notional</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Entry</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Effective</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Open</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Expiration Year</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Amount</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Rate</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Rate</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Equity</font><sup><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(1)</font></sup></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2019</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >26,000</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.63%</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3.01%</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >359</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2020</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >26,000</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.95%</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3.17%</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >317</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2021</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >26,000</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.22%</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3.13%</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >237</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total / Weighted Average</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >26,000</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.93%</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3.10%</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >913</font></td></tr></table></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >($ in thousands)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >As of December 31, 2017</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='5' rowspan='1' style='width:249pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:249pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Repurchase Agreement Funding Hedges</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Weighted</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Weighted</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Contract</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Notional</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Entry</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Effective</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Open</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Expiration Year</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Amount</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Rate</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Rate</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Equity</font><sup><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(1)</font></sup></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2018</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >60,000</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.90%</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.97%</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >41</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2019</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >60,000</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.32%</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.27%</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(31)</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2020</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >60,000</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.60%</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.36%</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(145)</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2021</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >60,000</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.80%</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.42%</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(230)</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total / Weighted Average</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >60,000</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.41%</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.25%</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(365)</font></td></tr></table></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >($ in thousands)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >As of December 31, 2017</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='6' rowspan='1' style='width:258pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:258pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Junior Subordinated Debt Funding Hedges</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Weighted</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Weighted</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Contract</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Notional</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Entry</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Effective</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Open</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Expiration Year</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Amount</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Rate</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Rate</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Equity</font><sup><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(1)</font></sup></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2018</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >26,000</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.84%</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.97%</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >33</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2019</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >26,000</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.63%</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.27%</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >166</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2020</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >26,000</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.95%</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.36%</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >107</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2021</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >26,000</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.22%</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.42%</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >51</font></td></tr><tr style='height:12.75pt;' ><td style='width:273.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:273.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total / Weighted Average</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >26,000</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.91%</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2.25%</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >357</font></td></tr></table></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The following table summarizes our contracts to purchase and sell TBA securities as of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td colspan='4' rowspan='1' style='width:312.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:312.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >($ in thousands)</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:225pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Notional</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Net</font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:225pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Amount</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Cost</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Market</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Carrying</font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:225pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Long (Short)</font><sup><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(1)</font></sup></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Basis</font><sup><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(2)</font></sup></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Value</font><sup><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(3)</font></sup></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Value</font><sup><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(4)</font></sup></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:240pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:240pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;font-style:italic;color:#000000;' >30-Year TBA Securities:</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:225pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3.0%</font></td><td style='width:12.75pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(50,000)</font></td><td style='width:12.75pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >48,078</font></td><td style='width:12.75pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >48,320</font></td><td style='width:12.75pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >242</font></td></tr></table></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The table below presents the effect of the Company&#8217;s derivative financial instruments on the consolidated statements of operations for the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine and three</font><font style='font-family:Arial Narrow;font-size:11pt;' > months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:240pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:225pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td colspan='4' rowspan='1' style='width:145.5pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:145.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;text-decoration:underline;color:#000000;' >Nine Months Ended September 30,</font></td><td colspan='4' rowspan='1' style='width:145.5pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:145.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;text-decoration:underline;color:#000000;' >Three Months Ended September 30,</font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:225pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:240pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Eurodollar futures contracts (short positions)</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:225pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Repurchase agreement funding hedges</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2,101</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(578)</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >478</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(13)</font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:225pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Junior subordinated debt funding hedges</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >679</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(251)</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >121</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(6)</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:240pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >T-Note futures contracts (short positions)</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:15pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:15pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:225pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Repurchase agreement funding hedges</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >759</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:12.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:240pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Net TBA securities</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >19</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >349</font></td><td style='width:12.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:240pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:240pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Gains (losses) on derivative instruments</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3,558</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(829)</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >948</font></td><td style='width:12.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:12.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(19)</font></td></tr></table></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >NOTE </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >7</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >. </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >PLEDGED ASSETS</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:18pt;' >Assets Pledged to Counterparties</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The table below summarize</font><font style='font-family:Arial Narrow;font-size:11pt;' >s</font><font style='font-family:Arial Narrow;font-size:11pt;' > Bimini&#8217;s</font><font style='font-family:Arial Narrow;font-size:11pt;' > assets pledged as collateral under </font><font style='font-family:Arial Narrow;font-size:11pt;' >its </font><font style='font-family:Arial Narrow;font-size:11pt;' >repurchase agreements</font><font style='font-family:Arial Narrow;font-size:11pt;' > and</font><font style='font-family:Arial Narrow;font-size:11pt;' > derivative agreements as of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:150pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >($ in thousands)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:150pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td colspan='6' rowspan='1' style='width:195.75pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:195.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td style='width:9pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='6' rowspan='1' style='width:195.75pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:195.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >December 31, 2017</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:150pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Repurchase</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Derivative</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Repurchase</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Derivative</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:150pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Assets Pledged to Counterparties</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Agreements</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Agreements</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Total</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Agreements</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Agreements</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Total</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:150pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >PT MBS - at fair value</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >210,267</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >210,267</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >207,179</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >207,179</font></td><td style='width:60pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:150pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Structured MBS - at fair value</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,850</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,850</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2,091</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2,091</font></td><td style='width:60pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:150pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Accrued interest on pledged securities</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >771</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >771</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >730</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >730</font></td><td style='width:60pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:150pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Restricted cash</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3,202</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >549</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3,751</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2,208</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >442</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2,650</font></td><td style='width:60pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:150pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >216,090</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >549</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >216,639</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >212,208</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >442</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >212,650</font></td><td style='width:60pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:18pt;' >Assets Pledged</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' > from</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' > Counterparties</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The table below summarizes assets pledged </font><font style='font-family:Arial Narrow;font-size:11pt;' >to Bimini from counterparties </font><font style='font-family:Arial Narrow;font-size:11pt;' >under our </font><font style='font-family:Arial Narrow;font-size:11pt;' >derivative</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >agreements </font><font style='font-family:Arial Narrow;font-size:11pt;' >as of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font><font style='font-family:Arial Narrow;font-size:11pt;' > Cash received as margin is recognized in cash and cash equivalents with a corresponding amount recognized as an increase in other liabilities in the consolidated balance sheets.</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:352.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:352.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >($ in thousands)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:352.5pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:352.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Assets Pledged to Bimini</font></td><td style='width:9pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td style='width:9pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >December 31, 2017</font></td></tr><tr style='height:12.75pt;' ><td style='width:352.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:352.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Cash</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >438</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:352.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:352.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >438</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr></table></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The table below summarize</font><font style='font-family:Arial Narrow;font-size:11pt;' >s</font><font style='font-family:Arial Narrow;font-size:11pt;' > Bimini&#8217;s</font><font style='font-family:Arial Narrow;font-size:11pt;' > assets pledged as collateral under </font><font style='font-family:Arial Narrow;font-size:11pt;' >its </font><font style='font-family:Arial Narrow;font-size:11pt;' >repurchase agreements</font><font style='font-family:Arial Narrow;font-size:11pt;' > and</font><font style='font-family:Arial Narrow;font-size:11pt;' > derivative agreements as of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:150pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >($ in thousands)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:150pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td colspan='6' rowspan='1' style='width:195.75pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:195.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td style='width:9pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='6' rowspan='1' style='width:195.75pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:195.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >December 31, 2017</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:150pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Repurchase</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Derivative</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Repurchase</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Derivative</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:150pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Assets Pledged to Counterparties</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Agreements</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Agreements</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Total</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Agreements</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Agreements</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Total</font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:150pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >PT MBS - at fair value</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >210,267</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >210,267</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >207,179</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >207,179</font></td><td style='width:60pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:150pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Structured MBS - at fair value</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,850</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,850</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2,091</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2,091</font></td><td style='width:60pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:150pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Accrued interest on pledged securities</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >771</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >771</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >730</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >730</font></td><td style='width:60pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:150pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Restricted cash</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3,202</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >549</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3,751</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2,208</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >442</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2,650</font></td><td style='width:60pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:150pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >216,090</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >549</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >216,639</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >212,208</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >442</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >212,650</font></td><td style='width:60pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr></table></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >NOTE </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >8</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >. </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >OFFSETTING ASSETS AND LIABILITIES</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company&#8217;s derivatives and repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of offset in the event of default or in the </font><font style='font-family:Arial Narrow;font-size:11pt;' >event of bankruptcy of either party to the transactions. The Company reports its assets and liabilities subject to these arrangements on a gross basis. </font><font style='font-family:Arial Narrow;font-size:11pt;' >The following tables present information regarding those assets and liabilities subject to such arrang</font><font style='font-family:Arial Narrow;font-size:11pt;' >ements as if the Company had presented them on a net basis as of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:135pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td colspan='13' rowspan='1' style='width:541.5pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:541.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Offsetting of Assets</font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='4' rowspan='1' style='width:134.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:134.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Gross Amount Not Offset in the</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Net Amount</font></td><td colspan='4' rowspan='1' style='width:134.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:134.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Consolidated Balance Sheet</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Gross Amount</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >of Assets</font></td><td colspan='2' rowspan='1' style='width:69pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Financial</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Gross Amount</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Offset in the</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Presented in the</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Instruments</font></td><td colspan='2' rowspan='1' style='width:65.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Cash</font></td><td colspan='2' rowspan='1' style='width:65.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >of Recognized</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Consolidated</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Consolidated</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Received as</font></td><td colspan='2' rowspan='1' style='width:65.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Received as</font></td><td colspan='2' rowspan='1' style='width:65.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Net</font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Assets</font></td><td colspan='2' rowspan='1' style='width:69pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Balance Sheet</font></td><td colspan='2' rowspan='1' style='width:69pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Balance Sheet</font></td><td colspan='2' rowspan='1' style='width:69pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Collateral</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Collateral</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Amount</font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >TBA securities</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >242</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >242</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(242)</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr></table></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:135pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td colspan='13' rowspan='1' style='width:541.5pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:541.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Offsetting of Liabilities</font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='4' rowspan='1' style='width:134.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:134.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Gross Amount Not Offset in the</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Net Amount</font></td><td colspan='4' rowspan='1' style='width:134.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:134.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Consolidated Balance Sheet</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Gross Amount</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >of Liabilities</font></td><td colspan='2' rowspan='1' style='width:69pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Financial</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Gross Amount</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Offset in the</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Presented in the</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Instruments</font></td><td colspan='2' rowspan='1' style='width:65.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Cash</font></td><td colspan='2' rowspan='1' style='width:65.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >of Recognized</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Consolidated</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Consolidated</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Posted as</font></td><td colspan='2' rowspan='1' style='width:65.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Posted as</font></td><td colspan='2' rowspan='1' style='width:65.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Net</font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Liabilities</font></td><td colspan='2' rowspan='1' style='width:69pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Balance Sheet</font></td><td colspan='2' rowspan='1' style='width:69pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Balance Sheet</font></td><td colspan='2' rowspan='1' style='width:69pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Collateral</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Collateral</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Amount</font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Repurchase Agreements</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >203,742</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >203,742</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(200,540)</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(3,202)</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >December 31, 2017</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Repurchase Agreements</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >200,183</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >200,183</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(197,975)</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2,208)</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The amounts disclosed for collateral received by or posted to the same counterparty are limited to the amount sufficient to reduce the asset or liability presented in the consolidated balance sheet to zero in accordance with ASU No. 2011-11, as amended by</font><font style='font-family:Arial Narrow;font-size:11pt;' > ASU No. 2013-01. The fair value of the actual collateral received by or posted to the same counterparty typically exceeds the amounts presented. See Note</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >7</font><font style='font-family:Arial Narrow;font-size:11pt;' > for a discussion of collateral posted for, or received against, repurchase obliga</font><font style='font-family:Arial Narrow;font-size:11pt;' >tions and derivative instruments.</font></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The Company&#8217;s derivatives and repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of offset in the event of default or in the </font><font style='font-family:Arial Narrow;font-size:11pt;' >event of bankruptcy of either party to the transactions. The Company reports its assets and liabilities subject to these arrangements on a gross basis. </font><font style='font-family:Arial Narrow;font-size:11pt;' >The following tables present information regarding those assets and liabilities subject to such arrang</font><font style='font-family:Arial Narrow;font-size:11pt;' >ements as if the Company had presented them on a net basis as of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:135pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td colspan='13' rowspan='1' style='width:541.5pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:541.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Offsetting of Liabilities</font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='4' rowspan='1' style='width:134.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:134.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Gross Amount Not Offset in the</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Net Amount</font></td><td colspan='4' rowspan='1' style='width:134.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:134.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Consolidated Balance Sheet</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Gross Amount</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >of Liabilities</font></td><td colspan='2' rowspan='1' style='width:69pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Financial</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Gross Amount</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Offset in the</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Presented in the</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Instruments</font></td><td colspan='2' rowspan='1' style='width:65.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Cash</font></td><td colspan='2' rowspan='1' style='width:65.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >of Recognized</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Consolidated</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Consolidated</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Posted as</font></td><td colspan='2' rowspan='1' style='width:65.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Posted as</font></td><td colspan='2' rowspan='1' style='width:65.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Net</font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Liabilities</font></td><td colspan='2' rowspan='1' style='width:69pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Balance Sheet</font></td><td colspan='2' rowspan='1' style='width:69pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Balance Sheet</font></td><td colspan='2' rowspan='1' style='width:69pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Collateral</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Collateral</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Amount</font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Repurchase Agreements</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >203,742</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >203,742</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(200,540)</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(3,202)</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >December 31, 2017</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Repurchase Agreements</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >200,183</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >200,183</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(197,975)</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2,208)</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr></table></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >NOTE </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >10</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >. </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >COMMON</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' > STOCK</font></p></div><p style='line-height:20pt;' /><div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The table below presents information related to Bimini Capital&#8217;s Class A Common Stock issued during the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine and three</font><font style='font-family:Arial Narrow;font-size:11pt;' > months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >. </font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:225pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:150pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Nine Months Ended September 30,</font></td><td style='width:9.75pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:150pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Three Months Ended September 30,</font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Shares Issued Related To:</font></td><td style='width:75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td><td style='width:9.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Shares sold directly to employees</font></td><td style='width:75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >83,332</font></td><td style='width:75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total shares of Class A Common Stock issued</font></td><td style='width:75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >83,332</font></td><td style='width:75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >There were no issuances of </font><font style='font-family:Arial Narrow;font-size:11pt;' >Bimini Capital</font><font style='font-family:Arial Narrow;font-size:11pt;' >&#39;s Class B Common Stock and Class C Common Stock</font><font style='font-family:Arial Narrow;font-size:11pt;' > during the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine</font><font style='font-family:Arial Narrow;font-size:11pt;' > months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' > </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >Stock Repurchase Plan</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >On March 26, 2018, the Board of Directors of Bimini Capital Management, Inc. (the &#8220;Company&#8221;) approved a </font><font style='font-family:Arial Narrow;font-size:11pt;' >S</font><font style='font-family:Arial Narrow;font-size:11pt;' >tock Repurchase Plan</font><font style='font-family:Arial Narrow;font-size:11pt;' > (&#8220;Repurchase Plan&#8221;)</font><font style='font-family:Arial Narrow;font-size:11pt;' >. Pursuant to Repurchase Plan, the Company may purchase up to 500,000 shares of its Class A Common Stock from </font><font style='font-family:Arial Narrow;font-size:11pt;' >time to time</font><font style='font-family:Arial Narrow;font-size:11pt;' >, subject to certain limitations imposed by Rule 10b-18 of the Securities Exchange Act of 1934</font><font style='font-family:Arial Narrow;font-size:11pt;' >. Share repurchases may be executed through various means, including, without limitation, open market transactions. The Repurchase Plan does not obl</font><font style='font-family:Arial Narrow;font-size:11pt;' >igate the Company to purchase any shares, and it expires on November 15, 2018. The authorization for the Share Repurchase Plan may be terminated, increased or decreased by the Company&#8217;s Board of Directors in its discretion at any time.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Through </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' >, the Company repurchased a total of </font><font style='font-family:Arial Narrow;font-size:11pt;' >59,714</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >shares at an aggregate cost of approximately </font><font style='font-family:Arial Narrow;font-size:11pt;' >$144,000</font><font style='font-family:Arial Narrow;font-size:11pt;' >, including commissions and fees, for a weighted average price of </font><font style='font-family:Arial Narrow;font-size:11pt;' >$2.41</font><font style='font-family:Arial Narrow;font-size:11pt;' > per share. Subsequent to that date, and through </font><font style='font-family:Arial Narrow;font-size:11pt;' >November 2, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' >, the Company has repurchased </font><font style='font-family:Arial Narrow;font-size:11pt;' >1,800</font><font style='font-family:Arial Narrow;font-size:11pt;' > shares for a net cost of approximately </font><font style='font-family:Arial Narrow;font-size:11pt;' >$4,000</font><font style='font-family:Arial Narrow;font-size:11pt;' > and a weighted average price of </font><font style='font-family:Arial Narrow;font-size:11pt;' >$2.32</font><font style='font-family:Arial Narrow;font-size:11pt;' > per share. </font></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The table below presents information related to Bimini Capital&#8217;s Class A Common Stock issued during the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine and three</font><font style='font-family:Arial Narrow;font-size:11pt;' > months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >. </font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:225pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:150pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Nine Months Ended September 30,</font></td><td style='width:9.75pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:150pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:150pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Three Months Ended September 30,</font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Shares Issued Related To:</font></td><td style='width:75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td><td style='width:9.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Shares sold directly to employees</font></td><td style='width:75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >83,332</font></td><td style='width:75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:225pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:225pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total shares of Class A Common Stock issued</font></td><td style='width:75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >83,332</font></td><td style='width:75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr></table></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The following table presents </font><font style='font-family:Arial Narrow;font-size:11pt;' >the activity </font><font style='font-family:Arial Narrow;font-size:11pt;' >related to Performance Units during the</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine</font><font style='font-family:Arial Narrow;font-size:11pt;' > months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >:</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:292.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >($ in thousands, except per share data)</font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:13.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='9' rowspan='1' style='width:259.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:259.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Nine Months Ended September 30,</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='4' rowspan='1' style='width:123pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:123pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:13.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='4' rowspan='1' style='width:123pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:123pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Weighted</font></td><td style='width:13.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Weighted</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:13.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Grant Date</font></td><td style='width:13.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Grant Date</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Fair Value</font></td><td style='width:13.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Fair Value</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' > </font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Shares</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Per Share</font></td><td colspan='2' rowspan='1' style='width:66pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:66pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Shares</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Per Share</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Unvested, beginning of period</font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >41,000</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.84</font></td><td style='width:13.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >70,000</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.23</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Granted</font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:13.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Forfeited</font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(6,000)</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.84</font></td><td style='width:13.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Vested and issued</font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:13.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Unvested, end of period</font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >35,000</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.84</font></td><td style='width:13.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >70,000</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.23</font></td></tr><tr style='height:13.5pt;' ><td style='width:292.5pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:13.5pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Compensation expense during the period</font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >4</font></td><td style='width:13.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >22</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Unrecognized compensation expense at period end</font></td><td style='width:52.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2</font></td><td style='width:13.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >17</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Weighted-average remaining vesting term (in years)</font></td><td style='width:52.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.2</font></td><td style='width:13.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.8</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Intrinsic value of unvested shares at period end</font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >79</font></td><td style='width:13.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >195</font></td></tr></table></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >NOTE </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >11</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >. STOCK INCENTIVE PLANS</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >On August 12, 2011, Bimini Capital&#8217;s shareholders approved the 2011 Long Term Compensation Plan (the &#8220;2011 Plan&#8221;) to assist the Company in recruiting and retaining employees, directors and other service providers by </font><font style='font-family:Arial Narrow;font-size:11pt;' >enabling them to participate in the success of Bimini Capital and to associate their interest</font><font style='font-family:Arial Narrow;font-size:11pt;' >s</font><font style='font-family:Arial Narrow;font-size:11pt;' > with those of the Company and its stockholders. The 2011 Plan is intended to permit the grant of stock options, stock appreciation rights (&#8220;SARs&#8221;), stock awards</font><font style='font-family:Arial Narrow;font-size:11pt;' >, performance units and other equity-based and incentive awards. The maximum aggregate number of shares of common stock that may be issued under the 2011 Plan pursuant to the exercise of options and SARs, the grant of stock awards or other equity-based aw</font><font style='font-family:Arial Narrow;font-size:11pt;' >ards and the settlement of incentive awards and performance units is equal to 4,000,000 shares.</font></p></div><p style='line-height:20pt;' /><div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-style:italic;margin-left:0pt;' >Performance Units</font></p><p style='text-align:justify;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The </font><font style='font-family:Arial Narrow;font-size:11pt;' >Compensation Committee of the Board of Directors of Bimini Capital (the &quot;Committee&quot;) </font><font style='font-family:Arial Narrow;font-size:11pt;' >may issue Performance Units under the 2011 Plan to certain officers and employees. &#8220;Performance Units&#8221; represent the participant&#8217;s right to receive an amount, based on the value of a specified number of shares of common </font><font style='font-family:Arial Narrow;font-size:11pt;' >stock, if the terms and conditions prescribed by the Committee are satisfied.&#160;&#160;The Committee will determine the requirements that must be satisfied before Performance Units are earned, including but not limited to any applicable performance period and perf</font><font style='font-family:Arial Narrow;font-size:11pt;' >ormance goals.&#160;&#160;Performance goals may relate to the Company&#8217;s financial performance or the participant&#8217;s performance or such other criteria determined by the Committee, including goals stated with reference to the performance measures discussed below.&#160;&#160;If </font><font style='font-family:Arial Narrow;font-size:11pt;' >Performance Units are earned, they will be settled in cash, shares of common stock or a combination thereof.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The following table presents </font><font style='font-family:Arial Narrow;font-size:11pt;' >the activity </font><font style='font-family:Arial Narrow;font-size:11pt;' >related to Performance Units during the</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine</font><font style='font-family:Arial Narrow;font-size:11pt;' > months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >:</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:292.