0001275477-21-000007.txt : 20210812 0001275477-21-000007.hdr.sgml : 20210812 20210812171332 ACCESSION NUMBER: 0001275477-21-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20210812 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20210812 DATE AS OF CHANGE: 20210812 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32171 FILM NUMBER: 211168680 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 8-K 1 bmnm8k20210812.htm BMNM FORM 8-K 2021-08-12
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  August 12, 2021

 

 

Bimini Capital Management, Inc.

(Exact name of registrant as specified in its charter)

 

Maryland

001-32171

72-1571637

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

3305 Flamingo Drive, Vero Beach, Florida 32963

(Address of Principal Executive Offices) (Zip Code)

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

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act: None.

 

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

 

 

 

 

 

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On August 12, 2021, Bimini Capital Management, Inc., (the “Company”) issued the press release attached hereto as Exhibit 99.1 announcing the Company’s consolidated results of operations for the period ended June 30, 2021.

 

The information furnished under this “Item 2.02 Results of Operations and Financial Condition,” including the exhibit related hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any disclosure document of the Company, except as shall be expressly set forth by specific reference in such document.

 

 

ITEM 9.01. EXHIBITS.

(d)Exhibits

 

Exhibit 99.1 ― Press Release of Bimini Capital Management, Inc. dated August 12, 2021.

 

 

 

 

 

Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: August 12, 2021

BIMINI CAPITAL MANAGEMENT, INC.

 

 

 

 

 

By:

/s/ Robert E. Cauley

 

 

 

Robert E. Cauley

 

 

Chairman and Chief Executive Officer

 

 

 EX-99.1 2 bmnm8k20210812x991.htm EXHIBIT 99.1  

 

 

bmnm14a042920110 

 

BIMINI CAPITAL MANAGEMENT ANNOUNCES SECOND QUARTER 2021 RESULTS

 

VERO BEACH, Fla., (August 12, 2021) – Bimini Capital Management, Inc. (OTCQB: BMNM), (“Bimini Capital,” “Bimini,” or the “Company”), today announced results of operations for the three-month period ended June 30, 2021.  

 

Second Quarter 2021 Highlights

 

·         Net loss of $0.9 million, or $0.08 per common share

·         Book value per share of $3.00

·         Company to discuss results on Friday, August 13, 2021, at 10:00 AM ET

 

Management Commentary

 

Commenting on the second quarter results, Robert E. Cauley, Chairman and Chief Executive Officer, said, “The economy continued its strong recovery from the COVID-19 pandemic during the second quarter of 2021.  New COVID-19 cases, hospitalizations and deaths from the virus decreased dramatically, allowing the economy to reopen and substantial pent-up demand on the part of consumers to be unleashed.  Additional fiscal policy steps taken by the Biden administration added to the surge in economic activity. Gross domestic product, or GDP, expanded at a 6.5% annualized rate during the second quarter of 2021.  The consumer price index, or CPI, accelerated by 5.4% on a year over year basis in June and again in July.  The lone disappointment over the second quarter was job growth, although the last two reports, covering June and July, have shown a material acceleration.  As we enter the third quarter of 2021 job growth has accelerated, but the rapid emergence of the delta variant of COVID-19 during July may negatively impact job growth.

 

“As economic activity and inflation accelerated during the second quarter of 2021, market participants anticipated interest rates would continue to rise as they had done during the first quarter of the year.  However, interest rates did not continue to rise in the second quarter of 2021, and in fact declined. As both Orchid Island Capital, Inc. (“Orchid”) and Royal Palm were positioned defensively as we entered the second quarter, the decline in rates and underperformance of MBS assets versus hedge instruments led to sub-par performance for both portfolios. Orchid recorded a GAAP loss of $0.17 per share or $16.9 million.  However, Orchid had another strong quarter growing its shareholders’ equity after raising net proceeds of approximately $124.7 million through its “at the market” program.  The net effect of the new shares issued, the net loss and dividends paid resulted in Orchid’s shareholders’ equity increasing $87.6 million, or 19% for during the second quarter.  Year to date Orchid has increased its shareholders’ equity by approximately $138.5 million, or 33%.  As a result, Bimini Advisor’s advisory services revenue increased 8% over the first quarter and, as the increased capital base at Orchid was not in place for the entire quarter, the run rate entering the third quarter is higher still.  Dividend income on our shares of Orchid common stock was flat with the first quarter of 2021 but increased by 30% over the second quarter of 2020, driven by the 71% increase in the number of shares we own as a result of purchases that occurred during the second and third quarters of 2020.

