BIMINI CAPITAL MANAGEMENT INC
For the period ended Mar 31, 2024. Filed May 3, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 3, 2024
BMNMStored price and day change unavailable
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows (unaudited)
BIMINI CAPITAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Three Months Ended March 31, 2024 and 2023
| 2024 | 2023 | |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income | $213,108 | $1,005,473 |
| Adjustments to reconcile net income to net cash used in operating activities: | ||
| Depreciation | 19,123 | 19,122 |
| Deferred income tax provision | 396,776 | 339,609 |
| Unrealized losses (gains) on mortgage-backed securities | 528,838 | (658,119) |
| Unrealized gains on Orchid Island Capital, Inc. common stock | (284,534) | (130,884) |
| Changes in operating assets and liabilities: | ||
| Accrued interest receivable | 19,604 | 4,316 |
| Due from affiliates | 123,796 | (98,544) |
| Other assets | (223,219) | (144,254) |
| Accrued interest payable | 116,238 | 7,396 |
| Other liabilities | (1,933,936) | (2,208,730) |
| NET CASH USED IN OPERATING ACTIVITIES | (1,024,206) | (1,864,615) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| From mortgage-backed securities investments: | ||
| Principal repayments | 3,538,690 | 911,623 |
| NET CASH PROVIDED BY INVESTING ACTIVITIES | 3,538,690 | 911,623 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from repurchase agreements | 177,010,000 | 102,283,000 |
| Principal repayments on repurchase agreements | (179,318,000) | (103,009,000) |
| Principal repayments on long-term debt | (6,153) | (5,965) |
| NET CASH USED IN FINANCING ACTIVITIES | (2,314,153) | (731,965) |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 200,331 | (1,684,957) |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period | 4,470,286 | 6,773,799 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period | $4,670,617 | $5,088,842 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
| Cash paid during the period for: | ||
| Interest expense | $1,699,440 | $1,046,809 |
- 4 -
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.