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >($ in thousands, except per share data)</font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:13.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='9' rowspan='1' style='width:259.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:259.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Nine Months Ended September 30,</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='4' rowspan='1' style='width:123pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:123pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:13.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='4' rowspan='1' style='width:123pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:123pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Weighted</font></td><td style='width:13.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Weighted</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td><td style='width:13.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Average</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Grant Date</font></td><td style='width:13.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Grant Date</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Fair Value</font></td><td style='width:13.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Fair Value</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' > </font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Shares</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Per Share</font></td><td colspan='2' rowspan='1' style='width:66pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:66pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Shares</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Per Share</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Unvested, beginning of period</font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >41,000</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.84</font></td><td style='width:13.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >70,000</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.23</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Granted</font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:13.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Forfeited</font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(6,000)</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.84</font></td><td style='width:13.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Vested and issued</font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:13.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Unvested, end of period</font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >35,000</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.84</font></td><td style='width:13.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >70,000</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1.23</font></td></tr><tr style='height:13.5pt;' ><td style='width:292.5pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:13.5pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Compensation expense during the period</font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >4</font></td><td style='width:13.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:52.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >22</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Unrecognized compensation expense at period end</font></td><td style='width:52.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2</font></td><td style='width:13.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >17</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Weighted-average remaining vesting term (in years)</font></td><td style='width:52.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.2</font></td><td style='width:13.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >0.8</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Intrinsic value of unvested shares at period end</font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >79</font></td><td style='width:13.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:13.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial;font-size:8.5pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:52.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:52.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >195</font></td></tr></table></div> 5000 5000 32000 -5000 -5000 32000 35000 -2173000 12684000 0 0 1931000 1931000 12632000 70000 -2173000 <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >NOTE </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >15</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >. FAIR VALUE</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Authoritative accounting literature establishes a framework for using fair value to measure assets and liabilities and defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an </font><font style='font-family:Arial Narrow;font-size:11pt;' >exit price) as opposed to the price that would be paid to acquire the asset or received to assume the liability (an entry price). A fair value measure should reflect the assumptions that market participants would use in pricing the asset or liability, incl</font><font style='font-family:Arial Narrow;font-size:11pt;' >uding the assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of non-performance. Required disclosures include stratification of balance sheet amounts measured at </font><font style='font-family:Arial Narrow;font-size:11pt;' >fair value based on inputs the Company uses to derive fair value measurements. These stratifications are:</font></p><p style='text-align:left;line-height:13.8pt;' ></p><ul style='margin-top:0pt;' ><li style='list-style:disc;text-align:left;margin-top:0pt;margin-bottom:0pt;' ><font style='font-family:Arial Narrow;font-size:11pt;' >Level 1 valuations, where the valuation is based on quoted market prices for identical assets or liabilities traded in active markets (which include </font><font style='font-family:Arial Narrow;font-size:11pt;' >exchanges and over-the-counter markets with sufficient volume),</font></li><li style='list-style:disc;text-align:left;margin-top:0pt;margin-bottom:0pt;' ><font style='font-family:Arial Narrow;font-size:11pt;' >Level 2 valuations, where the valuation is based on quoted market prices for similar instruments traded in active markets, quoted prices for identical or similar instruments in markets that ar</font><font style='font-family:Arial Narrow;font-size:11pt;' >e not active and model-based valuation techniques for which all significant assumptions are observable in the market, and</font></li><li style='list-style:disc;text-align:left;margin-top:0pt;margin-bottom:0pt;' ><font style='font-family:Arial Narrow;font-size:11pt;' >Level 3 valuations, where the valuation is generated from model-based techniques that use significant assumptions not observable in th</font><font style='font-family:Arial Narrow;font-size:11pt;' >e market, but observable based on Company-specific data. These unobservable assumptions reflect the Company&#8217;s own estimates for assumptions that market participants would use in pricing the asset or liability. Valuation techniques typically include option </font><font style='font-family:Arial Narrow;font-size:11pt;' >pricing models, discounted cash flow models and similar techniques, but may also include the use of market prices of assets or liabilities that are not directly comparable to the subject asset or liability.</font></li></ul><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >MBS, Orchid common stock, retained interests and </font><font style='font-family:Arial Narrow;font-size:11pt;' >TBA securities were all recorded at fair value on a recurring basis during the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine and three</font><font style='font-family:Arial Narrow;font-size:11pt;' > months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >. When determining fair value measurements, the Company considers the principal or most advantageous market in which it would tr</font><font style='font-family:Arial Narrow;font-size:11pt;' >ansact and considers assumptions that market participants would use when pricing the asset. When possible, the Company looks to active and observable markets to price identical assets. When identical assets are not traded in active markets, the Company lo</font><font style='font-family:Arial Narrow;font-size:11pt;' >oks to market observable data for similar assets. Fair value measurements for the retained interests are generated by a model that requires management to make a significant number of assumptions.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >The Company&#39;s </font><font style='font-family:Arial Narrow;font-size:11pt;' >MBS</font><font style='font-family:Arial Narrow;font-size:11pt;' > and TBA securities are valued using Level 2 valuations, and such valuations currently are determined by the Company based on independent pricing sources and/or third party broker quotes, when available. Because the price estimates may vary, the Company must make certain judgments and assumptions about the appropriate price to use to calculate the fair values. The Company and the independent pricing sources use various valuation techniques to determine the price of the Company&#8217;s securities. These techniques include observing the most recent market for like or identical assets, spread pricing techniques (option adjusted spread, zero volatility spread, spread to the treasury curve or spread to a benchmark such as a TBA</font><font style='font-family:Arial Narrow;font-size:11pt;' > security</font><font style='font-family:Arial Narrow;font-size:11pt;' >), and model driven approaches (the discounted cash flow method, Black Scholes and SABR models which rely upon observable market rates such as the term structure of interest rates and the volatility). The appropriate spread pricing method used is based on market convention. The pricing source determines the spread of recently observed trade activity or observable markets for assets similar to those being priced. The spread is then adjusted based on variances in certain characteristics between the market observation and the asset being priced. Those characteristics include: type of asset, the expected life of the asset, the stability and predictability of the expected future cash flows of the asset, whether the coupon of the asset is fixed or adjustable, the guarantor of the security if applicable, the coupon, the maturity, the issuer, size of the underlying </font><font style='font-family:Arial Narrow;font-size:11pt;' >loans, year in which the underlying loans were originated, loan to value ratio, state in which the underlying loans reside, credit score of the underlying borrowers and other variables if appropriate. The fair value of the security is determined by using the adjusted spread. </font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The following table presents financial assets and liabilities measured at fair value on a recurring </font><font style='font-family:Arial Narrow;font-size:11pt;' >basis as of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >:</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:13.5pt;' ><td style='width:202.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Quoted Prices</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >in Active</font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Significant</font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Markets for</font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Other</font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Significant</font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Identical </font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Observable</font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Unobservable</font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Fair Value</font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Assets</font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Inputs</font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Inputs</font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Measurements</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(Level 1)</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(Level 2)</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(Level 3)</font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Mortgage-backed securities</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >212,209</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >212,209</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Orchid Island Capital, Inc. common stock</font></td><td style='width:14.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >11,020</font></td><td style='width:14.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >11,020</font></td><td style='width:14.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:14.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >TBA securities</font></td><td style='width:14.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >242</font></td><td style='width:14.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:14.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >242</font></td><td style='width:14.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >December 31, 2017</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Mortgage-backed securities</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >209,692</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >209,692</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Orchid Island Capital, Inc. common stock</font></td><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >14,106</font></td><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >14,106</font></td><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Retained interests in securitizations</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >653</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >653</font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The following table illustrates a roll forward for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine</font><font style='font-family:Arial Narrow;font-size:11pt;' > months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >:</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:13.5pt;' ><td style='width:360pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='3' rowspan='1' style='width:153.75pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:153.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;text-decoration:underline;color:#000000;' >Retained Interests in Securitizations</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='3' rowspan='1' style='width:153.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:153.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Nine Months Ended September 30,</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Balances, January 1</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >653</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,114</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Gain included in earnings</font></td><td style='width:14.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,105</font></td><td style='width:14.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >390</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Collections</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(1,758)</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(946)</font></td></tr><tr style='height:13.5pt;' ><td style='width:360pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Balances, September 30</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >558</font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >During the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine</font><font style='font-family:Arial Narrow;font-size:11pt;' > months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >, there were no transfers of financial assets or liabilities between levels 1, 2 or 3.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The retained interests are valued based on a discounted cash flow approach. These values are sensitive to </font><font style='font-family:Arial Narrow;font-size:11pt;' >changes in unobservable inputs, including: estimated prepayment speeds, default rates and loss severity, weighted-average life, and discount rates. Based on projected future cash flows, management </font><font style='font-family:Arial Narrow;font-size:11pt;' >determined, during the reporting quarter ended June 30, 2018, </font><font style='font-family:Arial Narrow;font-size:11pt;' >that the retained interests had no remainin</font><font style='font-family:Arial Narrow;font-size:11pt;' >g fair value. S</font><font style='font-family:Arial Narrow;font-size:11pt;' >ignificant increases or decreases in any of these inputs may result in significantly different fair value measurements.</font></p></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The following table illustrates a roll forward for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine</font><font style='font-family:Arial Narrow;font-size:11pt;' > months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >:</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:13.5pt;' ><td style='width:360pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='3' rowspan='1' style='width:153.75pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:153.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;text-decoration:underline;color:#000000;' >Retained Interests in Securitizations</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='3' rowspan='1' style='width:153.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:153.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Nine Months Ended September 30,</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Balances, January 1</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >653</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,114</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Gain included in earnings</font></td><td style='width:14.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,105</font></td><td style='width:14.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >390</font></td></tr><tr style='height:12.75pt;' ><td style='width:360pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Collections</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(1,758)</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(946)</font></td></tr><tr style='height:13.5pt;' ><td style='width:360pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:360pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Balances, September 30</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >558</font></td></tr></table></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The following table presents financial assets and liabilities measured at fair value on a recurring </font><font style='font-family:Arial Narrow;font-size:11pt;' >basis as of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >:</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:13.5pt;' ><td style='width:202.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Quoted Prices</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >in Active</font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Significant</font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Markets for</font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Other</font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Significant</font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Identical </font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Observable</font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Unobservable</font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Fair Value</font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Assets</font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Inputs</font></td><td style='width:14.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Inputs</font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Measurements</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(Level 1)</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(Level 2)</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >(Level 3)</font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Mortgage-backed securities</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >212,209</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >212,209</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Orchid Island Capital, Inc. common stock</font></td><td style='width:14.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >11,020</font></td><td style='width:14.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >11,020</font></td><td style='width:14.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:14.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >TBA securities</font></td><td style='width:14.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >242</font></td><td style='width:14.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:14.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >242</font></td><td style='width:14.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >December 31, 2017</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Mortgage-backed securities</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >209,692</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >209,692</font></td><td style='width:14.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:69.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Orchid Island Capital, Inc. common stock</font></td><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >14,106</font></td><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >14,106</font></td><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:202.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:202.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Retained interests in securitizations</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >653</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:14.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:69.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:69.75pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >653</font></td></tr></table></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0pt;' >NOTE </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >16</font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >. </font><font style='font-family:Arial Narrow;font-size:11pt;font-weight:bold;' >SEGMENT INFORMATION</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:24.5pt;' >The Company&#8217;s operations are classified into two principal reportable segments: the asset management segment and the investment portfolio segment.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:24.5pt;' >The asset management segment includes the investment advisory services </font><font style='font-family:Arial Narrow;font-size:11pt;' >provided by Bimini Advisors to Orchid and Royal Palm. As discussed in Note </font><font style='font-family:Arial Narrow;font-size:11pt;' >2</font><font style='font-family:Arial Narrow;font-size:11pt;' >, the revenues of the asset management segment consist of management fees and overhead reimbursements received pursuant to a management agreement with Orchid. Total revenues r</font><font style='font-family:Arial Narrow;font-size:11pt;' >eceived under this management agreement for the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine</font><font style='font-family:Arial Narrow;font-size:11pt;' > months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >, were approximately $5.9</font><font style='font-family:Arial Narrow;font-size:11pt;' > million and $5.4</font><font style='font-family:Arial Narrow;font-size:11pt;' > million, respectively, accounting for approximately </font><font style='font-family:Arial Narrow;font-size:11pt;' >4</font><font style='font-family:Arial Narrow;font-size:11pt;' >5</font><font style='font-family:Arial Narrow;font-size:11pt;' >% and 4</font><font style='font-family:Arial Narrow;font-size:11pt;' >8</font><font style='font-family:Arial Narrow;font-size:11pt;' >% of consolidated</font><font style='font-family:Arial Narrow;font-size:11pt;' > revenues, respectively.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:24.5pt;' >The investme</font><font style='font-family:Arial Narrow;font-size:11pt;' >nt portfolio segment includes the investment activities conducted by Bimini Capital and Royal Palm. The investment portfolio segment receives revenue in the form of interest and dividend income on its investments.</font></p><p style='text-align:left;line-height:13.8pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:24.5pt;' >Segment information for the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' > is as follows:</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:13.5pt;' ><td style='width:206.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Asset</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Investment</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Management</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Portfolio</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Corporate</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Eliminations</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Total</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Advisory services, external customers</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >5,933</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >5,933</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Advisory services, other operating segments</font><sup><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(1)</font></sup></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >185</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(185)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Interest and dividend income</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >7,396</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >7,397</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Interest expense</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2,796)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' > (1,097)</font><sup><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2)</font></sup></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(3,893)</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Net revenues</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >6,118</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >4,600</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(1,096)</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(185)</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >9,437</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Other</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(9,190)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' > 1,785 </font><sup><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(3)</font></sup></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(7,405)</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Operating expenses</font><sup><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(4)</font></sup></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2,174)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2,712)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(4,886)</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Intercompany expenses</font><sup><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(1)</font></sup></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(185)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >185</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Income (loss) before income taxes</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3,944</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(7,487)</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >689</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2,854)</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Asset</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Investment</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Management</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Portfolio</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Corporate</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Eliminations</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Total</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Advisory services, external customers</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >5,398</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >5,398</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Advisory services, other operating segments</font><sup><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(1)</font></sup></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >146</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(146)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Interest and dividend income</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >5,955</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >5,955</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Interest expense</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(1,110)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' > (914)</font><sup><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2)</font></sup></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2,024)</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Net revenues</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >5,544</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >4,845</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(914)</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(146)</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >9,329</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Other</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(1,698)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' > 140 </font><sup><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(3)</font></sup></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(1,558)</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Operating expenses</font><sup><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(4)</font></sup></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2,539)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2,012)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(4,551)</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Intercompany expenses</font><sup><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(1)</font></sup></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(146)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >146</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:13.5pt;' ><td style='width:206.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Income (loss) before income taxes</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3,005</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >989</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(774)</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3,220</font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Assets </font><font style='font-family:Arial Narrow;font-size:11pt;' >in each</font><font style='font-family:Arial Narrow;font-size:11pt;' > reportable segment were as follows:</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:13.5pt;' ><td style='width:270pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:270pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:270pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:270pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Asset</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Investment</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:270pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:270pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Management</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Portfolio</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Corporate</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Total</font></td></tr><tr style='height:12.75pt;' ><td style='width:270pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:270pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >September 30, 2018</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,500</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >269,186</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >15,857</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >286,543</font></td></tr><tr style='height:12.75pt;' ><td style='width:270pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:270pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >December 31, 2017</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,632</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >267,429</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >15,528</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >284,589</font></td></tr><tr style='height:12.75pt;' ><td style='width:270pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:270pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >September 30, 2017</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2,095</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >267,004</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >20,730</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >289,829</font></td></tr></table></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >Assets </font><font style='font-family:Arial Narrow;font-size:11pt;' >in each</font><font style='font-family:Arial Narrow;font-size:11pt;' > reportable segment were as follows:</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:13.5pt;' ><td style='width:270pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:270pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:270pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:270pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Asset</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Investment</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:270pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:270pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Management</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Portfolio</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Corporate</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Total</font></td></tr><tr style='height:12.75pt;' ><td style='width:270pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:270pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >September 30, 2018</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,500</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >269,186</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >15,857</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >286,543</font></td></tr><tr style='height:12.75pt;' ><td style='width:270pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:270pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >December 31, 2017</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1,632</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >267,429</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >15,528</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >284,589</font></td></tr><tr style='height:12.75pt;' ><td style='width:270pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:270pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >September 30, 2017</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >2,095</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >267,004</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >20,730</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >289,829</font></td></tr></table></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:24.5pt;' >Segment information for the </font><font style='font-family:Arial Narrow;font-size:11pt;' >nine</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >months ended </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' > is as follows:</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:13.5pt;' ><td style='width:206.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Asset</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Investment</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Management</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Portfolio</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Corporate</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Eliminations</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Total</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Advisory services, external customers</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >5,933</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >5,933</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Advisory services, other operating segments</font><sup><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(1)</font></sup></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >185</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(185)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Interest and dividend income</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >7,396</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >1</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >7,397</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Interest expense</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2,796)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' > (1,097)</font><sup><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2)</font></sup></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(3,893)</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Net revenues</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >6,118</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >4,600</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(1,096)</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(185)</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >9,437</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Other</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(9,190)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' > 1,785 </font><sup><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(3)</font></sup></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(7,405)</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Operating expenses</font><sup><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(4)</font></sup></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2,174)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2,712)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(4,886)</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Intercompany expenses</font><sup><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(1)</font></sup></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(185)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >185</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Income (loss) before income taxes</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3,944</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(7,487)</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >689</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2,854)</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-top-style:solid;border-top-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Asset</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Investment</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Management</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Portfolio</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Corporate</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Eliminations</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Total</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Advisory services, external customers</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >5,398</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >5,398</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Advisory services, other operating segments</font><sup><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(1)</font></sup></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >146</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(146)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Interest and dividend income</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >5,955</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >5,955</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Interest expense</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(1,110)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' > (914)</font><sup><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2)</font></sup></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2,024)</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Net revenues</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >5,544</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >4,845</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(914)</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(146)</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >9,329</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Other</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(1,698)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' > 140 </font><sup><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(3)</font></sup></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(1,558)</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Operating expenses</font><sup><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(4)</font></sup></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2,539)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(2,012)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(4,551)</font></td></tr><tr style='height:12.75pt;' ><td style='width:206.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Intercompany expenses</font><sup><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(1)</font></sup></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(146)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >146</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:13.5pt;' ><td style='width:206.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:206.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Income (loss) before income taxes</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3,005</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >989</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(774)</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >3,220</font></td></tr></table></div> 2208000 478000 -13000 121000 -6000 0 0 349000 0 207179000 0 207179000 2091000 0 2091000 730000 0 730000 442000 2650000 212208000 442000 212650000 0 0 0 0 0 0 0 0 14106000 14106000 0 0 653000 0 0 653000 10-Q Q3 Yes Non-accelerated Filer true false false 0 242188 4968740 0 3636718 0 <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The table below summarizes assets pledged </font><font style='font-family:Arial Narrow;font-size:11pt;' >to Bimini from counterparties </font><font style='font-family:Arial Narrow;font-size:11pt;' >under our </font><font style='font-family:Arial Narrow;font-size:11pt;' >derivative</font><font style='font-family:Arial Narrow;font-size:11pt;' > </font><font style='font-family:Arial Narrow;font-size:11pt;' >agreements </font><font style='font-family:Arial Narrow;font-size:11pt;' >as of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font><font style='font-family:Arial Narrow;font-size:11pt;' > Cash received as margin is recognized in cash and cash equivalents with a corresponding amount recognized as an increase in other liabilities in the consolidated balance sheets.</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:352.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:352.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >($ in thousands)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:352.5pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:352.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Assets Pledged to Bimini</font></td><td style='width:9pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td style='width:9pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >December 31, 2017</font></td></tr><tr style='height:12.75pt;' ><td style='width:352.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:352.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Cash</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >438</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td style='width:352.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:352.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >Total</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >438</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:82.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:82.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr></table></div> <div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Arial Narrow;font-size:11pt;margin-left:18pt;' >The following tables present information regarding those assets and liabilities subject to such arrang</font><font style='font-family:Arial Narrow;font-size:11pt;' >ements as if the Company had presented them on a net basis as of </font><font style='font-family:Arial Narrow;font-size:11pt;' >September 30, 2018</font><font style='font-family:Arial Narrow;font-size:11pt;' > and December 31, </font><font style='font-family:Arial Narrow;font-size:11pt;' >2017</font><font style='font-family:Arial Narrow;font-size:11pt;' >.</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:135pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-style:italic;color:#000000;' >(in thousands)</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:60pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td><td style='width:56.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:left;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td colspan='13' rowspan='1' style='width:541.5pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:541.5pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Offsetting of Assets</font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='4' rowspan='1' style='width:134.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:134.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Gross Amount Not Offset in the</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Net Amount</font></td><td colspan='4' rowspan='1' style='width:134.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:134.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Consolidated Balance Sheet</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Gross Amount</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >of Assets</font></td><td colspan='2' rowspan='1' style='width:69pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Financial</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:65.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Gross Amount</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Offset in the</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Presented in the</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Instruments</font></td><td colspan='2' rowspan='1' style='width:65.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Cash</font></td><td colspan='2' rowspan='1' style='width:65.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >of Recognized</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Consolidated</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Consolidated</font></td><td colspan='2' rowspan='1' style='width:69pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Received as</font></td><td colspan='2' rowspan='1' style='width:65.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Received as</font></td><td colspan='2' rowspan='1' style='width:65.25pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Net</font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td colspan='2' rowspan='1' style='width:69pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Assets</font></td><td colspan='2' rowspan='1' style='width:69pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Balance Sheet</font></td><td colspan='2' rowspan='1' style='width:69pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Balance Sheet</font></td><td colspan='2' rowspan='1' style='width:69pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:69pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Collateral</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Collateral</font></td><td colspan='2' rowspan='1' style='width:65.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:65.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >Amount</font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' >September 30, 2018</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:60pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:56.25pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:135pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:135pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >TBA securities</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >242</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >242</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:60pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:60pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >(242)</font></td><td style='width:9pt;border-bottom-style:double;border-bottom-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >$</font></td><td style='width:56.25pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:56.25pt;' ><font style='font-family:Arial Narrow;font-size:10pt;color:#000000;' >-</font></td></tr></table></div> 210267000 207179000 1223000 1476000 719000 1037000 1400000 1400000 -438000 0 438000 438000 0 0 242000 0 242000 0 -242000 0 11020000 11020000 0 0 0001275477