 

“The Agency RMBS portfolio at Royal Palm Capital decreased by 5% during the second quarter of 2021, the net effect of structured security asset purchases of $0.8 million offset by $0.5 million in mark to market losses and $4.1 million of pay-downs and return of investment during the quarter.  Prepayment activity remained elevated during the quarter, although it has moderated as we move through the third quarter, in spite of lower interest rates available to borrowers.  The reason speeds have remained elevated is the securities owned by Royal Palm are

 

BMNM Announces Second Quarter 2021 Results 

Page 2

August 12, 2021

 

predominantly higher coupon and more seasoned, and while rates are still higher than levels seen in 2020, the loans underlying theses securities are still in the money and the economic incentive to refinance is still present.  This lack of any meaningful sign of slower speeds, or burnout, in our higher coupon securities led to spread widening.  As a result, for the second quarter of 2021, we recorded the mark to market loss mentioned above of $0.5 million on our RMBS holdings. The decline in book value that occurred at Orchid during the first quarter led to a $0.82 decline in the price of our Orchid shares, or $2.1 million, offsetting the $2.0 million gain recorded in the first quarter.  Finally, operating expenses declined modestly by 2% for the second quarter versus the first quarter of 2021 and increased 2% versus the second quarter of 2020.

 

“Looking ahead the economy is clearly on a path to recovery, assuming the delta variant of the virus does not intercede.  The Federal Reserve Open Market Committee appears focused on job growth and sees this as the key driver in achieving their “substantial further progress” in the recovery needed before adjusting monetary policy.  The first two non-farm payroll reports released during the third quarter suggest this may be at hand, but as stated above, this assumes the rapid emergence of the delta variant in July does not derail momentum.  If it does not, it appears the first step in Fed’s monetary policy shift away from accommodation – tapering of their monthly asset purchases – cannot be far off. If this does occur, we would expect interest rates to start to gradually rise and prepayment activity to abate, both of which would be welcome developments for both Orchid Island and Bimini.”

 

 

Details of Second Quarter 2021 Results of Operations

 

The Company reported net loss of $0.9 million for the three-month period ended June 30, 2021.   As Orchid Island Capital, Inc. (“Orchid”) was able to grow its capital base during the first half of 2021, advisory service revenues increased 35% compared to the second quarter of 2020.  We recorded interest and dividend income of $1.1 million and interest expense on long-term debt of $0.3 million. We recorded a $2.1 million mark to market loss on our shares of Orchid common stock and a mark to market loss of $0.5 million on our MBS portfolio. The results for the quarter also included operating expenses of $1.7 million and an income tax benefit of $0.3 million.

 

Management of Orchid Island Capital, Inc.

 

Orchid is managed and advised by Bimini.  As Manager, Bimini is responsible for administering Orchid’s business activities and day-to-day operations.  Pursuant to the terms of the management agreement, Bimini Advisors provides Orchid with its management team, including its officers, along with appropriate support personnel.

 

Bimini also maintains a common stock investment in Orchid which is accounted for under the fair value option, with changes in fair value recorded in the statement of operations for the current period.  For the three months ended June 30, 2021, Bimini’s statement of operations included a fair value adjustment of $(2.1) million and dividends of $0.5 million from its investment in Orchid’s common stock.  Also during the three months ended June 30, 2021, Bimini recorded $2.2 million in advisory services revenue for managing Orchid’s portfolio consisting of $1.8 million of management fees and $0.4 million in overhead reimbursement.

 

Book Value Per Share

 

 

BMNM Announces Second Quarter 2021 Results 

Page 3

August 12, 2021

 

The Company's Book Value Per Share at June 30, 2021 was $3.00.  The Company computes Book Value Per Share by dividing total stockholders' equity by the total number of shares outstanding of the Company's Class A Common Stock. At June 30, 2021, the Company's stockholders’ equity was $34.9 million, with 11,608,555 Class A Common shares outstanding.

