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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Item 8. Consolidated Statements of Cash Flows
BIMINI CAPITAL MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31, 2023 and 2022
| 2023 | 2022 | |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net loss | $(3,983,205) | $(19,823,105) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation | 76,490 | 73,053 |
| Deferred income tax provision | 4,130,563 | 11,858,069 |
| Unrealized losses on mortgage-backed securities | 198,723 | 5,915,904 |
| Realized losses on mortgage-backed securities | 19,958 | 858,001 |
| Gains on retained interests in securitizations | - | (65,928) |
| Unrealized losses on Orchid Island Capital, Inc. common stock | 1,177,979 | 6,239,189 |
| Changes in operating assets and liabilities: | ||
| Accrued interest receivable | (284,642) | 25,924 |
| Due from affiliates | 117,307 | (68,558) |
| Other assets | 35,143 | 273,200 |
| Accrued interest payable | 65,784 | 139,019 |
| Other liabilities | 144,439 | 51,799 |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 1,698,539 | 5,476,567 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| From mortgage-backed securities investments: | ||
| Purchases | (70,656,530) | (23,191,724) |
| Sales | 18,175,322 | 23,096,853 |
| Principal repayments | 5,425,111 | 8,230,674 |
| Payments received on retained interests in securitizations | - | 65,928 |
| Purchases of Orchid Island Capital, Inc. common stock | - | (535,330) |
| Acquisition of property and equipment | - | (46,176) |
| NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | (47,056,097) | 7,620,225 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from repurchase agreements | 622,341,000 | 391,823,690 |
| Principal repayments on repurchase agreements | (579,252,000) | (406,883,690) |
| Principal repayments on long-term debt | (21,822) | (22,737) |
| Class A common shares repurchased and retired | (13,133) | (1,052,666) |
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 43,054,045 | (16,135,403) |
| NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (2,303,513) | (3,038,611) |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the year | 6,773,799 | 9,812,410 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the year | $4,470,286 | $6,773,799 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
| Cash paid during the year for: | ||
| Interest | $5,353,171 | $1,991,991 |
See Notes to Consolidated Financial Statements
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