Bimini Capital Management Inc - Class A (BMNM) reports earnings
Bimini Capital Management Inc - Class A (BMNM) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Bimini Capital Management's operations, which are divided into two business segments: the asset management segment and the investment portfolio segment. The asset management segment involves managing a mortgage-backed securities (MBS) portfolio for Orchid Island Capital, Inc. (Orchid), while the investment portfolio segment includes Bimini's own MBS investments.
Bimini reported a consolidated net loss of $1.3 million for the year, compared to a $4.0 million loss in the previous year. The net loss per share of Class A common stock was $0.13, compared to $0.40 in the previous year.
The company's total revenues were $19.4 million, with advisory services to Orchid contributing $12.8 million. Interest and dividend income contributed $6.7 million, while interest expenses totaled $7.5 million.
Bimini's MBS portfolio was valued at $122.3 million at year-end, with a weighted average coupon of 5.26%. The company received $13.4 million in principal repayments during the year.
The company recorded an income tax provision of $3.1 million, which included a $1.3 million increase in the deferred tax asset valuation allowance.
Bimini's financing strategy involves using repurchase agreements, with $117.2 million outstanding at the end of the year. The company's cash and cash equivalents totaled $5.7 million.
Bimini Advisors, a subsidiary, manages Orchid's portfolio and receives management fees and expense reimbursements. The management agreement with Orchid has been renewed through February 2026.
The filing also highlights Bimini's risk management strategies, which include hedging interest rate risks using derivative instruments such as futures contracts.
Bimini's outlook includes continued management of Orchid's portfolio and maintaining its own MBS investments, with a focus on managing interest rate and prepayment risks.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bimini Capital Management Inc - Class A annual 10-K report dated March 7, 2025. To report an error, please email [email protected].