 

In July 2021, the Company completed a “modified Dutch auction” tender offer and paid an aggregate of $1.5 million, excluding fees and related expenses, to repurchase 812,879 shares of Bimini Capital’s Class A common stock at a price of $1.85 per share. The financial statement impact of the completion of this tender offer will be reported in our September 30, 2021 quarterly results.

 

Capital Allocation and Return on Invested Capital

 

The Company allocates capital between two MBS sub-portfolios, the pass-through MBS portfolio (“PT MBS”) and the structured MBS portfolio, consisting of interest only (“IO”) and inverse interest-only (“IIO”) securities.  The table below details the changes to the respective sub-portfolios during the quarter.

 

Portfolio Activity for the Quarter

 

 

 

Structured Security Portfolio

 

 

 

Pass-Through

Interest-Only

Inverse Interest

 

 

 

 

Portfolio

Securities

Only Securities

Sub-total

Total

Market Value - March 31, 2021

$

72,504,010

$

328,996

$

22,826

$

351,822

$

72,855,832

Securities purchased

 

-

 

771,875

 

-

 

771,875

 

771,875

Return of investment

 

n/a

 

(69,698)

 

(1,230)

 

(70,928)

 

(70,928)

Pay-downs

 

(4,057,548)

 

n/a

 

n/a

 

n/a

 

(4,057,548)

Premium lost due to pay-downs

 

(452,124)

 

n/a

 

n/a

 

n/a

 

(452,124)

Mark to market gains (losses)

 

(83,943)

 

31,670

 

(1,204)

 

30,466

 

(53,477)

Market Value - June 30, 2021

$

67,910,395

$

1,062,843

$

20,392

$

1,083,235

$

68,993,630

 

The tables below present the allocation of capital between the respective portfolios at June 30, 2021 and March 31, 2021, and the return on invested capital for each sub-portfolio for the three-month period ended June 30, 2021. Capital allocation is defined as the sum of the market value of securities held, less associated repurchase agreement borrowings, plus cash and cash equivalents and restricted cash associated with repurchase agreements. Capital allocated to non-portfolio assets is not included in the calculation.

 

The returns on invested capital in the PT MBS and structured MBS portfolios were approximately 0.1% and 8.6%, respectively, for the second quarter of 2021.  The combined portfolio generated a return on invested capital of approximately 0.4%.

 

Capital Allocation

 

 

 

Structured Security Portfolio

 

 

 

Pass-Through

Interest-Only

Inverse Interest

 

 

 

 

Portfolio

Securities

Only Securities

Sub-total

Total

June 30, 2021

 

 

 

 

 

 

 

 

 

 

Market value

$

67,910,395

$

1,062,843

$

20,392

$

1,083,235

$

68,993,630

Cash equivalents and restricted cash(1)

 

13,167,488

 

-

 

-

 

-

 

13,167,488

Repurchase agreement obligations

 

(71,345,999)

 

-

 

-

 

-

 

(71,345,999)

 

Total(2)

$

9,731,884

$

1,062,843

$

20,392

$

1,083,235

$

10,815,119

 

% of Total

 

90.0%

 

9.8%

 

0.2%

 

10.0%

 

100.0%

March 31, 2021

 

 

 

 

 

 

 

 

 

 

Market value

$

72,504,010

$

328,996

$

22,826

$

351,822

$

72,855,832

Cash equivalents and restricted cash(1)

 

10,010,247

 

-

 

-

 

-

 

10,010,247

Repurchase agreement obligations

 

(73,135,999)

 

-

 

-

 

-

 

(73,135,999)

 

Total(2)

$

9,378,258

$

328,996

$

22,826

$

351,822

$

9,730,080

 

% of Total

 

96.4%

 

3.4%

 

0.2%

 

3.6%

 

100.0%

 BMNM Announces Second Quarter 2021 Results 

Page 4

August 12, 2021

    

 

(1)      Amount excludes restricted cash of $425 and $655 at June 30, 2021 and March 31, 2021, respectively, related to trust preferred debt funding hedges.

(2)      Invested capital includes the value of the MBS portfolio and cash equivalents and restricted cash, reduced by repurchase agreement borrowings.