Open equity represents the cumulative gains (losses) recorded on open futures positions from inception.

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DOCUMENT AND ENTITY INFORMATION - shares
9 Months Ended
Sep. 30, 2018
Nov. 02, 2018
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2018  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q3  
Entity Registrant Name Bimini Capital Management, Inc.  
Entity Central Index Key 0001275477  
Entity Current Reporting Status Yes  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Ex Transition Period false  
Trading Symbol BMNM  
Class A Common Stock [Member]    
Entity Common Stock Shares Outstanding   12,682,445
Class B Common Stock [Member]    
Entity Common Stock Shares Outstanding   31,938
Class C Common Stock [Member]    
Entity Common Stock Shares Outstanding   31,938
XML 14 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Mortgage Backed Securities At Fair Value [Abstract]    
Pledged to counterparties $ 212,116,707 $ 209,269,791
Unpledged 92,098 422,341
Total mortgage-backed securities 212,208,805 209,692,132
Cash and cash equivalents 6,153,586 6,103,250
Restricted cash 3,750,730 2,649,610
Orchid Island Capital, Inc. common stock, at fair value 11,020,261 14,105,934
Retained interests in securitizations 0 653,380
Accrued interest receivable 775,127 746,121
Property and equipment, net 3,316,852 3,359,312
Derivative Assets 242,188 0
Deferred tax assets, net 45,005,351 44,524,584
Other assets 4,069,979 2,754,474
Total Assets 286,542,879 284,588,797
Liabilities    
Outstanding repurchase obligations 203,742,239 200,182,751
Junior subordinated notes due to Bimini Capital Trust II 26,804,440 26,804,440
Accrued interest payable 474,958 346,444
Other Liabilities 1,946,894 1,562,914
Total Liabilities 232,968,531 228,896,549
Stockholders' Equity    
Preferred stock 0 0
Common stock 12,748 12,725
Additional paid in capital 334,938,851 334,878,779
Accumulated deficit (281,377,251) (279,199,256)
Stockholders Equity 53,574,348 55,692,248
Total Liabilities and Stockholders' Equity 286,542,879 284,588,797
Class A Common Stock [Member]    
Stockholders' Equity    
Common stock 12,684 12,661
Class B Common Stock [Member]    
Stockholders' Equity    
Common stock 32 32
Class C Common Stock [Member]    
Stockholders' Equity    
Common stock 32 32
Residential Mortgage Backed Securities [Member]    
Mortgage Backed Securities At Fair Value [Abstract]    
Pledged to counterparties 212,116,707 209,269,791
Unpledged 92,098 422,341
Total mortgage-backed securities $ 212,208,805 $ 209,692,132
XML 15 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Class of Stock [Line Items]    
Preferred Stock Par Or Stated Value Per Share $ 0.001 $ 0.001
Preferred Shares Authorized 10,000,000 10,000,000
Preferred Shares Issued 0 0
Preferred Shares Outstanding 0 0
Preferred Stock Value $ 0 $ 0
Common Stock Par Or Stated Value Per Share $ 0.001 $ 0.001
Common Stock Value Outstanding $ 12,748 $ 12,725
Class A Common Stock [Member]    
Class of Stock [Line Items]    
Common Stock Par Or Stated Value Per Share $ 0.001 $ 0.001
Common Stock Shares Authorized 98,000,000 98,000,000
Common Stock Shares Issued 12,684,245 12,660,627
Common Stock Shares Outstanding 12,684,245 12,660,627
Common Stock Value Outstanding $ 12,684 $ 12,661
Class B Common Stock [Member]    
Class of Stock [Line Items]    
Common Stock Par Or Stated Value Per Share $ 0.001 $ 0.001
Common Stock Shares Authorized 1,000,000 1,000,000
Common Stock Shares Issued 31,938 31,938
Common Stock Shares Outstanding 31,938 31,938
Common Stock Value Outstanding $ 32 $ 32
Class C Common Stock [Member]    
Class of Stock [Line Items]    
Common Stock Par Or Stated Value Per Share $ 0.001 $ 0.001
Common Stock Shares Authorized 1,000,000 1,000,000
Common Stock Shares Issued 31,938 31,938
Common Stock Shares Outstanding 31,938 31,938
Common Stock Value Outstanding $ 32 $ 32
Preferred Undesignated [Member]    
Class of Stock [Line Items]    
Preferred Stock Par Or Stated Value Per Share $ 0.001 $ 0.001
Preferred Shares Authorized 9,900,000 9,900,000
Preferred Shares Issued 0 0
Preferred Shares Outstanding 0 0
SeriesAPreferredStockMember    
Class of Stock [Line Items]    
Preferred Stock Par Or Stated Value Per Share $ 0.001 $ 0.001
Preferred Shares Authorized 100,000 100,000
Preferred Shares Issued 0 0
Preferred Shares Outstanding 0 0
XML 16 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues        
Advisory services $ 1,873,002 $ 1,939,974 $ 5,933,461 $ 5,398,019
Interest income 2,054,249 1,513,511 6,135,025 4,075,160
Orchid Island Capital, Inc. dividends 380,009 638,415 1,261,630 1,880,245
Total revenues 4,307,260 4,091,900 13,330,116 11,353,424
Interest expense on repurchase agreements 1,049,174 503,632 2,795,728 1,110,387
Interest expense on junior subordinated notes 388,012 316,176 1,097,497 914,055
Net revenues 2,870,074 3,272,092 9,436,891 9,328,982
Other income:        
Unrealized (losses) gains on mortgage-backed securities (1,593,237) 168,034 (8,407,020) (296,002)
Realized gains on mortgage-backed securities (473,165) 0 (576,521) (689)
Unrealized losses on Orchid Island Capital, Inc. common stock (410,410) 501,612 (3,085,673) (823,308)
(Losses) gains on derivative instruments 947,850 (18,813) 3,558,272 (828,825)
Gains on retained interests in securitizations 1,356,887 85,451 1,105,056 389,568
Other expense, net 133 366 1,047 1,223
Total other income (171,942) 736,650 (7,404,839) (1,558,033)
Expenses        
Compensation and related benefits 968,672 868,924 3,071,203 2,683,872
Directors fees and liability insurance 160,613 165,040 481,838 498,140
Audit, legal and other professional fees 48,879 120,419 347,385 346,999
Administrative and other expenses 317,743 364,058 985,196 1,022,377
Total expenses 1,495,907 1,518,441 4,885,622 4,551,388
Net (loss) income before income tax provision (benefit) 1,202,225 2,490,301 (2,853,570) 3,219,561
Income tax provision (benefit) 328,735 989,081 (675,575) 1,283,181
Net (loss) income $ 873,490 $ 1,501,220 $ (2,177,995) $ 1,936,380
Class A Common Stock [Member]        
Basic and Diluted Net (Loss) Income Per Share of:        
Basic $ 0.07 $ 0.12 $ (0.17) $ 0.15
Diluted $ 0.07 $ 0.12 $ (0.17) $ 0.15
Weighted Average Shares Outstanding        
Weighted Average Shares - Basic and Diluted 12,732,812 12,701,627 12,718,667 12,701,627
Class B Common Stock [Member]        
Basic and Diluted Net (Loss) Income Per Share of:        
Basic $ 0.07 $ 0.12 $ (0.17) $ 0.15
Diluted $ 0.07 $ 0.12 $ (0.17) $ 0.15
Weighted Average Shares Outstanding        
Weighted Average Shares - Basic and Diluted 31,938 31,938 31,938 31,938
XML 17 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 9 months ended Sep. 30, 2018 - USD ($)
Total
Class A Common Stock [Member]
Common Stock [Member]
Common Stock [Member]
Class A Common Stock [Member]
Additional Paid In Capital [Member]
Additional Paid In Capital [Member]
Class A Common Stock [Member]
Retained Earnings [Member]
Retained Earnings [Member]
Class A Common Stock [Member]
Beginning Balances at Dec. 31, 2017 $ 55,692,248   $ 12,725   $ 334,878,779   $ (279,199,256)  
Increase (Decrease) in Stockholders' Equity                
Net income (2,177,995)   0   0   (2,177,995)  
Class A common shares sold directly to employees 199,997 $ 199,997 83 $ 83 199,914 $ 199,914 0 $ 0
Stock Repurchased And Retired During Period Value (143,820) $ (143,820) (60) $ (60) (143,760) $ (143,760) 0 $ 0
Amortization of stock based compensation 3,918   0   3,918   0  
Ending Balances at Sep. 30, 2018 $ 53,574,348   $ 12,748   $ 334,938,851   $ (281,377,251)  
XML 18 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) income $ (2,177,995) $ 1,936,380
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Stock based compensation 3,918 21,515
Depreciation 57,853 57,903
Deferred income tax provision (benefit) (480,767) 1,200,403
Losses (gains) on mortgage-backed securities 8,983,541 296,691
Gains on retained interests in securitizations (1,105,056) (389,568)
Unrealized losses on Orchid Island Capital, Inc. common stock (3,085,673) (823,308)
Realized and unrealized losses on TBA securities 19,297 0
Changes in operating assets and liabilities    
Accrued interest receivable (29,006) (198,270)
Other assets (1,315,505) 20,445
Accrued interest payable 128,514 133,397
Other liabilities 383,980 (678,809)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 7,515,853 3,223,395
From mortgage-backed securities investments    
Purchases (91,578,375) (77,294,851)
Sales 60,431,192 1,654,834
Principal repayments 19,646,969 7,654,912
Payments received on retained interests in securitizations 426,414 945,645
Proceeds From Termination of Retained Interests 4,968,740 0
Costs Associated With the Termination of Retained Interests 3,636,718 0
Purchases of property and equipment (15,393) (29,379)
Net setlement of forward settling TBA contracts 222,891 0
Purchases of Orchid Island Capital Inc., common stock 0 1,204,235
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (9,980,062) (68,273,074)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from repurchase agreements 1,233,087,584 762,398,624
Principal payments on repurchase agreements (1,229,528,096) (696,852,430)
Payments For Repurchase Of Common Stock 143,820 0
Class A common shares sold directly to employees 199,997 0
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES 3,615,665 65,546,194
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 1,151,456 496,515
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 8,752,860 5,651,437
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 9,904,316 6,147,952
Cash paid during the period for:    
Interest 3,764,711 1,891,045
Income Taxes 1,418,880 261,492
TBA Contracts [Member]    
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Realized and unrealized losses on TBA securities (19,297) 0
From mortgage-backed securities investments    
Net setlement of forward settling TBA contracts 222,891 0
Class A Common Stock [Member]    
CASH FLOWS FROM FINANCING ACTIVITIES    
Payments For Repurchase Of Common Stock 143,820 0
Class A common shares sold directly to employees $ 199,997 $ 0
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Organization and Significant Accounting Policies

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Business Description

Bimini Capital Management, Inc., a Maryland corporation (“Bimini Capital” or the “Company”) formed in September 2003, is a holding company. The Company operates in two business segments through its principal operating subsidiaries, Bimini Advisors Holdings, LLC and Royal Palm Capital, LLC.

Bimini Advisors Holdings, LLC and its wholly-owned subsidiary, Bimini Advisors, LLC (a registered investment advisor), are collectively referred to as "Bimini Advisors." Bimini Advisors manages a residential mortgage-backed securities (“MBS”) portfolio for Orchid Island Capital, Inc. ("Orchid") and receives fees for providing these services. Bimini Advisors also manages the MBS portfolio of Royal Palm Capital, LLC.

Royal Palm Capital, LLC maintains an investment portfolio, consisting primarily of MBS investments, for its own benefit. Royal Palm Capital, LLC and its wholly-owned subsidiaries are collectively referred to as "Royal Palm."

Consolidation

The accompanying consolidated financial statements include the accounts of Bimini Capital, Bimini Advisors and Royal Palm. All inter-company accounts and transactions have been eliminated from the consolidated financial statements.

Financial Accounting Standards Board (the "FASB") Accounting Standards Codification ("ASC") Topic 810, Consolidation, requires the consolidation of a variable interest entity ("VIE") by an enterprise if it is deemed the primary beneficiary of the VIE. Bimini Capital has a common share investment in a trust used in connection with the issuance of Bimini Capital's junior subordinated notes. See Note 9 for a description of the accounting used for this VIE.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine and three month periods ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018.

The consolidated balance sheet at December 31, 2017 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete consolidated financial statements. For further information, refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying consolidated financial statements include determining the fair values of MBS, investment in Orchid common shares, derivatives and retained interests, determining the amounts of asset valuation allowances, and the computation of the income tax provision or benefit and the deferred tax asset allowances recorded for each accounting period.

Statement of Comprehensive Income

In accordance with ASC Topic 220, Comprehensive Income, a statement of comprehensive income has not been included as the Company has no items of other comprehensive income (loss).  Comprehensive (loss) income is the same as net (loss) income for all periods presented.

Segment Reporting

The Company’s operations are classified into two principal reportable segments: the asset management segment and the investment portfolio segment. These segments are evaluated by management in deciding how to allocate resources and in assessing performance. The accounting policies of the operating segments are the same as the Company’s accounting policies with the exception that inter-segment revenues and expenses are included in the presentation of segment results. For further information see Note 16.

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents include cash on deposit with financial institutions and highly liquid investments with original maturities of three months or less at the time of purchase. Restricted cash includes cash pledged as collateral for repurchase agreements and derivative instruments. The following table presents the Company’s cash, cash equivalents and restricted cash as of September 30, 2018 and December 31, 2017.

(in thousands)
September 30, 2018December 31, 2017
Cash and cash equivalents$6,153,586$6,103,250
Restricted cash3,750,7302,649,610
Total cash, cash equivalents and restricted cash$9,904,316$8,752,860

The Company maintains cash balances at several banks and, at times, these balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. The Federal Deposit Insurance Corporation insures eligible accounts up to $250,000 per depositor at each financial institution. At September 30, 2018, the Company’s cash deposits exceeded federally insured limits by approximately $4.8 million. The Company also maintains excess margin in accounts with derivative exchanges. Restricted cash balances are uninsured, but are held in separate customer accounts that are segregated from the general funds of the counterparty. The Company limits uninsured balances to only large, well-known banks and derivative counterparties and believes that it is not exposed to significant credit risk on cash and cash equivalents or restricted cash balances.

Advisory Services

Orchid is externally managed and advised by Bimini Advisors pursuant to the terms of a management agreement. Under the terms of the management agreement, Orchid is obligated to pay Bimini Advisors a monthly management fee and a pro rata portion of certain overhead costs and to reimburse the Company for any direct expenses incurred on its behalf.

