BIMINI CAPITAL MANAGEMENT INC
For the period ended Sep 30, 2024. Filed Nov 1, 2024.
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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.
Sep 30, 2024 · Filed Nov 1, 2024
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Condensed Consolidated Balance Sheets (unaudited)
BIMINI CAPITAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| (Unaudited) September 30, 2024 | December 31, 2023 | |
|---|---|---|
| ASSETS: | ||
| Mortgage-backed securities, at fair value: | ||
| Pledged to counterparties | $118,269,794 | $92,575,292 |
| Unpledged | 158,856 | 155,560 |
| Total mortgage-backed securities | 118,428,650 | 92,730,852 |
| Cash and cash equivalents | 4,561,973 | 3,716,386 |
| Restricted cash | 1,144,529 | 753,900 |
| Orchid Island Capital, Inc. common stock, at fair value | 4,677,763 | 4,797,269 |
| Accrued interest receivable | 572,506 | 488,660 |
| Property and equipment, net | 1,863,455 | 1,920,823 |
| Deferred tax assets, net | 17,995,449 | 19,047,680 |
| Due from affiliates | 1,177,430 | 1,013,406 |
| Other assets | 1,210,828 | 1,129,038 |
| Total Assets | $151,632,583 | $125,598,014 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| LIABILITIES: | ||
| Repurchase agreements | $113,022,999 | $86,906,999 |
| Long-term debt | 27,373,739 | 27,394,417 |
| Accrued interest payable | 311,772 | 260,413 |
| Other liabilities | 2,600,844 | 2,908,444 |
| Total Liabilities | 143,309,354 | 117,470,273 |
| COMMITMENTS AND CONTINGENCIES (Note 9) | ||
| STOCKHOLDERS' EQUITY: | ||
| Preferred stock, $0.001 par value; 10,000,000 shares authorized; 100,000 shares designated Series A Junior Preferred Stock, 9,900,000 shares undesignated; no shares issued and outstanding as of September 30, 2024 and December 31, 2023 | - | - |
| Class A Common stock, $0.001 par value; 98,000,000 shares designated: 10,005,457 shares issued and outstanding as of September 30, 2024 and December 31, 2023 | 10,005 | 10,005 |
| Class B Common stock, $0.001 par value; 1,000,000 shares designated, 31,938 shares issued and outstanding as of September 30, 2024 and December 31, 2023 | 32 | 32 |
| Class C Common stock, $0.001 par value; 1,000,000 shares designated, 31,938 shares issued and outstanding as of September 30, 2024 and December 31, 2023 | 32 | 32 |
| Additional paid-in capital | 329,815,150 | 329,815,150 |
| Accumulated deficit | (321,501,990) | (321,697,478) |
| Total Stockholders’ Equity | 8,323,229 | 8,127,741 |
| Total Liabilities and Stockholders' Equity | $151,632,583 | $125,598,014 |
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