 

Returns for the Quarter Ended June 30, 2021

 

 

 

Structured Security Portfolio

 

 

 

Pass-Through

Interest-Only

Inverse Interest

 

 

 

 

Portfolio

Securities

Only Securities

Sub-total

Total

Interest income (net of repo cost)

$

547,307

$

(2,830)

$

2,634

$

(196)

$

547,111

Realized and unrealized gains (losses)

 

(536,067)

 

31,670

 

(1,204)

 

30,466

 

(505,601)

 

Total Return

$

11,240

$

28,840

$

1,430

$

30,270

$

41,510

Beginning capital allocation

$

9,378,258

$

328,996

$

22,826

$

351,822

$

9,730,080

Return on invested capital for the quarter(1)

 

0.1%

 

8.8%

 

6.3%

 

8.6%

 

0.4%

 

(1)      Calculated by dividing the Total Return by the Beginning Capital Allocation, expressed as a percentage.

 

Prepayments

 

For the second quarter of 2021, the Company received approximately $4.1 million in scheduled and unscheduled principal repayments and prepayments, which equated to a 3-month constant prepayment rate (“CPR”) of approximately 21.9% for the second quarter of 2021.  Prepayment rates on the two MBS sub-portfolios were as follows (in CPR):

 

 

 

 

 

 

PT

Structured

 

 

 

 

 

 

MBS Sub-

MBS Sub-

Total

Three Months Ended

 

 

 

 

Portfolio

Portfolio

Portfolio

June 30, 2021

 

 

 

 

21.0

31.3

21.9

March 31, 2021

 

 

 

 

18.5

16.4

18.3

December 31, 2020

 

 

 

 

12.8

24.5

14.4

September 30, 2020

 

 

 

 

13.0

32.0

15.8

June 30, 2020

 

 

 

 

12.4

25.0

15.3

March 31, 2020

 

 

 

 

11.6

18.1

13.7

 

Portfolio

 

The following tables summarize the MBS portfolio as of June 30, 2021 and December 31, 2020:

 

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

Percentage

 

Average

 

 

 

 

of

Weighted

Maturity

 

 

 

Fair

Entire

Average

in

Longest

Asset Category

 

Value

Portfolio

Coupon

Months

Maturity

June 30, 2021

 

 

 

 

 

 

Fixed Rate MBS

$

67,910

98.4%

3.62%

333

1-Jan-51

Interest-Only MBS

 

1,064

1.6%

2.16%

346

1-May-51

Inverse Interest-Only MBS

 

20

0.0%

5.93%

215

15-May-39

Total MBS Portfolio

$

68,994

100.0%

3.33%

333

1-May-51

December 31, 2020

 

 

 

 

 

 

Fixed Rate MBS

$

64,902

99.6%

3.89%

333

1-Aug-50

Interest-Only MBS

 

251

0.4%

3.56%

299

15-Jul-48

Inverse Interest-Only MBS

 

25

0.0%

5.84%

221

15-May-39

Total MBS Portfolio

$

65,178

100.0%

3.89%

333

1-Aug-50

 

 BMNM Announces Second Quarter 2021 Results 

Page 5

August 12, 2021

    

 

($ in thousands)

 

 

 

 

 

 

 

 

 

 

June 30, 2021

 

December 31, 2020

 

 

 

 

Percentage of

 

 

 

Percentage of

Agency

 

Fair Value

 

Entire Portfolio

 

Fair Value

 

Entire Portfolio

Fannie Mae

$

45,707

 

66.2%

$

38,946

 

59.8%

Freddie Mac

 

23,287

 

33.8%

 

26,232

 

40.2%

Total Portfolio

$

68,994

 

100.0%

$

65,178

 

100.0%

 

 

 

June 30, 2021

 

December 31, 2020

Weighted Average Pass Through Purchase Price

$

108.84

$

109.51

Weighted Average Structured Purchase Price

$

4.48

$

4.28

Weighted Average Pass Through Current Price

$

109.40

$

112.67

Weighted Average Structured Current Price

$

6.82

$

3.20

Effective Duration (1)

 

3.562

 

3.309

 

(1)      Effective duration is the approximate percentage change in price for a 100 basis point change in rates.  An effective duration of 3.562 indicates that an interest rate increase of 1.0% would be expected to cause a 3.562% decrease in the value of the MBS in the Company’s investment portfolio at June 30, 2021.  An effective duration of 3.309 indicates that an interest rate increase of 1.0% would be expected to cause a 3.309% decrease in the value of the MBS in the Company’s investment portfolio at December 31, 2020. These figures include the structured securities in the portfolio but not the effect of the Company’s hedges. Effective duration quotes for individual investments are obtained from The Yield Book, Inc.