Mortgage-Backed Securities

The Company invests primarily in mortgage pass-through (“PT”) certificates, collateralized mortgage obligations, and interest-only (“IO”) securities and inverse interest-only (“IIO”) securities representing interest in or obligations backed by pools of mortgage-backed loans. The Company has elected to account for its investment in MBS under the fair value option. Electing the fair value option requires the Company to record changes in fair value in the consolidated statement of operations, which, in management’s view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed.

The Company records MBS transactions on the trade date. Security purchases that have not settled as of the balance sheet date are included in the MBS balance with an offsetting liability recorded, whereas securities sold that have not settled as of the balance sheet date are removed from the MBS balance with an offsetting receivable recorded.

The fair value of the Company’s investment in MBS is governed by ASC Topic 820, Fair Value Measurement.  The definition of fair value in ASC Topic 820 focuses on the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. The fair value measurement assumes that the transaction to sell the asset or transfer the liability either occurs in the principal market for the asset or liability, or in the absence of a principal market, occurs in the most advantageous market for the asset or liability. Estimated fair values for MBS are based on independent pricing sources and/or third-party broker quotes, when available.

Income on PT MBS is based on the stated interest rate of the security. Premiums or discounts present at the date of purchase are not amortized. Premium lost and discount accretion resulting from monthly principal repayments are reflected in unrealized gains on MBS in the consolidated statements of operations. For IO securities, the income is accrued based on the carrying value and the effective yield. The difference between income accrued and the interest received on the security is characterized as a return of investment and serves to reduce the asset’s carrying value. At each reporting date, the effective yield is adjusted prospectively for future reporting periods based on the new estimate of prepayments and the contractual terms of the security. For IIO securities, effective yield and income recognition calculations also take into account the index value applicable to the security. Changes in fair value of MBS during each reporting period are recorded in earnings and reported as unrealized gains or losses on mortgage-backed securities in the accompanying consolidated statements of operations. The amount reported as unrealized gains or losses on mortgage backed securities thus captures the net effect of changes in the fair market value of securities caused by market developments and any premium or discount lost as a result of principal repayments during the period.

Orchid Island Capital, Inc. Common Stock

The Company has elected the fair value option for its investment in Orchid common shares. The change in the fair value of this investment and dividends received on this investment are reflected in the consolidated statements of operations. We estimate the fair value of our investment in Orchid on a market approach using “Level 1” inputs based on the quoted market price of Orchid’s common stock on a national stock exchange. Electing the fair value option requires the Company to record changes in fair value in the consolidated statements of operations, which, in management’s view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with how the investment is managed.

Retained Interests in Securitizations

Retained interests in the subordinated tranches of securities created in securitization transactions were initially recorded at their fair value when issued by Royal Palm. Subsequent adjustments to fair value were reflected in the consolidated statements of operations.

Derivative Financial Instruments

The Company uses derivative instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may continue to do so in the future. The principal instruments that the Company has used to date are Treasury Note (“T-Note”) and Eurodollar futures contracts, and “to-be-announced” (“TBA”) securities transactions, but it may enter into other derivatives in the future.

The Company accounts for TBA securities as derivative instruments if either the TBA securities do not settle in the shortest period of time possible or if the Company cannot assert that it is probable at inception of the TBA transaction, or throughout its term, that it will take physical delivery of the MBS for a long position, or make delivery of the MBS for a short position, upon settlement of the trade. Gains and losses associated with TBA securities transactions are reported in gain (loss) on derivative instruments in the accompanying consolidated statements of operations.

The Company does not account for any of its derivative financial instruments as hedges in order to align the accounting treatment of its derivative instruments with the treatment of its portfolio assets under the fair value option. FASB ASC Topic 815, Derivatives and Hedging, requires that all derivative instruments be carried at fair value. Changes in fair value are recorded in the consolidated operations for each period.

Holding derivatives creates exposure to credit risk related to the potential for failure by counterparties to honor their commitments. In addition, the Company may be required to post collateral based on any declines in the market value of the derivatives. In the event of default by a counterparty, the Company may have difficulty recovering its collateral and may not receive payments provided for under the terms of the agreement. To mitigate this risk, the Company uses only well-established commercial banks as counterparties.

Financial Instruments

ASC Topic 825, Financial Instruments, requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value, either in the body of the financial statements or in the accompanying notes. MBS, Orchid common stock, derivative assets, interest rate swaptions and retained interests in securitization transactions are accounted for at fair value in the consolidated balance sheets. The methods and assumptions used to estimate fair value for these instruments are presented in Note 15 of the consolidated financial statements.

The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, other assets, repurchase agreements, accrued interest payable and other liabilities generally approximates their carrying value as of September 30, 2018 and December 31, 2017, due to the short-term nature of these financial instruments.

It is impractical to estimate the fair value of the Company’s junior subordinated notes. Currently, there is a limited market for these types of instruments and the Company is unable to ascertain what interest rates would be available to the Company for similar financial instruments. Further Information regarding these instruments is presented in Note 9 to the consolidated financial statements.

Property and Equipment, net

Property and equipment, net, consists of computer equipment with a depreciable life of 3 years, office furniture and equipment with depreciable lives of 8 to 20 years, land which has no depreciable life, and buildings and improvements with depreciable lives of 30 years. Property and equipment is recorded at acquisition cost and depreciated using the straight-line method over the estimated useful lives of the assets.

Repurchase Agreements

The Company finances the acquisition of the majority of its PT MBS through the use of repurchase agreements under master repurchase agreements. Pursuant to ASC Topic 860, Transfers and Servicing, the Company accounts for repurchase transactions as collateralized financing transactions, which are carried at their contractual amounts, including accrued interest, as specified in the respective agreements.

Share-Based Compensation

The Company follows the provisions of ASC Topic 718, Compensation – Stock Compensation, to account for stock and stock-based awards. For stock and stock-based awards issued to employees, a compensation charge is recorded against earnings over the vesting period based on the fair value of the award. The Company applies a zero forfeiture rate for its equity based awards, as such awards have been granted to a limited number of employees and historical forfeitures have been minimal. A significant forfeiture, or an indication that significant forfeitures may occur, would result in a revised forfeiture rate which would be accounted for prospectively as a change in an estimate. For transactions with non-employees in which services are performed in exchange for the Company’s common stock or other equity instruments, the transactions are recorded on the basis of the fair value of the service received or the fair value of the equity instruments issued, whichever is more readily measurable at the date of the issuance of the common stock.

Earnings Per Share

The Company follows the provisions of ASC Topic 260, Earnings Per Share, which requires companies with complex capital structures, common stock equivalents or two (or more) classes of securities that participate in dividend distributions to present both basic and diluted earnings per share (“EPS”) on the face of the consolidated statement of operations. Basic EPS is calculated as income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated using the treasury stock or two-class method, as applicable for common stock equivalents. However, the common stock equivalents are not included in computing diluted EPS if the result is anti-dilutive.

Outstanding shares of Class B Common Stock, participating and convertible into Class A Common Stock, are entitled to receive dividends in an amount equal to the dividends declared, if any, on each share of Class A Common Stock. Accordingly, shares of the Class B Common Stock are included in the computation of basic EPS using the two-class method and, consequently, are presented separately from Class A Common Stock.

The shares of Class C Common Stock are not included in the basic EPS computation as these shares do not have participation rights. The outstanding shares of Class B and Class C Common Stock are not included in the computation of diluted EPS for the Class A Common Stock as the conditions for conversion into shares of Class A Common Stock were not met.

Income Taxes

Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities represent the differences between the financial statement and income tax bases of assets and liabilities using enacted tax rates. The measurement of net deferred tax assets is adjusted by a valuation allowance if, based on the Company’s evaluation, it is more likely than not that they will not be realized.

The Company’s U.S. federal income tax returns for years ended on or after December 31, 2015 remain open for examination. Although management believes its calculations for tax returns are correct and the positions taken thereon are reasonable, the final outcome of tax audits could be materially different from the tax returns filed by the Company, and those differences could result in significant costs or benefits to the Company. For tax filing purposes, Bimini Capital and Bimini Advisors are consolidated as a single tax paying entity. Royal Palm files as a separate tax paying entity.

The Company measures, recognizes and presents its uncertain tax positions in accordance with ASC Topic 740, Income Taxes. Under that guidance, the Company assesses the likelihood, based on their technical merit, that tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. The measurement of uncertain tax positions is adjusted when new information is available, or when an event occurs that requires a change. The Company recognizes tax positions in the financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The difference between the benefit recognized and the tax benefit claimed on a tax return is referred to as an unrecognized tax benefit and is recorded as a liability in the consolidated balance sheets. The Company records income tax-related interest and penalties, if applicable, within the income tax provision.

On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed into law by President Trump. The Tax Reform Act significantly revised the U.S. corporate income tax code by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. On the same date, the Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 which specifies, among other things, that reasonable estimates of the income tax effects of the Tax Reform Act should be used, if determinable. The Company has accounted for the effects of the Tax Reform Act using reasonable estimates based on currently available information and its interpretations thereof. This accounting may change due to, among other things, changes in interpretations the Company has made and the issuance of new tax or accounting guidance. GAAP requires that the effects of a change in tax rate on the value of deferred tax assets and deferred tax liabilities be recognized upon enactment.

Reclassifications

Certain prior period amounts have been reclassified to conform to current period presentations.

Recent Accounting Pronouncements

In November 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows – (Topic 230): Restricted Cash. ASU 2016-18 requires that restricted cash and restricted cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. ASU 2016-18 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017. Early application is permitted. The Company early adopted the ASU beginning with the first quarter of 2017.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows – (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU 2016-15 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017. Early application is permitted. The Company’s adoption of this ASU did not have a material impact on its consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). ASU 2016-13 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2019. Early application is permitted for fiscal periods beginning after December 15, 2018. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements.

In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 provides guidance for the recognition, measurement, presentation and disclosure of financial assets and financial liabilities. ASU 2016-01 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017 and, for most provisions, is effective using the cumulative-effect transition approach. Early application is permitted for certain provisions. The Company’s adoption of this ASU did not have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which implements a common revenue standard and clarifies the principles used for recognizing revenue. The amendments in the ASU clarify that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in ASU No. 2014-09 became effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Interest income from MBS and dividend income from the investment in Orchid are scoped out of the new revenue recognition standard. Management fee income is within the scope of the new revenue recognition standard. As a result of the new revenue recognition standard there is no change to the recognition of management fees revenue as management fees are still recognized on a pro-rata basis during the period which the service is provided. Therefore the adoption of this ASU did not have a material impact on its consolidated financial statements.

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ADVISORY SERVICES
9 Months Ended
Sep. 30, 2018
Advisory Services [Abstract]  
Advisory Services [Text Block]

NOTE 2. ADVISORY SERVICES

Bimini Advisors serves as the manager and advisor for Orchid pursuant to the terms of a management agreement. As Manager, Bimini Advisors 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 Advisors is at all times subject to the supervision and oversight of Orchid's board of directors and has only such functions and authority as delegated to it. Bimini Advisors receives a monthly management fee in the amount of:

  • One-twelfth of 1.5% of the first $250 million of the Orchid’s equity, as defined in the management agreement,
  • One-twelfth of 1.25% of the Orchid’s equity that is greater than $250 million and less than or equal to $500 million, and
  • One-twelfth of 1.00% of the Orchid’s equity that is greater than $500 million.

Orchid is obligated to reimburse Bimini Advisors for any direct expenses incurred on its behalf and to pay to Bimini Advisors an amount equal to Orchid's pro rata portion of certain overhead costs set forth in the management agreement. The management agreement has been renewed through February 20, 2019 and provides for automatic one-year extension options thereafter. Should Orchid terminate the management agreement without cause, it will pay to Bimini Advisors a termination fee equal to three times the average annual management fee, as defined in the management agreement, before or on the last day of the current automatic renewal term.

The following table summarizes the advisory services revenue from Orchid for the nine and three months ended September 30, 2018 and 2017.

(in thousands)
Nine Months Ended September 30,Three Months Ended September 30,
2018201720182017
Management fee$4,800$4,230$1,482$1,528
Allocated overhead1,1331,168391412
Total$5,933$5,398$1,873$1,940

At September 30, 2018 and December 31, 2017, the net amount due from Orchid was approximately $0.6 million and $0.8 million, respectively. These amounts are included in “other assets” in the consolidated balance sheets.

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MORTGAGE-BACKED SECURITIES
9 Months Ended
Sep. 30, 2018
Mortgage Backed Securities [Abstract]  
Mortgage-Backed Securities

NOTE 3. MORTGAGE-BACKED SECURITIES

The following table presents the Company’s MBS portfolio as of September 30, 2018 and December 31, 2017:

(in thousands)
September 30, 2018December 31, 2017
Fixed-rate MBS$210,267$207,179
Interest-Only MBS1,2231,476
Inverse Interest-Only MBS7191,037
Total$212,209$209,692

At September 30, 2018 and December 31, 2017, the portfolio consisted entirely of securities with contractual maturities in excess of ten years. Actual maturities of MBS investments are generally shorter than stated contractual maturities and are affected by the contractual lives of the underlying mortgages, periodic payments of principal, and prepayments of principal.

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RETAINED INTERESTS IN SECURITIZATIONS
9 Months Ended
Sep. 30, 2018
Retained Interests In Securitizations [Abstract]  
Retained Interests In Securitizations

NOTE 4. RETAINED INTERESTS IN SECURITIZATIONS

The following table summarizes the estimated fair value of the Company’s retained interests in asset backed securities as of September 30, 2018 and December 31, 2017. The retained interests are valued based on a discounted cash flow approach. These values are sensitive to changes in unobservable inputs, including: estimated prepayment speeds, default rates and loss severity, weighted-average life, and discount rates. Based on projected future cash flows, management determined, during the reporting quarter ended June 30, 2018, that the retained interests had no remaining fair value. Significant increases or decreases in any of these inputs may result in significantly different fair value measurements.

(in thousands)
SeriesIssue DateSeptember 30, 2018December 31, 2017
HMAC 2004-3June 30, 2004$-$177
HMAC 2004-4August 16, 2004-386
HMAC 2004-5September 28, 2004-90
Total$-$653

During the three months ended September 30, 2018, the Company completed a transaction whereby certain securitizations associated with its retained interest positions were terminated by exercising the Company’s optional early termination rights. As part of the early termination, the Company received net distributions of approximately $1.4 million

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REPURCHASE AGREEMENTS
9 Months Ended
Sep. 30, 2018
Disclosure of Repurchase Agreements [Abstract]  
Repurchase Agreements

NOTE 5. REPURCHASE AGREEMENTS

As of September 30, 2018, the Company had outstanding repurchase agreement obligations of approximately $203.7 million with a net weighted average borrowing rate of 2.26%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $212.9 million, and cash pledged to counterparties of approximately $3.2 million. As of December 31, 2017, the Company had outstanding repurchase agreement obligations of approximately $200.2 million with a net weighted average borrowing rate of 1.52%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $210.0 million, and cash pledged to counterparties of approximately $2.2 million.

As of September 30, 2018 and December 31, 2017, the Company’s repurchase agreements had remaining maturities as summarized below:

($ in thousands)
OVERNIGHTBETWEEN 2BETWEEN 31GREATER
(1 DAY ORANDANDTHAN
LESS)30 DAYS90 DAYS90 DAYSTOTAL
September 30, 2018
Fair value of securities pledged, including accrued
interest receivable$1,084$137,102$74,702$-$212,888
Repurchase agreement liabilities associated with
these securities$828$132,039$70,875$-$203,742
Net weighted average borrowing rate2.58%2.22%2.32%- 2.26%
December 31, 2017
Fair value of securities pledged, including accrued
interest receivable$-$94,649$115,350$-$209,999
Repurchase agreement liabilities associated with
these securities$-$90,686$109,497$-$200,183
Net weighted average borrowing rate- 1.47%1.56%- 1.52%

If, during the term of a repurchase agreement, a lender files for bankruptcy, the Company might experience difficulty recovering its pledged assets, which could result in an unsecured claim against the lender for the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged to such lender, including the accrued interest receivable, and cash posted by the Company as collateral, if any. At September 30, 2018 and December 31, 2017, the Company had an aggregate amount at risk (the difference between the amount loaned to the Company, including interest payable, and the fair value of securities and cash pledged (if any), including accrued interest on such securities) with all counterparties of approximately $11.9 million and $11.7 million, respectively. The Company did not have an amount at risk with any individual counterparty greater than 10% of the Company’s equity at September 30, 2018 or December 31, 2017.

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DERIVATIVE FINANCIAL INSTRUMENTS
9 Months Ended
Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments

NOTE 6. DERIVATIVE FINANCIAL INSTRUMENTS

In connection with its interest rate risk management strategy, the Company economically hedges a portion of the cost of its repurchase agreement funding and junior subordinated notes by entering into derivatives and other hedging contracts. To date the Company has entered into Eurodollar and T-Note futures contracts, but may enter into other contracts in the future. The Company has not elected hedging treatment under GAAP, and as such all gains or losses (realized and unrealized) on these instruments are reflected in earnings for all periods presented.

In addition, the Company utilizes TBA securities as a means of investing in and financing MBS or as a means of reducing its exposure to MBS. The Company accounts for TBA securities as derivative instruments if either the TBA securities do not settle in the shortest period of time possible or if the Company cannot assert that it is probable at inception and throughout the term of the TBA securities that it will take physical delivery of the MBS for a long position, or make delivery of the MBS for a short position, upon settlement of the trade.

Derivative Assets (Liabilities), at Fair Value

The table below summarizes fair value information about our derivative assets and liabilities as of September 30, 2018 and December 31, 2017.

(in thousands)
Derivative Instruments and Related AccountsBalance Sheet LocationSeptember 30, 2018December 31, 2017
Assets
TBA SecuritiesDerivative assets, at fair value$242$-
Total derivative assets, at fair value$242$-
Margin Balances Posted to (from) Counterparties
Futures contractsRestricted cash$549$442
TBA securitiesOther liabilities(438)-
Total margin balances on derivative contracts$111$442

Eurodollar and T-Note futures are cash settled futures contracts on an interest rate, with gains and losses credited or charged to the Company’s cash accounts on a daily basis. A minimum balance, or “margin”, is required to be maintained in the account on a daily basis. The tables below present information related to the Company’s Eurodollar positions at September 30, 2018 and December 31, 2017.

($ in thousands)
As of September 30, 2018
Repurchase Agreement Funding Hedges
AverageWeightedWeighted
ContractAverageAverage
NotionalEntryEffectiveOpen
Expiration YearAmountRateRateEquity(1)
2019$100,0002.41%3.01%$603
2020100,0002.64%3.17%523
2021100,0002.80%3.13%328
Total / Weighted Average$100,0002.62%3.10%$1,454

($ in thousands)
As of September 30, 2018
Junior Subordinated Debt Funding Hedges
AverageWeightedWeighted
ContractAverageAverage
NotionalEntryEffectiveOpen
Expiration YearAmountRateRateEquity(1)
2019$26,0001.63%3.01%$359
202026,0001.95%3.17%317
202126,0002.22%3.13%237
Total / Weighted Average$26,0001.93%3.10%$913

($ in thousands)
As of December 31, 2017
Repurchase Agreement Funding Hedges
AverageWeightedWeighted
ContractAverageAverage
NotionalEntryEffectiveOpen
Expiration YearAmountRateRateEquity(1)
2018$60,0001.90%1.97%$41
201960,0002.32%2.27%(31)
202060,0002.60%2.36%(145)
202160,0002.80%2.42%(230)
Total / Weighted Average$60,0002.41%2.25%$(365)

($ in thousands)
As of December 31, 2017
Junior Subordinated Debt Funding Hedges
AverageWeightedWeighted
ContractAverageAverage
NotionalEntryEffectiveOpen
Expiration YearAmountRateRateEquity(1)
2018$26,0001.84%1.97%$33
201926,0001.63%2.27%$166
202026,0001.95%2.36%$107
202126,0002.22%2.42%$51
Total / Weighted Average$26,0001.91%2.25%$357

The following table summarizes our contracts to purchase and sell TBA securities as of September 30, 2018.

