BIMINI CAPITAL MANAGEMENT INC
For the period ended Dec 31, 2023. Filed Mar 8, 2024.
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FY2023 · Filed Mar 8, 2024
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Consolidated Statements of Operations
BIMINI CAPITAL MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Years Ended December 31, 2023 and 2022
| 2023 | 2022 | |
|---|---|---|
| Revenues: | ||
| Advisory services | $13,594,907 | $12,995,504 |
| Interest income | 3,311,515 | 1,862,480 |
| Dividend income from Orchid Island Capital, Inc. common stock | 1,024,328 | 1,292,701 |
| Total revenues | 17,930,750 | 16,150,685 |
| Interest expense: | ||
| Repurchase agreements | (3,080,817) | (715,386) |
| Long-term debt | (2,338,138) | (1,415,624) |
| Net revenues | 12,511,795 | 14,019,675 |
| Other income (expense): | ||
| Unrealized losses on mortgage-backed securities | (198,723) | (5,915,904) |
| Realized losses on mortgage-backed securities | (19,958) | (858,001) |
| Unrealized losses on Orchid Island Capital, Inc. common stock | (1,177,979) | (6,239,189) |
| (Losses) gains on derivative instruments | (470,379) | 800,820 |
| Other income | 205 | 66,269 |
| Other expense, net | (1,866,834) | (12,146,005) |
| Expenses: | ||
| Compensation and related benefits | 6,855,288 | 6,530,349 |
| Direct advisory service costs | 1,511,363 | 1,333,410 |
| Directors' fees and liability insurance | 837,333 | 804,186 |
| Audit, legal and other professional fees | 543,002 | 504,602 |
| Administrative and other expenses | 750,617 | 666,159 |
| Total expenses | 10,497,603 | 9,838,706 |
| Net income (loss) before income tax provision | 147,358 | (7,965,036) |
| Income tax provision | 4,130,563 | 11,858,069 |
| Net loss | $(3,983,205) | $(19,823,105) |
| Basic and Diluted Net Loss Per Share of: | ||
| CLASS A COMMON STOCK | ||
| Basic and Diluted | $(0.40) | $(1.90) |
| CLASS B COMMON STOCK | ||
| Basic and Diluted | $(0.40) | $(1.90) |
| Weighted Average Shares Outstanding: | ||
| CLASS A COMMON STOCK | ||
| Basic and Diluted | 10,015,816 | 10,393,855 |
| CLASS B COMMON STOCK | ||
| Basic and Diluted | 31,938 | 31,938 |
See Notes to Consolidated Financial Statements
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