 

Financing and Liquidity

 

As of June 30, 2021, the Company had outstanding repurchase obligations of approximately $71.3 million with a net weighted average borrowing rate of 0.16%.  These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $69.2 million and cash of approximately $5.9 million. At June 30, 2021, the Company’s liquidity was approximately $7.3 million, consisting of unpledged MBS and cash and cash equivalents.

 

We may pledge more of our structured MBS as part of a repurchase agreement funding, but retain cash in lieu of acquiring additional assets.  In this way, we can, at a modest cost, retain higher levels of cash on hand and decrease the likelihood we will have to sell assets in a distressed market in order to raise cash.  Below is a list of outstanding borrowings under repurchase obligations at June 30, 2021.

 

($ in thousands)

 

 

 

 

 

 

 

 

 

Repurchase Agreement Obligations

 

 

 

 

 

 

Weighted

 

 

Weighted

 

 

Total

 

 

 

Average

 

 

Average

 

 

Outstanding

 

% of

 

Borrowing

 

Amount

Maturity

Counterparty

 

Balances

 

Total

 

Rate

 

at Risk(1)

(in Days)

Mirae Asset Securities (USA) Inc.

$

44,190

 

61.9%

 

0.18%

$

2,297

22

ED&F Man Capital Markets, Inc.

 

11,537

 

16.2%

 

0.12%

 

598

15

South Street Securities, LLC

 

6,067

 

8.5%

 

0.11%

 

300

44

Citigroup Global Markets, Inc.

 

5,701

 

8.0%

 

0.13%

 

265

51

JVB Financial Group, LLC

 

2,969

 

4.2%

 

0.12%

 

212

19

Mitsubishi UFJ Securities (USA), Inc.

 

882

 

1.2%

 

0.43%

 

(11)

28

 

$

71,346

 

100.0%

 

0.16%

$

3,661

25

 

 BMNM Announces Second Quarter 2021 Results 

Page 6

August 12, 2021

    

 

(1)      Equal to the fair value of securities sold (including accrued interest receivable) and cash posted as collateral, if any, minus the sum of repurchase agreement liabilities, accrued interest payable and securities posted by the counterparty (if any).

 

Summarized Consolidated Financial Statements

 

The following is a summarized presentation of the unaudited consolidated balance sheets as of June 30, 2021, and December 31, 2020, and the unaudited consolidated statements of operations for the six and three months ended June 30, 2021 and 2020.  Amounts presented are subject to change.

 

BIMINI CAPITAL MANAGEMENT, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited - Amounts Subject To Change)

 

 

 

 

 

 

 

June 30, 2021

 

December 31, 2020

ASSETS

 

 

 

 

Mortgage-backed securities

$

68,993,630

$

65,178,231

Cash equivalents and restricted cash

 

13,167,913

 

10,911,357

Orchid Island Capital, Inc. common stock, at fair value

 

13,469,903

 

13,547,764

Accrued interest receivable

 

216,050

 

202,192

Deferred tax assets, net

 

34,499,829

 

34,668,467

Other assets

 

4,324,923

 

4,192,558

Total Assets

$

134,672,248

$

128,700,569

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Repurchase agreements

$

71,345,999

$

65,071,113

Long-term debt

 

27,449,886

 

27,612,781

Other liabilities

 

1,017,870

 

1,528,826

Total Liabilities

 

99,813,755

 

94,212,720

Stockholders' equity

 

34,858,493

 

34,487,849

Total Liabilities and Stockholders' Equity

$

134,672,248

$

128,700,569

Class A Common Shares outstanding

 

11,608,555

 

11,608,555

Book value per share

$

3.00

$

2.97

 BMNM Announces Second Quarter 2021 Results 

Page 7

August 12, 2021

      

BIMINI CAPITAL MANAGEMENT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited - Amounts Subject to Change)

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

Three Months Ended June 30,

 

 

2021

 