($ in thousands)
NotionalNet
AmountCostMarketCarrying
Long (Short)(1)Basis(2)Value(3)Value(4)
September 30, 2018
30-Year TBA Securities:
3.0%$(50,000)$48,078$48,320$242

  • Notional amount represents the par value (or principal balance) of the underlying Agency MBS.
  • Cost basis represents the forward price to be paid (received) for the underlying Agency MBS.
  • Market value represents the current market value of the TBA securities (or of the underlying Agency MBS) as of period-end.
  • Net carrying value represents the difference between the market value and the cost basis of the TBA securities as of period-end and is reported in derivative assets (liabilities), at fair value in our consolidated balance sheets.

Gains (Losses) On Derivative Instruments

The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the nine and three months ended September 30, 2018 and 2017

(in thousands)
Nine Months Ended September 30,Three Months Ended September 30,
2018201720182017
Eurodollar futures contracts (short positions)
Repurchase agreement funding hedges$2,101$(578)$478$(13)
Junior subordinated debt funding hedges679(251)121(6)
T-Note futures contracts (short positions)
Repurchase agreement funding hedges759---
Net TBA securities19-349-
Gains (losses) on derivative instruments$3,558$(829)$948$(19)

Credit Risk-Related Contingent Features

The use of derivatives creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the contracts. The Company attempts to minimize this risk in several ways. For instruments which are not centrally cleared on a registered exchange, the Company limits its counterparties to major financial institutions with acceptable credit ratings, and by monitoring positions with individual counterparties. In addition, the Company may be required to pledge assets as collateral for its derivatives, whose amounts vary over time based on the market value, notional amount and remaining term of the derivative contract. In the event of a default by a counterparty, the Company may not receive payments provided for under the terms of its derivative agreements, and may have difficulty recovering its assets pledged as collateral for its derivatives. The cash and cash equivalents pledged as collateral for the Company’s derivative instruments are included in restricted cash on the consolidated balance sheets.

[1]
[1]

Open equity represents the cumulative gains (losses) recorded on open futures positions from inception.

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PLEDGED ASSETS
9 Months Ended
Sep. 30, 2018
Financial Instruments Pledged as Collateral [Abstract]  
Pledged Assets [Text Block]

NOTE 7. PLEDGED ASSETS

Assets Pledged to Counterparties

The table below summarizes Bimini’s assets pledged as collateral under its repurchase agreements and derivative agreements as of September 30, 2018 and December 31, 2017.

($ in thousands)
September 30, 2018December 31, 2017
RepurchaseDerivativeRepurchaseDerivative
Assets Pledged to CounterpartiesAgreementsAgreementsTotalAgreementsAgreementsTotal
PT MBS - at fair value$210,267$-$210,267$207,179$-$207,179
Structured MBS - at fair value1,850-1,8502,091-2,091
Accrued interest on pledged securities771-771730-730
Restricted cash3,2025493,7512,2084422,650
Total$216,090$549$216,639$212,208$442$212,650

Assets Pledged from Counterparties

The table below summarizes assets pledged to Bimini from counterparties under our derivative agreements as of September 30, 2018 and December 31, 2017. Cash received as margin is recognized in cash and cash equivalents with a corresponding amount recognized as an increase in other liabilities in the consolidated balance sheets.

($ in thousands)
Assets Pledged to BiminiSeptember 30, 2018December 31, 2017
Cash$438$-
Total$438$-
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OFFSETTING ASSETS AND LIABILITIES
9 Months Ended
Sep. 30, 2018
Offsetting [Abstract]  
Offsetting Assets And Liabilities [Text Block]

NOTE 8. OFFSETTING ASSETS AND LIABILITIES

The Company’s derivatives and repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of offset in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its assets and liabilities subject to these arrangements on a gross basis. The following tables present information regarding those assets and liabilities subject to such arrangements as if the Company had presented them on a net basis as of September 30, 2018 and December 31, 2017.

(in thousands)
Offsetting of Assets
Gross Amount Not Offset in the
Net AmountConsolidated Balance Sheet
Gross Amountof AssetsFinancial
Gross AmountOffset in thePresented in theInstrumentsCash
of RecognizedConsolidatedConsolidatedReceived asReceived asNet
AssetsBalance SheetBalance SheetCollateralCollateralAmount
September 30, 2018
TBA securities$242$-$242$-$(242)$-

(in thousands)
Offsetting of Liabilities
Gross Amount Not Offset in the
Net AmountConsolidated Balance Sheet
Gross Amountof LiabilitiesFinancial
Gross AmountOffset in thePresented in theInstrumentsCash
of RecognizedConsolidatedConsolidatedPosted asPosted asNet
LiabilitiesBalance SheetBalance SheetCollateralCollateralAmount
September 30, 2018
Repurchase Agreements$203,742$-$203,742$(200,540)$(3,202)$-
December 31, 2017
Repurchase Agreements$200,183$-$200,183$(197,975)$(2,208)$-

The amounts disclosed for collateral received by or posted to the same counterparty are limited to the amount sufficient to reduce the asset or liability presented in the consolidated balance sheet to zero in accordance with ASU No. 2011-11, as amended by ASU No. 2013-01. The fair value of the actual collateral received by or posted to the same counterparty typically exceeds the amounts presented. See Note 7 for a discussion of collateral posted for, or received against, repurchase obligations and derivative instruments.

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TRUST PREFERRED SECURITIES
9 Months Ended
Sep. 30, 2018
Trust Preferred Securities [Abstract]  
Trust Preferred Securities

NOTE 9. TRUST PREFERRED SECURITIES

During 2005, Bimini Capital sponsored the formation of a statutory trust, known as Bimini Capital Trust II (“BCTII”) of which 100% of the common equity is owned by Bimini Capital. It was formed for the purpose of issuing trust preferred capital securities to third-party investors and investing the proceeds from the sale of such capital securities solely in junior subordinated debt securities of Bimini Capital. The debt securities held by BCTII are the sole assets of BCTII.

As of September 30, 2018 and December 31, 2017, the outstanding principal balance on the junior subordinated debt securities owed to BCTII was $26.8 million. The BCTII trust preferred securities and Bimini Capital's BCTII Junior Subordinated Notes have a rate of interest that floats at a spread of 3.50% over the prevailing three-month LIBOR rate. As of September 30, 2018, the interest rate was 5.83%. The BCTII trust preferred securities and Bimini Capital's BCTII Junior Subordinated Notes require quarterly interest distributions and are redeemable at Bimini Capital's option, in whole or in part and without penalty. Bimini Capital's BCTII Junior Subordinated Notes are subordinate and junior in right of payment to all present and future senior indebtedness.

BCTII is a VIE because the holders of the equity investment at risk do not have adequate decision making ability over BCTII’s activities. Since Bimini Capital's investment in BCTII’s common equity securities was financed directly by BCTII as a result of its loan of the proceeds to Bimini Capital, that investment is not considered to be an equity investment at risk. Since Bimini Capital's common share investment in BCTII is not a variable interest, Bimini Capital is not the primary beneficiary of BCTII. Therefore, Bimini Capital has not consolidated the financial statements of BCTII into its consolidated financial statements, and this investment is accounted for on the equity method.

The accompanying consolidated financial statements present Bimini Capital's BCTII Junior Subordinated Notes issued to BCTII as a liability and Bimini Capital's investment in the common equity securities of BCTII as an asset (included in other assets). For financial statement purposes, Bimini Capital records payments of interest on the Junior Subordinated Notes issued to BCTII as interest expense.

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CAPITAL STOCK
9 Months Ended
Sep. 30, 2018
Capital Stock [Abstract]  
Capital Stock

NOTE 10. COMMON STOCK

The table below presents information related to Bimini Capital’s Class A Common Stock issued during the nine and three months ended September 30, 2018 and 2017.

Nine Months Ended September 30,Three Months Ended September 30,
Shares Issued Related To:2018201720182017
Shares sold directly to employees83,332---
Total shares of Class A Common Stock issued83,332---

There were no issuances of Bimini Capital's Class B Common Stock and Class C Common Stock during the nine months ended September 30, 2018 and 2017.

Stock Repurchase Plan

On March 26, 2018, the Board of Directors of Bimini Capital Management, Inc. (the “Company”) approved a Stock Repurchase Plan (“Repurchase Plan”). Pursuant to Repurchase Plan, the Company may purchase up to 500,000 shares of its Class A Common Stock from time to time, subject to certain limitations imposed by Rule 10b-18 of the Securities Exchange Act of 1934. Share repurchases may be executed through various means, including, without limitation, open market transactions. The Repurchase Plan does not obligate the Company to purchase any shares, and it expires on November 15, 2018. The authorization for the Share Repurchase Plan may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time.

Through September 30, 2018, the Company repurchased a total of 59,714 shares at an aggregate cost of approximately $144,000, including commissions and fees, for a weighted average price of $2.41 per share. Subsequent to that date, and through November 2, 2018, the Company has repurchased 1,800 shares for a net cost of approximately $4,000 and a weighted average price of $2.32 per share.

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STOCK INCENTIVE PLANS
9 Months Ended
Sep. 30, 2018
Employee Benefits And Share Based Compensation [Abstract]  
Stock incentive Plans

NOTE 11. STOCK INCENTIVE PLANS

On August 12, 2011, Bimini Capital’s shareholders approved the 2011 Long Term Compensation Plan (the “2011 Plan”) to assist the Company in recruiting and retaining employees, directors and other service providers by enabling them to participate in the success of Bimini Capital and to associate their interests with those of the Company and its stockholders. The 2011 Plan is intended to permit the grant of stock options, stock appreciation rights (“SARs”), stock awards, performance units and other equity-based and incentive awards. The maximum aggregate number of shares of common stock that may be issued under the 2011 Plan pursuant to the exercise of options and SARs, the grant of stock awards or other equity-based awards and the settlement of incentive awards and performance units is equal to 4,000,000 shares.

Performance Units

The Compensation Committee of the Board of Directors of Bimini Capital (the "Committee") may issue Performance Units under the 2011 Plan to certain officers and employees. “Performance Units” represent the participant’s right to receive an amount, based on the value of a specified number of shares of common stock, if the terms and conditions prescribed by the Committee are satisfied.  The Committee will determine the requirements that must be satisfied before Performance Units are earned, including but not limited to any applicable performance period and performance goals.  Performance goals may relate to the Company’s financial performance or the participant’s performance or such other criteria determined by the Committee, including goals stated with reference to the performance measures discussed below.  If Performance Units are earned, they will be settled in cash, shares of common stock or a combination thereof.

The following table presents the activity related to Performance Units during the nine months ended September 30, 2018 and 2017:

($ in thousands, except per share data)
Nine Months Ended September 30,
20182017
WeightedWeighted
AverageAverage
Grant DateGrant Date
Fair ValueFair Value
SharesPer ShareSharesPer Share
Unvested, beginning of period41,000$0.8470,000$1.23
Granted----
Forfeited(6,000)0.84--
Vested and issued----
Unvested, end of period35,000$0.8470,000$1.23
Compensation expense during the period$4$22
Unrecognized compensation expense at period end$2$17
Weighted-average remaining vesting term (in years)0.20.8
Intrinsic value of unvested shares at period end$79$195
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COMMITMENTS AND CONTINGENCIES
9 Months Ended
Sep. 30, 2018
Commitments And Contingencies Disclosure [Abstract]  
Commitments And Contingencies

NOTE 12. COMMITMENTS AND CONTINGENCIES

From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business. Management is not aware of any significant reported or unreported contingencies at September 30, 2018.

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INCOME TAXES
9 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 13. INCOME TAXES

The total income tax (benefit) provision recorded for the nine months ended September 30, 2018 and 2017 was $(0.7) million and $1.3 million, respectively, on consolidated pre-tax book (loss) income of $(2.8) million and $3.2 million in the nine months ended September 30, 2018 and 2017, respectively. The total income tax provision recorded for the three months ended September 30, 2018 and 2017 was $0.3 million and $1.0 million, respectively, on consolidated pre-tax book income of $1.2 million and $2.5 million in the three months ended September 30, 2018 and 2017, respectively.

On December 22, 2017, the Tax Reform Act was signed into law by President Trump. The Tax Reform Act significantly revised the U.S. corporate income tax code by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. On the same date, the Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 which specifies, among other things, that reasonable estimates of the income tax effects of the Tax Reform Act should be used, if determinable. The tax provision for the nine and three months ended September 30, 2018 represents the Company’s current best estimate based on management’s current interpretation of the Tax Reform Act and may change as the Company receives additional clarification and implementation guidance.

The Company’s tax provision is based on a projected effective rate based annualized amounts and includes the expected realization of a portion of the tax benefits of federal and state net operating losses carryforwards (“NOLs”). In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of capital loss and NOL carryforwards is dependent upon the generation of future capital gains and taxable income in periods prior to their expiration. The Company currently provides a valuation allowance against a portion of the NOLs since the Company believes that it is more likely than not that some of the benefits will not be realized in the future. The Company will continue to assess the need for a valuation allowance at each reporting date.

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EARNINGS PER SHARE
9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Earnings Per Share (EPS)

NOTE 14. EARNINGS PER SHARE

Shares of Class B common stock, participating and convertible into Class A common stock, are entitled to receive dividends in an amount equal to the dividends declared on each share of Class A common stock if, and when, authorized and declared by the Board of Directors. Following the provisions of FASB ASC 260, the Class B common stock is included in the computation of basic EPS using the two-class method, and consequently is presented separately from Class A common stock. Shares of Class B common stock are not included in the computation of diluted Class A EPS as the conditions for conversion to Class A common stock were not met at September 30, 2018 and 2017.

Shares of Class C common stock are not included in the basic EPS computation as these shares do not have participation rights. Shares of Class C common stock are not included in the computation of diluted Class A EPS as the conditions for conversion to Class A common stock were not met at September 30, 2018 and 2017.

The Company has dividend eligible stock incentive plan shares that were outstanding during the nine and three months ended September 30, 2018. The basic and diluted per share computations include these unvested incentive plan shares if there is income available to Class A common stock, as they have dividend participation rights. The stock incentive plan shares have no contractual obligation to share in losses. Because there is no such obligation, the incentive plan shares are not included in the basic and diluted EPS computations when no income is available to Class A common stock even though they are considered participating securities.

The table below reconciles the numerator and denominator of EPS for the nine and three months ended September 30, 2018 and 2017.

(in thousands, except per-share information)
Nine Months Ended September 30,Three Months Ended September 30,
2018201720182017
Basic and diluted EPS per Class A common share:
(Loss) income attributable to Class A common shares:
Basic and diluted$(2,173)$1,931$871$1,497
Weighted average common shares:
Class A common shares outstanding at the balance sheet date12,68412,63212,68412,632
Unvested dividend-eligible stock incentive plan shares
outstanding at the balance sheet date-703570
Effect of weighting 35-14-
Weighted average shares-basic and diluted12,71912,70212,73312,702
(Loss) income per Class A common share:
Basic and diluted$(0.17)$0.15$0.07$0.12

(in thousands, except per-share information)
Nine Months Ended September 30,Three Months Ended September 30,
2018201720182017
Basic and diluted EPS per Class B common share:
(Loss) income attributable to Class B common shares:
Basic and diluted$(5)$5$2$4
Weighted average common shares:
Class B common shares outstanding at the balance sheet date32323232
Weighted average shares-basic and diluted32323232
(Loss) income per Class B common share:
Basic and diluted$(0.17)$0.15$0.07$0.12
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FAIR VALUE
9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
Fair Value

NOTE 15. FAIR VALUE

Authoritative accounting literature establishes a framework for using fair value to measure assets and liabilities and defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) as opposed to the price that would be paid to acquire the asset or received to assume the liability (an entry price). A fair value measure should reflect the assumptions that market participants would use in pricing the asset or liability, including the assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of non-performance. Required disclosures include stratification of balance sheet amounts measured at fair value based on inputs the Company uses to derive fair value measurements. These stratifications are:

  • Level 1 valuations, where the valuation is based on quoted market prices for identical assets or liabilities traded in active markets (which include exchanges and over-the-counter markets with sufficient volume),
  • Level 2 valuations, where the valuation is based on quoted market prices for similar instruments traded in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market, and
  • Level 3 valuations, where the valuation is generated from model-based techniques that use significant assumptions not observable in the market, but observable based on Company-specific data. These unobservable assumptions reflect the Company’s own estimates for assumptions that market participants would use in pricing the asset or liability. Valuation techniques typically include option pricing models, discounted cash flow models and similar techniques, but may also include the use of market prices of assets or liabilities that are not directly comparable to the subject asset or liability.

MBS, Orchid common stock, retained interests and TBA securities were all recorded at fair value on a recurring basis during the nine and three months ended September 30, 2018 and 2017. When determining fair value measurements, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset. When possible, the Company looks to active and observable markets to price identical assets. When identical assets are not traded in active markets, the Company looks to market observable data for similar assets. Fair value measurements for the retained interests are generated by a model that requires management to make a significant number of assumptions.

The Company's MBS and TBA securities are valued using Level 2 valuations, and such valuations currently are determined by the Company based on independent pricing sources and/or third party broker quotes, when available. Because the price estimates may vary, the Company must make certain judgments and assumptions about the appropriate price to use to calculate the fair values. The Company and the independent pricing sources use various valuation techniques to determine the price of the Company’s securities. These techniques include observing the most recent market for like or identical assets, spread pricing techniques (option adjusted spread, zero volatility spread, spread to the treasury curve or spread to a benchmark such as a TBA security), and model driven approaches (the discounted cash flow method, Black Scholes and SABR models which rely upon observable market rates such as the term structure of interest rates and the volatility). The appropriate spread pricing method used is based on market convention. The pricing source determines the spread of recently observed trade activity or observable markets for assets similar to those being priced. The spread is then adjusted based on variances in certain characteristics between the market observation and the asset being priced. Those characteristics include: type of asset, the expected life of the asset, the stability and predictability of the expected future cash flows of the asset, whether the coupon of the asset is fixed or adjustable, the guarantor of the security if applicable, the coupon, the maturity, the issuer, size of the underlying loans, year in which the underlying loans were originated, loan to value ratio, state in which the underlying loans reside, credit score of the underlying borrowers and other variables if appropriate. The fair value of the security is determined by using the adjusted spread.

The following table presents financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017:

(in thousands)
Quoted Prices
in ActiveSignificant
Markets forOtherSignificant
Identical ObservableUnobservable
Fair ValueAssetsInputsInputs
Measurements(Level 1)(Level 2)(Level 3)
September 30, 2018
Mortgage-backed securities$212,209$-$212,209$-
Orchid Island Capital, Inc. common stock11,02011,020--
TBA securities242-242-
December 31, 2017
Mortgage-backed securities$209,692$-$209,692$-
Orchid Island Capital, Inc. common stock14,10614,106--
Retained interests in securitizations653--653

The following table illustrates a roll forward for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2018 and 2017:

(in thousands)
Retained Interests in Securitizations
Nine Months Ended September 30,
20182017
Balances, January 1$653$1,114
Gain included in earnings1,105390
Collections(1,758)(946)
Balances, September 30$-$558

During the nine months ended September 30, 2018 and 2017, there were no transfers of financial assets or liabilities between levels 1, 2 or 3.

