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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Item 8. Consolidated Statements of Cash Flows
BIMINI CAPITAL MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31,
| 2024 | 2023 | |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net loss | $(1,306,334) | $(3,983,205) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation | 75,809 | 76,490 |
| Deferred income tax provision | 3,116,727 | 4,130,563 |
| 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 |
| Changes in operating assets and liabilities: | ||
| Accrued interest receivable | (112,980) | (284,642) |
| Due from affiliates | (153,990) | 117,307 |
| Other assets | 18,672 | 35,143 |
| Accrued interest payable | 214,265 | 65,784 |
| Other liabilities | 99,971 | 144,439 |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 3,192,162 | 1,698,539 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| From mortgage-backed securities investments: | ||
| Purchases | (90,161,778) | (70,656,530) |
| Sales | 46,252,051 | 18,175,322 |
| Principal repayments | 13,422,284 | 5,425,111 |
| NET CASH USED IN INVESTING ACTIVITIES | (30,487,443) | (47,056,097) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from repurchase agreements | 823,015,000 | 622,341,000 |
| Principal repayments on repurchase agreements | (792,741,000) | (579,252,000) |
| Principal repayments on long-term debt | (26,259) | (21,822) |
| Class A common shares repurchased and retired | - | (13,133) |
| NET CASH PROVIDED BY FINANCING ACTIVITIES | 30,247,741 | 43,054,045 |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 2,952,460 | (2,303,513) |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the year | 4,470,286 | 6,773,799 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the year | $7,422,746 | $4,470,286 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
| Cash paid during the year for: | ||
| Interest | $7,327,002 | $5,353,171 |
See Notes to Consolidated Financial Statements
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