2020

 

 

2021

 

2020

Advisory services

$

4,211,221

$

3,339,680

 

$

2,185,812

$

1,615,083

Interest and dividend income

 

2,201,257

 

3,316,799

 

 

1,084,544

 

911,996

Interest expense

 

(570,309)

 

(1,619,375)

 

 

(280,903)

 

(342,058)

Net revenues

 

5,842,169

 

5,037,104

 

 

2,989,453

 

2,185,021

Other (expense) income

 

(1,821,883)

 

(11,823,372)

 

 

(2,480,283)

 

4,254,076

Expenses

 

3,481,004

 

3,391,046

 

 

1,724,421

 

1,685,088

Net Income (loss) before income tax provision (benefit)

 

539,282

 

(10,177,314)

 

 

(1,215,251)

 

4,754,009

Income tax provision (benefit)

 

168,638

 

8,687,508

 

 

(295,465)

 

1,285,884

Net income (loss)

$

370,644

$

(18,864,822)

 

$

(919,786)

$

3,468,125

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Net Income (Loss) Per Share of:

 

 

 

 

 

 

 

 

 

CLASS A COMMON STOCK

$

0.03

$

(1.62)

 

$

(0.08)

$

0.30

CLASS B COMMON STOCK

$

0.03

$

(1.62)

 

$

(0.08)

$

0.30
                     

 

 

Three Months Ended June 30,

Key Balance Sheet Metrics

2021

2020

Average MBS(1)

$

70,924,730

$

53,629,957

Average repurchase agreements(1)

 

72,240,999

 

51,987,199

Average stockholders' equity(1)

 

35,318,386

 

19,378,107

 

 

 

 

 

Key Performance Metrics

 

 

 

 

Average yield on MBS(2)

 

3.26%

 

3.90%

Average cost of funds(2)

 

0.17%

 

0.46%

Average economic cost of funds(3)

 

4.09%

 

3.97%

Average interest rate spread(4)

 

3.09%

 

3.44%

Average economic interest rate spread(5)

 

(0.83)%

 

(0.07)%

 

(1)      Average MBS, repurchase agreements and stockholders’ equity balances are calculated using two data points, the beginning and ending balances.

(2)      Portfolio yields and costs of funds are calculated based on the average balances of the underlying investment portfolio/repurchase agreement balances and are annualized for the quarterly periods presented.

(3)      Represents interest cost of our borrowings and the effect of derivative agreements attributed to the period related to hedging activities, divided by average repurchase agreements.

(4)      Average interest rate spread is calculated by subtracting average cost of funds from average yield on MBS.

(5)      Average economic interest rate spread is calculated by subtracting average economic cost of funds from average yield on MBS.

 

About Bimini Capital Management, Inc.

 

Bimini Capital Management, Inc. invests primarily in, but is not limited to investing in, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Its objective is to earn returns on the spread between the yield on its assets

 

and its costs, including the interest expense on the funds it borrows.  In addition, Bimini generates a significant portion of its revenue serving as the manager of the MBS portfolio of Orchid Island Capital, Inc.

 

Forward Looking Statements

 

Statements herein relating to matters that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and on management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements. Important factors that could cause such differences are described in Bimini Capital Management, Inc.'s filings with the Securities and Exchange Commission, including Bimini Capital Management, Inc.'s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Bimini Capital Management, Inc. assumes no obligation to update forward-looking statements to reflect subsequent results, changes in assumptions or changes in other factors affecting forward-looking statements.

 

Earnings Conference Call Details

 

An earnings conference call and live audio webcast will be hosted Friday, August 13, 2021, at 10:00 AM ET. Participants can receive dial-in information via email by following the link:

 

https://www.incommglobalevents.com/registration/q4inc/8411/bimini-capital-second-quarter-earnings-conference-call/

 

A live audio webcast of the conference call can be accessed via the investor relations section of the Company’s website at https://ir.biminicapital.com or at https://event.on24.com/wcc/r/3191208/01197DE346909C4034E615AE1CF04694, and an audio archive of the webcast will be available for approximately one year.

 

 

CONTACT:

Bimini Capital Management, Inc.

Robert E. Cauley, 772-231-1400

Chairman and Chief Executive Officer

https://ir.biminicapital.com

 

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