The retained interests are valued based on a discounted cash flow approach. These values are sensitive to changes in unobservable inputs, including: estimated prepayment speeds, default rates and loss severity, weighted-average life, and discount rates. Based on projected future cash flows, management determined, during the reporting quarter ended June 30, 2018, that the retained interests had no remaining fair value. Significant increases or decreases in any of these inputs may result in significantly different fair value measurements.

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SEGMENT INFORMATION
9 Months Ended
Sep. 30, 2018
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]

NOTE 16. SEGMENT INFORMATION

The Company’s operations are classified into two principal reportable segments: the asset management segment and the investment portfolio segment.

The asset management segment includes the investment advisory services provided by Bimini Advisors to Orchid and Royal Palm. As discussed in Note 2, the revenues of the asset management segment consist of management fees and overhead reimbursements received pursuant to a management agreement with Orchid. Total revenues received under this management agreement for the nine months ended September 30, 2018 and 2017, were approximately $5.9 million and $5.4 million, respectively, accounting for approximately 45% and 48% of consolidated revenues, respectively.

The investment portfolio segment includes the investment activities conducted by Bimini Capital and Royal Palm. The investment portfolio segment receives revenue in the form of interest and dividend income on its investments.

Segment information for the nine months ended September 30, 2018 and 2017 is as follows:

(in thousands)
AssetInvestment
ManagementPortfolioCorporateEliminationsTotal
2018
Advisory services, external customers$5,933$-$-$-$5,933
Advisory services, other operating segments(1)185--(185)-
Interest and dividend income-7,3961-7,397
Interest expense-(2,796) (1,097)(2)-(3,893)
Net revenues6,1184,600(1,096)(185)9,437
Other-(9,190) 1,785 (3)-(7,405)
Operating expenses(4)(2,174)(2,712)--(4,886)
Intercompany expenses(1)-(185)-185-
Income (loss) before income taxes$3,944$(7,487)$689$-$(2,854)
AssetInvestment
ManagementPortfolioCorporateEliminationsTotal
2017
Advisory services, external customers$5,398$-$-$-$5,398
Advisory services, other operating segments(1)146--(146)-
Interest and dividend income-5,955--5,955
Interest expense-(1,110) (914)(2)-(2,024)
Net revenues5,5444,845(914)(146)9,329
Other-(1,698) 140 (3)-(1,558)
Operating expenses(4)(2,539)(2,012)--(4,551)
Intercompany expenses(1)-(146)-146-
Income (loss) before income taxes$3,005$989$(774)$-$3,220

Assets in each reportable segment were as follows:

(in thousands)
AssetInvestment
ManagementPortfolioCorporateTotal
September 30, 2018$1,500$269,186$15,857$286,543
December 31, 20171,632267,42915,528284,589
September 30, 20172,095267,00420,730289,829
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RELATED PARTY TRANSACTIONS
9 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 17. RELATED PARTY TRANSACTIONS

Relationships with Orchid

At both September 30, 2018 and December 31, 2017, the Company owned 1,520,036 shares of Orchid common stock, representing approximately 2.9% of the outstanding shares. The Company received dividends on this common stock investment of approximately $1.3 million and $0.4 million during the nine and three months ended September 30, 2018, respectively, and approximately $1.9 million and $0.6 million during the nine and three months ended September 30, 2017, respectively.

Robert Cauley, the Chief Executive Officer and Chairman of the Board of Directors of the Company, also serves as Chief Executive Officer and Chairman of the Board of Directors of Orchid, receives compensation from Orchid, and owns shares of common stock of Orchid. In addition, Hunter Haas, the Chief Financial Officer, Chief Investment Officer and Treasurer of the Company, also serves as Chief Financial Officer, Chief Investment Officer and Secretary of Orchid, is a member of Orchid’s Board of Directors, receives compensation from Orchid, and owns shares of common stock of Orchid. Robert J. Dwyer and Frank E. Jaumot, our independent directors, each own shares of common stock of Orchid.

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BASIS OF PRESENTATION (Policies)
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Consolidation

Consolidation

The accompanying consolidated financial statements include the accounts of Bimini Capital, Bimini Advisors and Royal Palm. All inter-company accounts and transactions have been eliminated from the consolidated financial statements.

Financial Accounting Standards Board (the "FASB") Accounting Standards Codification ("ASC") Topic 810, Consolidation, requires the consolidation of a variable interest entity ("VIE") by an enterprise if it is deemed the primary beneficiary of the VIE. Bimini Capital has a common share investment in a trust used in connection with the issuance of Bimini Capital's junior subordinated notes. See Note 9 for a description of the accounting used for this VIE.

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine and three month periods ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018.

The consolidated balance sheet at December 31, 2017 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete consolidated financial statements. For further information, refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying consolidated financial statements include determining the fair values of MBS, investment in Orchid common shares, derivatives and retained interests, determining the amounts of asset valuation allowances, and the computation of the income tax provision or benefit and the deferred tax asset allowances recorded for each accounting period.

Statement of Comprehensive Income

Statement of Comprehensive Income

In accordance with ASC Topic 220, Comprehensive Income, a statement of comprehensive income has not been included as the Company has no items of other comprehensive income (loss).  Comprehensive (loss) income is the same as net (loss) income for all periods presented.

Segment Reporting Policy [Policy Text Block]

Segment Reporting

The Company’s operations are classified into two principal reportable segments: the asset management segment and the investment portfolio segment. These segments are evaluated by management in deciding how to allocate resources and in assessing performance. The accounting policies of the operating segments are the same as the Company’s accounting policies with the exception that inter-segment revenues and expenses are included in the presentation of segment results. For further information see Note 16.

Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents include cash on deposit with financial institutions and highly liquid investments with original maturities of three months or less at the time of purchase. Restricted cash includes cash pledged as collateral for repurchase agreements and derivative instruments. The following table presents the Company’s cash, cash equivalents and restricted cash as of September 30, 2018 and December 31, 2017.

(in thousands)
September 30, 2018December 31, 2017
Cash and cash equivalents$6,153,586$6,103,250
Restricted cash3,750,7302,649,610
Total cash, cash equivalents and restricted cash$9,904,316$8,752,860

The Company maintains cash balances at several banks and, at times, these balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. The Federal Deposit Insurance Corporation insures eligible accounts up to $250,000 per depositor at each financial institution. At September 30, 2018, the Company’s cash deposits exceeded federally insured limits by approximately $4.8 million. The Company also maintains excess margin in accounts with derivative exchanges. Restricted cash balances are uninsured, but are held in separate customer accounts that are segregated from the general funds of the counterparty. The Company limits uninsured balances to only large, well-known banks and derivative counterparties and believes that it is not exposed to significant credit risk on cash and cash equivalents or restricted cash balances.

Advisory Services [Policy Tex Block]

Advisory Services

Orchid is externally managed and advised by Bimini Advisors pursuant to the terms of a management agreement. Under the terms of the management agreement, Orchid is obligated to pay Bimini Advisors a monthly management fee and a pro rata portion of certain overhead costs and to reimburse the Company for any direct expenses incurred on its behalf.

Mortgage-Backed Securities

Mortgage-Backed Securities

The Company invests primarily in mortgage pass-through (“PT”) certificates, collateralized mortgage obligations, and interest-only (“IO”) securities and inverse interest-only (“IIO”) securities representing interest in or obligations backed by pools of mortgage-backed loans. The Company has elected to account for its investment in MBS under the fair value option. Electing the fair value option requires the Company to record changes in fair value in the consolidated statement of operations, which, in management’s view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed.

The Company records MBS transactions on the trade date. Security purchases that have not settled as of the balance sheet date are included in the MBS balance with an offsetting liability recorded, whereas securities sold that have not settled as of the balance sheet date are removed from the MBS balance with an offsetting receivable recorded.

The fair value of the Company’s investment in MBS is governed by ASC Topic 820, Fair Value Measurement.  The definition of fair value in ASC Topic 820 focuses on the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. The fair value measurement assumes that the transaction to sell the asset or transfer the liability either occurs in the principal market for the asset or liability, or in the absence of a principal market, occurs in the most advantageous market for the asset or liability. Estimated fair values for MBS are based on independent pricing sources and/or third-party broker quotes, when available.

Income on PT MBS is based on the stated interest rate of the security. Premiums or discounts present at the date of purchase are not amortized. Premium lost and discount accretion resulting from monthly principal repayments are reflected in unrealized gains on MBS in the consolidated statements of operations. For IO securities, the income is accrued based on the carrying value and the effective yield. The difference between income accrued and the interest received on the security is characterized as a return of investment and serves to reduce the asset’s carrying value. At each reporting date, the effective yield is adjusted prospectively for future reporting periods based on the new estimate of prepayments and the contractual terms of the security. For IIO securities, effective yield and income recognition calculations also take into account the index value applicable to the security. Changes in fair value of MBS during each reporting period are recorded in earnings and reported as unrealized gains or losses on mortgage-backed securities in the accompanying consolidated statements of operations. The amount reported as unrealized gains or losses on mortgage backed securities thus captures the net effect of changes in the fair market value of securities caused by market developments and any premium or discount lost as a result of principal repayments during the period.

Investment In Related Party [Policy Text Block]

Orchid Island Capital, Inc. Common Stock

The Company has elected the fair value option for its investment in Orchid common shares. The change in the fair value of this investment and dividends received on this investment are reflected in the consolidated statements of operations. We estimate the fair value of our investment in Orchid on a market approach using “Level 1” inputs based on the quoted market price of Orchid’s common stock on a national stock exchange. Electing the fair value option requires the Company to record changes in fair value in the consolidated statements of operations, which, in management’s view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with how the investment is managed.

Retained Interests

Retained Interests in Securitizations

Retained interests in the subordinated tranches of securities created in securitization transactions were initially recorded at their fair value when issued by Royal Palm. Subsequent adjustments to fair value were reflected in the consolidated statements of operations.

Derivative Financial Instruments

Derivative Financial Instruments

The Company uses derivative instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may continue to do so in the future. The principal instruments that the Company has used to date are Treasury Note (“T-Note”) and Eurodollar futures contracts, and “to-be-announced” (“TBA”) securities transactions, but it may enter into other derivatives in the future.

The Company accounts for TBA securities as derivative instruments if either the TBA securities do not settle in the shortest period of time possible or if the Company cannot assert that it is probable at inception of the TBA transaction, or throughout its term, that it will take physical delivery of the MBS for a long position, or make delivery of the MBS for a short position, upon settlement of the trade. Gains and losses associated with TBA securities transactions are reported in gain (loss) on derivative instruments in the accompanying consolidated statements of operations.

The Company does not account for any of its derivative financial instruments as hedges in order to align the accounting treatment of its derivative instruments with the treatment of its portfolio assets under the fair value option. FASB ASC Topic 815, Derivatives and Hedging, requires that all derivative instruments be carried at fair value. Changes in fair value are recorded in the consolidated operations for each period.

Holding derivatives creates exposure to credit risk related to the potential for failure by counterparties to honor their commitments. In addition, the Company may be required to post collateral based on any declines in the market value of the derivatives. In the event of default by a counterparty, the Company may have difficulty recovering its collateral and may not receive payments provided for under the terms of the agreement. To mitigate this risk, the Company uses only well-established commercial banks as counterparties.

Financial Instruments

Financial Instruments

ASC Topic 825, Financial Instruments, requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value, either in the body of the financial statements or in the accompanying notes. MBS, Orchid common stock, derivative assets, interest rate swaptions and retained interests in securitization transactions are accounted for at fair value in the consolidated balance sheets. The methods and assumptions used to estimate fair value for these instruments are presented in Note 15 of the consolidated financial statements.

The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, other assets, repurchase agreements, accrued interest payable and other liabilities generally approximates their carrying value as of September 30, 2018 and December 31, 2017, due to the short-term nature of these financial instruments.

It is impractical to estimate the fair value of the Company’s junior subordinated notes. Currently, there is a limited market for these types of instruments and the Company is unable to ascertain what interest rates would be available to the Company for similar financial instruments. Further Information regarding these instruments is presented in Note 9 to the consolidated financial statements.

Property and Equipment, net

Property and Equipment, net

Property and equipment, net, consists of computer equipment with a depreciable life of 3 years, office furniture and equipment with depreciable lives of 8 to 20 years, land which has no depreciable life, and buildings and improvements with depreciable lives of 30 years. Property and equipment is recorded at acquisition cost and depreciated using the straight-line method over the estimated useful lives of the assets.

Repurchase Agreements

Repurchase Agreements

The Company finances the acquisition of the majority of its PT MBS through the use of repurchase agreements under master repurchase agreements. Pursuant to ASC Topic 860, Transfers and Servicing, the Company accounts for repurchase transactions as collateralized financing transactions, which are carried at their contractual amounts, including accrued interest, as specified in the respective agreements.

Share-Based Compensation

Share-Based Compensation

The Company follows the provisions of ASC Topic 718, Compensation – Stock Compensation, to account for stock and stock-based awards. For stock and stock-based awards issued to employees, a compensation charge is recorded against earnings over the vesting period based on the fair value of the award. The Company applies a zero forfeiture rate for its equity based awards, as such awards have been granted to a limited number of employees and historical forfeitures have been minimal. A significant forfeiture, or an indication that significant forfeitures may occur, would result in a revised forfeiture rate which would be accounted for prospectively as a change in an estimate. For transactions with non-employees in which services are performed in exchange for the Company’s common stock or other equity instruments, the transactions are recorded on the basis of the fair value of the service received or the fair value of the equity instruments issued, whichever is more readily measurable at the date of the issuance of the common stock.

Earnings Per Share

Earnings Per Share

The Company follows the provisions of ASC Topic 260, Earnings Per Share, which requires companies with complex capital structures, common stock equivalents or two (or more) classes of securities that participate in dividend distributions to present both basic and diluted earnings per share (“EPS”) on the face of the consolidated statement of operations. Basic EPS is calculated as income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated using the treasury stock or two-class method, as applicable for common stock equivalents. However, the common stock equivalents are not included in computing diluted EPS if the result is anti-dilutive.

Outstanding shares of Class B Common Stock, participating and convertible into Class A Common Stock, are entitled to receive dividends in an amount equal to the dividends declared, if any, on each share of Class A Common Stock. Accordingly, shares of the Class B Common Stock are included in the computation of basic EPS using the two-class method and, consequently, are presented separately from Class A Common Stock.

The shares of Class C Common Stock are not included in the basic EPS computation as these shares do not have participation rights. The outstanding shares of Class B and Class C Common Stock are not included in the computation of diluted EPS for the Class A Common Stock as the conditions for conversion into shares of Class A Common Stock were not met.

Income Taxes

Income Taxes

Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities represent the differences between the financial statement and income tax bases of assets and liabilities using enacted tax rates. The measurement of net deferred tax assets is adjusted by a valuation allowance if, based on the Company’s evaluation, it is more likely than not that they will not be realized.

The Company’s U.S. federal income tax returns for years ended on or after December 31, 2015 remain open for examination. Although management believes its calculations for tax returns are correct and the positions taken thereon are reasonable, the final outcome of tax audits could be materially different from the tax returns filed by the Company, and those differences could result in significant costs or benefits to the Company. For tax filing purposes, Bimini Capital and Bimini Advisors are consolidated as a single tax paying entity. Royal Palm files as a separate tax paying entity.

The Company measures, recognizes and presents its uncertain tax positions in accordance with ASC Topic 740, Income Taxes. Under that guidance, the Company assesses the likelihood, based on their technical merit, that tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. The measurement of uncertain tax positions is adjusted when new information is available, or when an event occurs that requires a change. The Company recognizes tax positions in the financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The difference between the benefit recognized and the tax benefit claimed on a tax return is referred to as an unrecognized tax benefit and is recorded as a liability in the consolidated balance sheets. The Company records income tax-related interest and penalties, if applicable, within the income tax provision.

On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed into law by President Trump. The Tax Reform Act significantly revised the U.S. corporate income tax code by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. On the same date, the Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 which specifies, among other things, that reasonable estimates of the income tax effects of the Tax Reform Act should be used, if determinable. The Company has accounted for the effects of the Tax Reform Act using reasonable estimates based on currently available information and its interpretations thereof. This accounting may change due to, among other things, changes in interpretations the Company has made and the issuance of new tax or accounting guidance. GAAP requires that the effects of a change in tax rate on the value of deferred tax assets and deferred tax liabilities be recognized upon enactment.

Reclassifications

Reclassifications

Certain prior period amounts have been reclassified to conform to current period presentations.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In November 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows – (Topic 230): Restricted Cash. ASU 2016-18 requires that restricted cash and restricted cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. ASU 2016-18 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017. Early application is permitted. The Company early adopted the ASU beginning with the first quarter of 2017.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows – (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU 2016-15 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017. Early application is permitted. The Company’s adoption of this ASU did not have a material impact on its consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). ASU 2016-13 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2019. Early application is permitted for fiscal periods beginning after December 15, 2018. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements.

In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 provides guidance for the recognition, measurement, presentation and disclosure of financial assets and financial liabilities. ASU 2016-01 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017 and, for most provisions, is effective using the cumulative-effect transition approach. Early application is permitted for certain provisions. The Company’s adoption of this ASU did not have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which implements a common revenue standard and clarifies the principles used for recognizing revenue. The amendments in the ASU clarify that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in ASU No. 2014-09 became effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Interest income from MBS and dividend income from the investment in Orchid are scoped out of the new revenue recognition standard. Management fee income is within the scope of the new revenue recognition standard. As a result of the new revenue recognition standard there is no change to the recognition of management fees revenue as management fees are still recognized on a pro-rata basis during the period which the service is provided. Therefore the adoption of this ASU did not have a material impact on its consolidated financial statements.

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CASH AND CASH EQUIVALENTS (Tables)
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Schedule of reconciliation of cash, cash equivalents and restricted cash

The following table presents the Company’s cash, cash equivalents and restricted cash as of September 30, 2018 and December 31, 2017.

(in thousands)
September 30, 2018December 31, 2017
Cash and cash equivalents$6,153,586$6,103,250
Restricted cash3,750,7302,649,610
Total cash, cash equivalents and restricted cash$9,904,316$8,752,860
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ADVISORY SERVICES (Tables)
9 Months Ended
Sep. 30, 2018
Advisory Services [Abstract]  
Schedule of Advisory Fee Income [Table Text Block]

The following table summarizes the advisory services revenue from Orchid for the nine and three months ended September 30, 2018 and 2017.

(in thousands)
Nine Months Ended September 30,Three Months Ended September 30,
2018201720182017
Management fee$4,800$4,230$1,482$1,528
Allocated overhead1,1331,168391412
Total$5,933$5,398$1,873$1,940
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MORTGAGE-BACKED SECURITIES (Tables)
9 Months Ended
Sep. 30, 2018
Residential Mortgage Backed Securities [Member]  
Mortgage Backed Securities [Line Items]  
Schedule of Mortgage-Backed Securities Reconciliation

The following table presents the Company’s MBS portfolio as of September 30, 2018 and December 31, 2017:

(in thousands)
September 30, 2018December 31, 2017
Fixed-rate MBS$210,267$207,179
Interest-Only MBS1,2231,476
Inverse Interest-Only MBS7191,037
Total$212,209$209,692
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RETAINED INTERESTS IN SECURITIZATIONS (Tables)
9 Months Ended
Sep. 30, 2018
Retained Interests In Securitizations [Abstract]  
Schedule of Retained Interests In Securitizations

The following table summarizes the estimated fair value of the Company’s retained interests in asset backed securities as of September 30, 2018 and December 31, 2017. The retained interests are valued based on a discounted cash flow approach. These values are sensitive to changes in unobservable inputs, including: estimated prepayment speeds, default rates and loss severity, weighted-average life, and discount rates. Based on projected future cash flows, management determined, during the reporting quarter ended June 30, 2018, that the retained interests had no remaining fair value. Significant increases or decreases in any of these inputs may result in significantly different fair value measurements.

