BIMINI CAPITAL MANAGEMENT INC
For the period ended Dec 31, 2024. Filed Mar 7, 2025.
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FY2024 · Filed Mar 7, 2025
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Consolidated Statements of Operations
BIMINI CAPITAL MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Years Ended December 31,
| 2024 | 2023 | |
|---|---|---|
| Revenues: | ||
| Advisory services | $12,784,468 | $13,594,907 |
| Interest income | 5,838,764 | 3,311,515 |
| Dividend income from Orchid Island Capital, Inc. common stock | 819,462 | 1,024,328 |
| Total revenues | 19,442,694 | 17,930,750 |
| Interest expense: | ||
| Repurchase agreements | (5,139,959) | (3,080,817) |
| Long-term debt | (2,401,308) | (2,338,138) |
| Net revenues | 11,901,427 | 12,511,795 |
| Other income (expense): | ||
| Unrealized losses on mortgage-backed securities | (308,521) | (198,723) |
| Realized losses on mortgage-backed securities | (561,604) | (19,958) |
| Unrealized losses on Orchid Island Capital, Inc. common stock | (369,897) | (1,177,979) |
| Gains (losses) on derivative instruments | 2,407,022 | (470,379) |
| Other income | 19 | 205 |
| Other income (expense), net | 1,167,019 | (1,866,834) |
| Expenses: | ||
| Compensation and related benefits | 7,287,261 | 6,855,288 |
| Direct advisory service costs | 1,667,200 | 1,511,363 |
| Directors' fees and liability insurance | 841,215 | 837,333 |
| Audit, legal and other professional fees | 653,610 | 543,002 |
| Administrative and other expenses | 808,767 | 750,617 |
| Total expenses | 11,258,053 | 10,497,603 |
| Net income before income tax provision | 1,810,393 | 147,358 |
| Income tax provision | 3,116,727 | 4,130,563 |
| Net loss | $(1,306,334) | $(3,983,205) |
| Basic and Diluted Net Loss Per Share of: | ||
| CLASS A COMMON STOCK | ||
| Basic and Diluted | $(0.13) | $(0.40) |
| CLASS B COMMON STOCK | ||
| Basic and Diluted | $(0.13) | $(0.40) |
| Weighted Average Shares Outstanding: | ||
| CLASS A COMMON STOCK | ||
| Basic and Diluted | 10,005,457 | 10,015,816 |
| CLASS B COMMON STOCK | ||
| Basic and Diluted | 31,938 | 31,938 |
See Notes to Consolidated Financial Statements
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