(in thousands)
SeriesIssue DateSeptember 30, 2018December 31, 2017
HMAC 2004-3June 30, 2004$-$177
HMAC 2004-4August 16, 2004-386
HMAC 2004-5September 28, 2004-90
Total$-$653
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REPURCHASE AGREEMENTS (Tables)
9 Months Ended
Sep. 30, 2018
Disclosure of Repurchase Agreements [Abstract]  
Schedule of repurchase agreements and remaining maturities

As of September 30, 2018 and December 31, 2017, the Company’s repurchase agreements had remaining maturities as summarized below:

($ in thousands)
OVERNIGHTBETWEEN 2BETWEEN 31GREATER
(1 DAY ORANDANDTHAN
LESS)30 DAYS90 DAYS90 DAYSTOTAL
September 30, 2018
Fair value of securities pledged, including accrued
interest receivable$1,084$137,102$74,702$-$212,888
Repurchase agreement liabilities associated with
these securities$828$132,039$70,875$-$203,742
Net weighted average borrowing rate2.58%2.22%2.32%- 2.26%
December 31, 2017
Fair value of securities pledged, including accrued
interest receivable$-$94,649$115,350$-$209,999
Repurchase agreement liabilities associated with
these securities$-$90,686$109,497$-$200,183
Net weighted average borrowing rate- 1.47%1.56%- 1.52%
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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
9 Months Ended
Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock

Derivative Assets (Liabilities), at Fair Value

The table below summarizes fair value information about our derivative assets and liabilities as of September 30, 2018 and December 31, 2017.

(in thousands)
Derivative Instruments and Related AccountsBalance Sheet LocationSeptember 30, 2018December 31, 2017
Assets
TBA SecuritiesDerivative assets, at fair value$242$-
Total derivative assets, at fair value$242$-
Margin Balances Posted to (from) Counterparties
Futures contractsRestricted cash$549$442
TBA securitiesOther liabilities(438)-
Total margin balances on derivative contracts$111$442
Schedule of Eurodollar Futures Positions

Eurodollar and T-Note futures are cash settled futures contracts on an interest rate, with gains and losses credited or charged to the Company’s cash accounts on a daily basis. A minimum balance, or “margin”, is required to be maintained in the account on a daily basis. The tables below present information related to the Company’s Eurodollar positions at September 30, 2018 and December 31, 2017.

($ in thousands)
As of September 30, 2018
Repurchase Agreement Funding Hedges
AverageWeightedWeighted
ContractAverageAverage
NotionalEntryEffectiveOpen
Expiration YearAmountRateRateEquity(1)
2019$100,0002.41%3.01%$603
2020100,0002.64%3.17%523
2021100,0002.80%3.13%328
Total / Weighted Average$100,0002.62%3.10%$1,454

($ in thousands)
As of September 30, 2018
Junior Subordinated Debt Funding Hedges
AverageWeightedWeighted
ContractAverageAverage
NotionalEntryEffectiveOpen
Expiration YearAmountRateRateEquity(1)
2019$26,0001.63%3.01%$359
202026,0001.95%3.17%317
202126,0002.22%3.13%237
Total / Weighted Average$26,0001.93%3.10%$913

($ in thousands)
As of December 31, 2017
Repurchase Agreement Funding Hedges
AverageWeightedWeighted
ContractAverageAverage
NotionalEntryEffectiveOpen
Expiration YearAmountRateRateEquity(1)
2018$60,0001.90%1.97%$41
201960,0002.32%2.27%(31)
202060,0002.60%2.36%(145)
202160,0002.80%2.42%(230)
Total / Weighted Average$60,0002.41%2.25%$(365)

($ in thousands)
As of December 31, 2017
Junior Subordinated Debt Funding Hedges
AverageWeightedWeighted
ContractAverageAverage
NotionalEntryEffectiveOpen
Expiration YearAmountRateRateEquity(1)
2018$26,0001.84%1.97%$33
201926,0001.63%2.27%$166
202026,0001.95%2.36%$107
202126,0002.22%2.42%$51
Total / Weighted Average$26,0001.91%2.25%$357
[1]
Schedule of To Be Announced Securities Table Tex tBlock

The following table summarizes our contracts to purchase and sell TBA securities as of September 30, 2018.

($ in thousands)
NotionalNet
AmountCostMarketCarrying
Long (Short)(1)Basis(2)Value(3)Value(4)
September 30, 2018
30-Year TBA Securities:
3.0%$(50,000)$48,078$48,320$242
Schedule of the effect of the Company's deriviative financial instruments on the consolidated statement of operations

The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the nine and three months ended September 30, 2018 and 2017.

(in thousands)
Nine Months Ended September 30,Three Months Ended September 30,
2018201720182017
Eurodollar futures contracts (short positions)
Repurchase agreement funding hedges$2,101$(578)$478$(13)
Junior subordinated debt funding hedges679(251)121(6)
T-Note futures contracts (short positions)
Repurchase agreement funding hedges759---
Net TBA securities19-349-
Gains (losses) on derivative instruments$3,558$(829)$948$(19)
[1]

Open equity represents the cumulative gains (losses) recorded on open futures positions from inception.

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PLEDGED ASSETS (Tables)
9 Months Ended
Sep. 30, 2018
Financial Instruments Pledged as Collateral [Abstract]  
Schedule of assets pledged as collateral under our repurchase agreements, prime brokerage clearing accounts, derivative agreements and insurance capital by type, including securities pledged related to securities sold but not yet settled

The table below summarizes Bimini’s assets pledged as collateral under its repurchase agreements and derivative agreements as of September 30, 2018 and December 31, 2017.

($ in thousands)
September 30, 2018December 31, 2017
RepurchaseDerivativeRepurchaseDerivative
Assets Pledged to CounterpartiesAgreementsAgreementsTotalAgreementsAgreementsTotal
PT MBS - at fair value$210,267$-$210,267$207,179$-$207,179
Structured MBS - at fair value1,850-1,8502,091-2,091
Accrued interest on pledged securities771-771730-730
Restricted cash3,2025493,7512,2084422,650
Total$216,090$549$216,639$212,208$442$212,650
Schedule of assets pledged to us from counterparties under our repurchase agreements.

The table below summarizes assets pledged to Bimini from counterparties under our derivative agreements as of September 30, 2018 and December 31, 2017. Cash received as margin is recognized in cash and cash equivalents with a corresponding amount recognized as an increase in other liabilities in the consolidated balance sheets.

($ in thousands)
Assets Pledged to BiminiSeptember 30, 2018December 31, 2017
Cash$438$-
Total$438$-
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OFFSETTING ASSETS AND LIABILITIES (Tables)
9 Months Ended
Sep. 30, 2018
Offsetting [Abstract]  
Offsetting Assets [Table Text Block]

The following tables present information regarding those assets and liabilities subject to such arrangements as if the Company had presented them on a net basis as of September 30, 2018 and December 31, 2017.

(in thousands)
Offsetting of Assets
Gross Amount Not Offset in the
Net AmountConsolidated Balance Sheet
Gross Amountof AssetsFinancial
Gross AmountOffset in thePresented in theInstrumentsCash
of RecognizedConsolidatedConsolidatedReceived asReceived asNet
AssetsBalance SheetBalance SheetCollateralCollateralAmount
September 30, 2018
TBA securities$242$-$242$-$(242)$-
Offsetting of Liabilties [Table Text Block]

The Company’s derivatives and repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of offset in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its assets and liabilities subject to these arrangements on a gross basis. The following tables present information regarding those assets and liabilities subject to such arrangements as if the Company had presented them on a net basis as of September 30, 2018 and December 31, 2017.

(in thousands)
Offsetting of Liabilities
Gross Amount Not Offset in the
Net AmountConsolidated Balance Sheet
Gross Amountof LiabilitiesFinancial
Gross AmountOffset in thePresented in theInstrumentsCash
of RecognizedConsolidatedConsolidatedPosted asPosted asNet
LiabilitiesBalance SheetBalance SheetCollateralCollateralAmount
September 30, 2018
Repurchase Agreements$203,742$-$203,742$(200,540)$(3,202)$-
December 31, 2017
Repurchase Agreements$200,183$-$200,183$(197,975)$(2,208)$-
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CAPITAL STOCK (Tables)
9 Months Ended
Sep. 30, 2018
Capital Stock [Abstract]  
Issuances of Common Stock

The table below presents information related to Bimini Capital’s Class A Common Stock issued during the nine and three months ended September 30, 2018 and 2017.

Nine Months Ended September 30,Three Months Ended September 30,
Shares Issued Related To:2018201720182017
Shares sold directly to employees83,332---
Total shares of Class A Common Stock issued83,332---
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STOCK INCENTIVE PLANS (Tables)
9 Months Ended
Sep. 30, 2018
Employee Benefits And Share Based Compensation [Abstract]  
Schedule of Performance Units outstanding

The following table presents the activity related to Performance Units during the nine months ended September 30, 2018 and 2017:

($ in thousands, except per share data)
Nine Months Ended September 30,
20182017
WeightedWeighted
AverageAverage
Grant DateGrant Date
Fair ValueFair Value
SharesPer ShareSharesPer Share
Unvested, beginning of period41,000$0.8470,000$1.23
Granted----
Forfeited(6,000)0.84--
Vested and issued----
Unvested, end of period35,000$0.8470,000$1.23
Compensation expense during the period$4$22
Unrecognized compensation expense at period end$2$17
Weighted-average remaining vesting term (in years)0.20.8
Intrinsic value of unvested shares at period end$79$195
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EARNINGS PER SHARE (Tables)
9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Schedule of reconciling the numerator and denominator of EPS

The table below reconciles the numerator and denominator of EPS for the nine and three months ended September 30, 2018 and 2017.

(in thousands, except per-share information)
Nine Months Ended September 30,Three Months Ended September 30,
2018201720182017
Basic and diluted EPS per Class A common share:
(Loss) income attributable to Class A common shares:
Basic and diluted$(2,173)$1,931$871$1,497
Weighted average common shares:
Class A common shares outstanding at the balance sheet date12,68412,63212,68412,632
Unvested dividend-eligible stock incentive plan shares
outstanding at the balance sheet date-703570
Effect of weighting 35-14-
Weighted average shares-basic and diluted12,71912,70212,73312,702
(Loss) income per Class A common share:
Basic and diluted$(0.17)$0.15$0.07$0.12

(in thousands, except per-share information)
Nine Months Ended September 30,Three Months Ended September 30,
2018201720182017
Basic and diluted EPS per Class B common share:
(Loss) income attributable to Class B common shares:
Basic and diluted$(5)$5$2$4
Weighted average common shares:
Class B common shares outstanding at the balance sheet date32323232
Weighted average shares-basic and diluted32323232
(Loss) income per Class B common share:
Basic and diluted$(0.17)$0.15$0.07$0.12
XML 48 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
FAIR VALUE (Tables)
9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
Schedule of financial assets (liabilities) measured at fair value on a recurring basis

The following table presents financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017:

(in thousands)
Quoted Prices
in ActiveSignificant
Markets forOtherSignificant
Identical ObservableUnobservable
Fair ValueAssetsInputsInputs
Measurements(Level 1)(Level 2)(Level 3)
September 30, 2018
Mortgage-backed securities$212,209$-$212,209$-
Orchid Island Capital, Inc. common stock11,02011,020--
TBA securities242-242-
December 31, 2017
Mortgage-backed securities$209,692$-$209,692$-
Orchid Island Capital, Inc. common stock14,10614,106--
Retained interests in securitizations653--653
Changes is Level 3 Assets Measured at Fair Value on a Recurring Basis

The following table illustrates a roll forward for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2018 and 2017:

(in thousands)
Retained Interests in Securitizations
Nine Months Ended September 30,
20182017
Balances, January 1$653$1,114
Gain included in earnings1,105390
Collections(1,758)(946)
Balances, September 30$-$558
XML 49 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
SEGMENT INFORMATION (Tables)
9 Months Ended
Sep. 30, 2018
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information By Segment [Text Block]

Segment information for the nine months ended September 30, 2018 and 2017 is as follows:

(in thousands)
AssetInvestment
ManagementPortfolioCorporateEliminationsTotal
2018
Advisory services, external customers$5,933$-$-$-$5,933
Advisory services, other operating segments(1)185--(185)-
Interest and dividend income-7,3961-7,397
Interest expense-(2,796) (1,097)(2)-(3,893)
Net revenues6,1184,600(1,096)(185)9,437
Other-(9,190) 1,785 (3)-(7,405)
Operating expenses(4)(2,174)(2,712)--(4,886)
Intercompany expenses(1)-(185)-185-
Income (loss) before income taxes$3,944$(7,487)$689$-$(2,854)
AssetInvestment
ManagementPortfolioCorporateEliminationsTotal
2017
Advisory services, external customers$5,398$-$-$-$5,398
Advisory services, other operating segments(1)146--(146)-
Interest and dividend income-5,955--5,955
Interest expense-(1,110) (914)(2)-(2,024)
Net revenues5,5444,845(914)(146)9,329
Other-(1,698) 140 (3)-(1,558)
Operating expenses(4)(2,539)(2,012)--(4,551)
Intercompany expenses(1)-(146)-146-
Income (loss) before income taxes$3,005$989$(774)$-$3,220
Reconciliation of Assets from Segment to Consolidated [Table Text Block]

Assets in each reportable segment were as follows:

(in thousands)
AssetInvestment
ManagementPortfolioCorporateTotal
September 30, 2018$1,500$269,186$15,857$286,543
December 31, 20171,632267,42915,528284,589
September 30, 20172,095267,00420,730289,829
XML 50 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
SIGNIFICANT ACCOUNTING POLICIES - Organization (Details)
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Entity Incorporation, Date of Incorporation Sep. 24, 2003
Entity Incorporation, State Country Name Maryland
XML 51 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
SIGNIFICANT ACCOUNTING POLICIES - Cash (Details)
Sep. 30, 2018
USD ($)
Accounting Policies [Abstract]  
Uninsured Cash Balances $ 4,800,000
XML 52 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Sep. 30, 2017
Dec. 31, 2016
Accounting Policies [Abstract]        
Cash and cash equivalents $ 6,153,586 $ 6,103,250    
Restricted cash 3,750,730 2,649,610    
Cash Cash Equivalents And Restricted Cash $ 9,904,316 $ 8,752,860 $ 6,147,952 $ 5,651,437
XML 53 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
ADVISORY SERVICES (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Advisory Services [Line Items]          
Management Fee Revenue $ 1,873,002 $ 1,939,974 $ 5,933,461 $ 5,398,019  
Orchid Island Capital [Member]          
Advisory Services [Line Items]          
Management Fee Revenue 1,873,000 1,940,000 5,933,000 5,398,000  
Due From Affiliate 600,000   600,000   $ 800,000
Orchid Island Capital [Member] | Management Fees [Member]          
Advisory Services [Line Items]          
Management Fee Revenue 1,482,000 1,528,000 4,800,000 4,230,000  
Orchid Island Capital [Member] | Overhead Allocation [Member]          
Advisory Services [Line Items]          
Management Fee Revenue $ 391,000 $ 412,000 $ 1,133,000 $ 1,168,000  
XML 54 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
MORTGAGE-BACKED SECURITIES - MBS Portfolio (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Fair Value $ 212,208,805 $ 209,692,132
Total Pass Through Certificates [Member] | Fixed Rate Mortgages [Member]    
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Fair Value 210,267,000 207,179,000
Total Strucutured MBS Certificates [Member] | Interest Only Securities [Member]    
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Fair Value 1,223,000 1,476,000
Total Strucutured MBS Certificates [Member] | Inverse Interest Only [Member]    
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Fair Value $ 719,000 $ 1,037,000
XML 55 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
RETAINED INTERESTS IN SECURITIZATIONS (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Retained Interestes Securitzations [Line Items]    
Transferor's Interests in Transferred Financial Assets, Fair Value $ 0 $ 653,380
HMAC 2004-3 [Member]    
Retained Interestes Securitzations [Line Items]    
Transferor's Interests in Transferred Financial Assets, Fair Value 0 177,000
HMAC 2004-4 [Member]    
Retained Interestes Securitzations [Line Items]    
Transferor's Interests in Transferred Financial Assets, Fair Value 0 386,000
HMAC 2004-5 [Member]    
Retained Interestes Securitzations [Line Items]    
Transferor's Interests in Transferred Financial Assets, Fair Value $ 0 $ 90,000
XML 56 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
RETAINED INTERESTS IN SECURITIZATION - Narrative (Details)
9 Months Ended
Sep. 30, 2018
USD ($)
Retained Interests In Securitizations [Abstract]  
Proceeds From Termination of Securitization $ 1,400,000
Gain From Termination of Securitization $ 1,400,000
XML 57 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
REPURCHASE AGREEMENTS - Narrative (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Assets Sold under Agreements to Repurchase [Line Items]    
Outstanding repurchase obligations $ 203,742,239 $ 200,182,751
Fair Value of securities pledged, including accrued interest receivable 212,888,000 209,999,000
Restricted Cash And Cash Equivalents At Carrying Value $ 3,750,730 $ 2,649,610
Net weighted average borrowing rate 2.26% 1.52%
Aggregate amount at risk will all counterparties $ 11,900,000 $ 11,700,000
Repurchase Agreements [Member]    
Assets Sold under Agreements to Repurchase [Line Items]    
Restricted Cash And Cash Equivalents At Carrying Value $ 3,202,000 $ 2,208,000
XML 58 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
REPURCHASE AGREEMENTS - Maturities (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Assets Sold under Agreements to Repurchase [Line Items]    
Fair Value of securities pledged, including accrued interest receivable $ 212,888,000 $ 209,999,000
Outstanding repurchase obligations $ 203,742,239 $ 200,182,751
Net weighted average borrowing rate 2.26% 1.52%
Overnight (1 Day or Less) [Member]    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair Value of securities pledged, including accrued interest receivable $ 1,084,000 $ 0
Outstanding repurchase obligations $ 828,000 $ 0
Net weighted average borrowing rate 2.58% 0.00%
Between 2 and 30 Days [Member]    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair Value of securities pledged, including accrued interest receivable $ 137,102,000 $ 94,649,000
Outstanding repurchase obligations $ 132,039,000 $ 90,686,000
Net weighted average borrowing rate 2.22% 1.47%
Between 31 and 90 Days [Member]    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair Value of securities pledged, including accrued interest receivable $ 74,702,000 $ 115,350,000
Outstanding repurchase obligations $ 70,875,000 $ 109,497,000
Net weighted average borrowing rate 2.32% 1.56%
Greater Than 90 days [Member]    
Assets Sold under Agreements to Repurchase [Line Items]    
Fair Value of securities pledged, including accrued interest receivable $ 0 $ 0
Outstanding repurchase obligations $ 0 $ 0
Net weighted average borrowing rate 0.00% 0.00%
XML 59 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Assets and Liabilties (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Derivitive Financial Instruments [Line Items]    
Restricted Cash And Cash Equivalents At Carrying Value $ 3,750,730 $ 2,649,610
Other Liabilities 1,946,894 1,562,914
NotDesignatedAsHedgingInstrumentEconomicHedgeMember    
Derivitive Financial Instruments [Line Items]    
Derivative Asset Fair Value Gross Liability 242,000 0
Restricted Cash And Cash Equivalents At Carrying Value 111,000 442,000
TBA Contracts [Member] | NotDesignatedAsHedgingInstrumentEconomicHedgeMember    
Derivitive Financial Instruments [Line Items]    
Derivative Asset Fair Value Gross Liability 242,000 0
Eurodollar Future Margin [Member] | NotDesignatedAsHedgingInstrumentEconomicHedgeMember    
Derivitive Financial Instruments [Line Items]    
Restricted Cash And Cash Equivalents At Carrying Value 549,000 442,000
TBA Margin [Member] | NotDesignatedAsHedgingInstrumentEconomicHedgeMember    
Derivitive Financial Instruments [Line Items]    
Other Liabilities $ (438,000) $ 0
XML 60 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE FINANCIAL INSTRUMENTS - Eurodollar Futures Positions (Details) - Short [Member] - Eurodollar Future [Member] - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Repurchase Agreement Funding Hedges [Member]    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 100,000,000 $ 60,000,000
Entry Rate 2.62% 2.41%
Weighted Average Effective Rate 3.10% 2.25%
Open Equity $ 1,454,000 $ (365,000)
Repurchase Agreement Funding Hedges [Member] | Year 2018 Expiration [Member]    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 60,000,000
Entry Rate   1.90%
Weighted Average Effective Rate   1.97%
Open Equity   $ 41,000
Repurchase Agreement Funding Hedges [Member] | Year 2019 Expiration [Member]    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 100,000,000 $ 60,000,000
Entry Rate 2.41% 2.32%
Weighted Average Effective Rate 3.01% 2.27%
Open Equity $ 603,000 $ (31,000)
Repurchase Agreement Funding Hedges [Member] | Year 2020 Expiration [Member]    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 100,000,000 $ 60,000,000
Entry Rate 2.64% 2.60%
Weighted Average Effective Rate 3.17% 2.36%
Open Equity $ 523,000 $ (145,000)
Repurchase Agreement Funding Hedges [Member] | Year 2021 Expiration [Member]    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 100,000,000 $ 60,000,000
Entry Rate 2.80% 2.80%
Weighted Average Effective Rate 3.13% 2.42%
Open Equity $ 328,000 $ (230,000)
Junior Subordinated Debt Funding Hedges [Member]    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 26,000,000 $ 26,000,000
Entry Rate 1.93% 1.91%
Weighted Average Effective Rate 3.10% 2.25%
Open Equity $ 913,000 $ 357,000
Junior Subordinated Debt Funding Hedges [Member] | Year 2018 Expiration [Member]    
Derivatives, Fair Value [Line Items]    
Notional Amount   $ 26,000,000
Entry Rate   1.84%
Weighted Average Effective Rate   1.97%
Open Equity   $ 33,000
Junior Subordinated Debt Funding Hedges [Member] | Year 2019 Expiration [Member]    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 26,000,000 $ 26,000,000
Entry Rate 1.63% 1.63%
Weighted Average Effective Rate 3.01% 2.27%
Open Equity $ 359,000 $ 166,000
Junior Subordinated Debt Funding Hedges [Member] | Year 2020 Expiration [Member]    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 26,000,000 $ 26,000,000
Entry Rate 1.95% 1.95%
Weighted Average Effective Rate 3.17% 2.36%
Open Equity $ 317,000 $ 107,000
Junior Subordinated Debt Funding Hedges [Member] | Year 2021 Expiration [Member]    
Derivatives, Fair Value [Line Items]    
Notional Amount $ 26,000,000 $ 26,000,000
Entry Rate 2.22% 2.22%
Weighted Average Effective Rate 3.13% 2.42%
Open Equity $ 237,000 $ 51,000
XML 61 R49.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE FINANCIAL INSTRUMENTS - TBA positions (Details) - 30 Year [Member] - 3% [Member] - Short [Member]
Sep. 30, 2018
USD ($)
Derivatives, Fair Value [Line Items]  
Notional Amount $ (50,000,000)
Cost Basis 48,078,000
Market Value Of TBA Contract 48,320,000
Derivative Asset Fair Value Gross Liability $ 242,000
XML 62 R50.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE FINANCIAL INSTRUMENTS - Effect on the consolidated statements of operations (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]        
(Losses) gains on derivative instruments $ 947,850 $ (18,813) $ 3,558,272 $ (828,825)
Eurodollar Future [Member] | Repurchase Agreement Funding Hedges [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
(Losses) gains on derivative instruments 478,000 (13,000) 2,101,000 (578,000)
Eurodollar Future [Member] | Junior Subordinated Debt Funding Hedges [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
(Losses) gains on derivative instruments 121,000 (6,000) 679,000 (251,000)
Treasury Note Future [Member] | Repurchase Agreement Funding Hedges [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
(Losses) gains on derivative instruments 0 0 759,000 0
TBA Contracts [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
(Losses) gains on derivative instruments $ 349,000 $ 0 $ 19,000 $ 0
XML 63 R51.htm IDEA: XBRL DOCUMENT v3.10.0.1
PLEDGED ASSETS - Assets Pledged to Counterparties (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Financial Instruments, Owned and Pledged as Collateral, at Fair Value $ 212,116,707 $ 209,269,791
Accrued interest receivable 775,127 746,121
Restricted cash 3,750,730 2,649,610
Repurchase Agreements [Member]    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Accrued interest receivable 771,000 730,000
Restricted cash 3,202,000 2,208,000
Pledged Assets Total 216,090,000 212,208,000
Derivative [Member]    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Accrued interest receivable 0 0
Restricted cash 549,000 442,000
Pledged Assets Total 549,000 442,000
Total Pledged Financial Instruments [Member]    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Accrued interest receivable 771,000 730,000
Restricted cash 3,751,000 2,650,000
Pledged Assets Total 216,639,000 212,650,000
Residential Mortgage Backed Securities [Member]    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Financial Instruments, Owned and Pledged as Collateral, at Fair Value 212,116,707 209,269,791
Residential Mortgage Backed Securities [Member] | Repurchase Agreements [Member] | Mortgage Backed Securities Pass Through Certificates [Member]    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Financial Instruments, Owned and Pledged as Collateral, at Fair Value 210,267,000 207,179,000
Residential Mortgage Backed Securities [Member] | Repurchase Agreements [Member] | Mortgage Backed Securities Structured Certificates [Member]    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Financial Instruments, Owned and Pledged as Collateral, at Fair Value 1,850,000 2,091,000
Residential Mortgage Backed Securities [Member] | Derivative [Member] | Mortgage Backed Securities Pass Through Certificates [Member]    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Financial Instruments, Owned and Pledged as Collateral, at Fair Value 0 0
Residential Mortgage Backed Securities [Member] | Derivative [Member] | Mortgage Backed Securities Structured Certificates [Member]    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Financial Instruments, Owned and Pledged as Collateral, at Fair Value 0 0
Residential Mortgage Backed Securities [Member] | Total Pledged Financial Instruments [Member] | Mortgage Backed Securities Pass Through Certificates [Member]    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Financial Instruments, Owned and Pledged as Collateral, at Fair Value 210,267,000 207,179,000
Residential Mortgage Backed Securities [Member] | Total Pledged Financial Instruments [Member] | Mortgage Backed Securities Structured Certificates [Member]    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Financial Instruments, Owned and Pledged as Collateral, at Fair Value $ 1,850,000 $ 2,091,000
XML 64 R52.htm IDEA: XBRL DOCUMENT v3.10.0.1
PLEDGED ASSETS - Assets Pledged from Counterparties (Details) - Derivative [Member] - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Cash Pledged By Counterparties $ 438,000 $ 0
Total Assets Pledged By Counterparties $ 438,000 $ 0
XML 65 R53.htm IDEA: XBRL DOCUMENT v3.10.0.1
OFFSETTING ASSETS AND LIABILITIES - Offsetting of Assets (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Offsetting Assets [Line Assets]    
Derivative Asset, Fair Value, Gross Asset $ 242,188 $ 0
TBA Contracts [Member]    
Offsetting Assets [Line Assets]    
Derivative Asset, Fair Value, Gross Asset 242,000  
Gross Amount Of Assets Offset In The Balance Sheet 0  
Net Amount Of Assets Presented In The Balance Sheet 242,000  
Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet 0  
Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet (242,000)  
Net Amount Of Assets $ 0  
XML 66 R54.htm IDEA: XBRL DOCUMENT v3.10.0.1
OFFSETTING ASSETS AND LIABILITIES - Offsetting of Liabilties (Details) - Repurchase Agreements [Member] - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Offsetting Liabilities [Line Items]    
Gross Amount Of Recognized Liabilties $ 203,742 $ 200,183
Gross Amount Of Liabilties Offset In The Balance Sheet 0 0
Net Amount Of Liabilities Presented In The Balance Sheet 203,742 200,183
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet (200,540) (197,975)
Gross Amounts Of Cash Posted Not Offset In Balance Sheet (3,202) (2,208)
Net Amount Of Liabilities $ 0 $ 0
XML 67 R55.htm IDEA: XBRL DOCUMENT v3.10.0.1
TRUST PREFERRED SECURITIES - Narrative (Details) - USD ($)
9 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Debt Instrument [Line Items]    
Outstanding Principal Balance $ 26,804,440 $ 26,804,440
Junior Subordinated Debt [Member] | Bimini Capital Trust II Junior Subordinated Note [Member] | Three Month Libor [Member]    
Debt Instrument [Line Items]    
Outstanding Principal Balance $ 26,800,000 $ 26,800,000
Basis Spread on Variable Rate 3.50%  
Interest Rate at Period End 5.83%  
XML 68 R56.htm IDEA: XBRL DOCUMENT v3.10.0.1
CAPITAL STOCK - Issuances of Common Stock (Details) - shares
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Class A Common Stock [Member]        
Class of Stock [Line Items]        
Shares Sold to Employees 0 0 83,332 0
Total Shares Issued During Period 0 0 83,332 0
Class B Common Stock [Member]        
Class of Stock [Line Items]        
Total Shares Issued During Period 0 0 0 0
Class C Common Stock [Member]        
Class of Stock [Line Items]        
Total Shares Issued During Period 0 0 0 0
XML 69 R57.htm IDEA: XBRL DOCUMENT v3.10.0.1
CAPITAL STOCK - Stock Repurchase Plan (Details) - Class A Common Stock [Member] - March 2018 Stock Repurchase Plan [Member]
9 Months Ended
Sep. 30, 2018
USD ($)
$ / shares
shares
Share Repurchase Program [Line Items]  
Authorized Shares 500,000
Stock Repurchase Program Expiration Date Nov. 15, 2018
Aggregate Repurchase Cost | $ $ 144,000
Shares Acquired 59,714
Average Cost Per Share | $ / shares $ 2.41
Subsequent Event Member  
Share Repurchase Program [Line Items]  
Aggregate Repurchase Cost | $ $ 4,000
Shares Acquired 1,800
Average Cost Per Share | $ / shares $ 2.32
XML 70 R58.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCK INCENTIVE PLAN - Descriptions of Plan (Details)
Sep. 30, 2018
shares
Employee Benefits And Share Based Compensation [Abstract]  
Maximum Number of Shares to Be Issued the Plan 4,000,000
XML 71 R59.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCK INCENTIVE PLAN - Incentive Share Awards (Details) - Performance Units Member [Member] - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock Incentive Plan Compensation Expense $ 4,000 $ 22,000
Unrecognized Compensation Cost $ 2,000 $ 17,000
Remaining Weighted Average Vesting Period 2 months 10 days 9 months 12 days
Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options, Aggregate Intrinsic Value Nonvested $ 79,000 $ 195,000
XML 72 R60.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCK INCENTIVE PLAN - Incentive Share Activity (Details) - Performance Units Member [Member] - $ / shares
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Incentive Share Activity, Shares    
Nonvested - Beginning Balance 41,000 70,000
Granted 0 0
Forfeited (6,000) 0
Vested 0 0
Nonvested - Ending Balance 35,000 70,000
Incentive Share Activity Weighted Average Grant Date Fair Value    
Nonvested - Beginning Balance $ 0.84 $ 1.23
Granted 0 0
Forfeited 0.84 0
Vested 0 0
Nonvested - Ending Balance $ 0.84 $ 1.23
XML 73 R61.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES - Narrative (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Tax Disclosure [Abstract]        
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments $ 1,202,225 $ 2,490,301 $ (2,853,570) $ 3,219,561
Income Tax Expense Benefit $ 328,735 $ 989,081 $ (675,575) $ 1,283,181
XML 74 R62.htm IDEA: XBRL DOCUMENT v3.10.0.1
EARNINGS PER SHARE (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Class A Common Stock [Member]        
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]        
Net Income (Loss) Available to Common Stockholders, Basic $ 871,000 $ 1,497,000 $ (2,173,000) $ 1,931,000
Net Income (Loss) Available to Common Stockholders, Diluted $ 871,000 $ 1,497,000 $ (2,173,000) $ 1,931,000
Weighted Average Number of Shares Outstanding, Diluted [Abstract]        
Common Shares Outstanding 12,684,000 12,632,000 12,684,000 12,632,000
Unvested Dividend Eligible Shares Outstanding at the Balance Sheet Date 35,000 70,000 0 70,000
Effect of Weighting 14,000 0 35,000 0
Weighted Average Shares - Basic and Diluted 12,732,812 12,701,627 12,718,667 12,701,627
Income (Loss) Per Share - Basic $ 0.07 $ 0.12 $ (0.17) $ 0.15
Income (Loss) Pe Share - Diluted $ 0.07 $ 0.12 $ (0.17) $ 0.15
Class B Common Stock [Member]        
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]        
Net Income (Loss) Available to Common Stockholders, Basic $ 2,000 $ 4,000 $ (5,000) $ 5,000
Net Income (Loss) Available to Common Stockholders, Diluted $ 2,000 $ 4,000 $ (5,000) $ 5,000
Weighted Average Number of Shares Outstanding, Diluted [Abstract]        
Common Shares Outstanding 32,000 32,000 32,000 32,000
Weighted Average Shares - Basic and Diluted 31,938 31,938 31,938 31,938
Income (Loss) Per Share - Basic $ 0.07 $ 0.12 $ (0.17) $ 0.15
Income (Loss) Pe Share - Diluted $ 0.07 $ 0.12 $ (0.17) $ 0.15
XML 75 R63.htm IDEA: XBRL DOCUMENT v3.10.0.1
FAIR VALUE - Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Sep. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Mortgage-backed securities $ 212,208,805 $ 209,692,132  
Orchid Island Capital, Inc. common stock, at fair value 11,020,261 14,105,934  
Fair Value Assets Transfers Amount 0   $ 0
Estimate of Fair Value, Fair Value Disclosure [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Mortgage-backed securities 212,209,000 209,692,000  
Retained Interests   653,000  
Orchid Island Capital, Inc. common stock, at fair value 11,020,000 14,106,000  
TBA Contracts 242,000    
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Mortgage-backed securities 0 0  
Retained Interests   0  
Orchid Island Capital, Inc. common stock, at fair value 11,020,000 14,106,000  
TBA Contracts 0    
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Mortgage-backed securities 212,209,000 209,692,000  
Retained Interests   0  
Orchid Island Capital, Inc. common stock, at fair value 0 0  
TBA Contracts 242,000    
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Mortgage-backed securities 0 0  
Retained Interests   653,000  
Orchid Island Capital, Inc. common stock, at fair value 0 $ 0  
TBA Contracts $ 0    
XML 76 R64.htm IDEA: XBRL DOCUMENT v3.10.0.1
FAIR VALUE - Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - Retained Interest [Member] - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning Balance $ 653,000 $ 1,114,000
Gain (loss) Included in Earnings 1,105,000 390,000
Collections 1,758,000 946,000
Ending Balance $ 0 $ 558,000
XML 77 R65.htm IDEA: XBRL DOCUMENT v3.10.0.1
SEGMENT INFORMATION - Reconciliation of Segment Revenues (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Segment Reporting, Revenue Reconciling Item [Line Items]        
Advisory services, external customers $ 1,873,002 $ 1,939,974 $ 5,933,461 $ 5,398,019
Advisory Services Other Segments     0 0
Interest and dividend income     7,397,000 5,955,000
Interest expense     3,893,000 2,024,000
Net revenues     9,437,000 9,329,000
Other Income     (7,405,000) (1,558,000)
Operating Expenses     4,886,000 4,551,000
Intercompany Expenses     0 0
Net (loss) income before income tax provision (benefit) $ 1,202,225 $ 2,490,301 (2,853,570) 3,219,561
Operating Segments [Member] | Asset Management Segment [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Advisory services, external customers     5,933,000 5,398,000
Advisory Services Other Segments     185,000 146,000
Interest and dividend income     0 0
Interest expense     0 0
Net revenues     6,118,000 5,544,000
Other Income     0 0
Operating Expenses     2,174,000 2,539,000
Intercompany Expenses     0 0
Net (loss) income before income tax provision (benefit)     3,944,000 3,005,000
Operating Segments [Member] | Investment Portfolio Segment [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Advisory services, external customers     0 0
Advisory Services Other Segments     0 0
Interest and dividend income     7,396,000 5,955,000
Interest expense     2,796,000 1,110,000
Net revenues     4,600,000 4,845,000
Other Income     (9,190,000) (1,698,000)
Operating Expenses     2,712,000 2,012,000
Intercompany Expenses     185,000 146,000
Net (loss) income before income tax provision (benefit)     (7,487,000) 989,000
Corporate, Non-Segment [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Advisory services, external customers     0 0
Advisory Services Other Segments     0 0
Interest and dividend income     1,000 0
Interest expense     1,097,000 914,000
Net revenues     (1,096,000) (914,000)
Other Income     1,785,000 140,000
Operating Expenses     0 0
Intercompany Expenses     0 0
Net (loss) income before income tax provision (benefit)     689,000 (774,000)
Intersegment Eliminations [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Advisory services, external customers     0 0
Advisory Services Other Segments     (185,000) (146,000)
Interest and dividend income     0 0
Interest expense     0 0
Net revenues     (185,000) (146,000)
Other Income     0 0
Operating Expenses     0 0
Intercompany Expenses     (185,000) (146,000)
Net (loss) income before income tax provision (benefit)     $ 0 $ 0
XML 78 R66.htm IDEA: XBRL DOCUMENT v3.10.0.1
SEGMENT INFORMATION - Reconciliation of Segment Assets (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Sep. 30, 2017
Segment Reporting, Asset Reconciling Item [Line Items]      
Assets $ 286,542,879 $ 284,588,797 $ 289,829,000
Operating Segments [Member] | Asset Management Segment [Member]      
Segment Reporting, Asset Reconciling Item [Line Items]      
Assets 1,500,000 1,632,000 2,095,000
Operating Segments [Member] | Investment Portfolio Segment [Member]      
Segment Reporting, Asset Reconciling Item [Line Items]      
Assets 269,186,000 267,429,000 267,004,000
Corporate, Non-Segment [Member]      
Segment Reporting, Asset Reconciling Item [Line Items]      
Assets $ 15,857,000 $ 15,528,000 $ 20,730,000
XML 79 R67.htm IDEA: XBRL DOCUMENT v3.10.0.1
SEGMENT INFORMATION - Revenue From Major Customer (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Entity Wide Revenue Major Customer [LineItems]        
Revenues $ 4,307,260 $ 4,091,900 $ 13,330,116 $ 11,353,424
Total Revenue [Member] | Orchid Island Capital [Member]        
Entity Wide Revenue Major Customer [LineItems]        
Revenues     $ 5,933,000 $ 5,398,000
Percentgage of Total Sales     45.00% 48.00%
XML 80 R68.htm IDEA: XBRL DOCUMENT v3.10.0.1
RELATED PARTY TRANSACTIONS (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Related Party Transaction [Line Items]          
Investment Income, Dividend $ 380,009 $ 638,415 $ 1,261,630 $ 1,880,245  
Orchid Island Capital [Member]          
Related Party Transaction [Line Items]          
Investment Owned Balance Shares 1,520,036   1,520,036   1,520,036
Equity Method Investment Ownership Percentage 2.90%   2.90%   2.90%
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