We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bimini Capital Management Inc (QB) | USOTC:BMNM | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.6501 | 0.66 | 0.95 | 0.00 | 20:30:01 |
|
|||
Bimini Capital Management, Inc.
|
|||
(Exact name of registrant as specified in its charter)
|
|||
Maryland
|
72-1571637
|
||
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
☒
|
|
|
Emerging growth company
|
☐
|
Title of each Class
|
Latest Practicable Date
|
Shares Outstanding
|
Class A Common Stock, $0.001 par value
|
May 9, 2017
|
12,631,627
|
Class B Common Stock, $0.001 par value
|
May 9, 2017
|
31,938
|
Class C Common Stock, $0.001 par value
|
May 9, 2017
|
31,938
|
Page
|
||
PART I. FINANCIAL INFORMATION
|
||
ITEM 1. Condensed Financial Statements
|
1
|
|
Consolidated Balance Sheets as of March 31, 2017 (unaudited) and December 31, 2016
|
1
|
|
Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2017 and 2016
|
2
|
|
Consolidated Statement of Stockholders' Equity (unaudited) for the three months ended March 31, 2017
|
3
|
|
Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2017 and 2016
|
4
|
|
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
23
|
|
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk
|
38
|
|
ITEM 4. Controls and Procedures
|
39
|
|
PART II. OTHER INFORMATION
|
||
ITEM 1. Legal Proceedings
|
40
|
|
ITEM 1A. Risk Factors
|
40
|
|
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
40
|
|
ITEM 3. Defaults Upon Senior Securities
|
40
|
|
ITEM 4. Mine Safety Disclosures
|
40
|
|
ITEM 5. Other Information
|
40
|
|
ITEM 6. Exhibits
|
41
|
|
SIGNATURES
|
42
|
(in thousands)
|
||||||||
March 31, 2017
|
December 31, 2016
|
|||||||
Cash and cash equivalents
|
$ |
4,179,120
|
$ |
4,429,459
|
||||
Restricted cash
|
1,142,960
|
1,221,978
|
||||||
Total cash, cash equivalents and restricted cash
|
$
|
5,322,080
|
$
|
5,651,437
|
(in thousands)
|
||||||||
March 31, 2017
|
December 31, 2016
|
|||||||
Pass-Through MBS:
|
||||||||
Fixed-rate Mortgages
|
$
|
122,028
|
$
|
124,299
|
||||
Total Pass-Through MBS
|
122,028
|
124,299
|
||||||
Structured MBS:
|
||||||||
Interest-Only Securities
|
2,352
|
2,654
|
||||||
Inverse Interest-Only Securities
|
1,514
|
3,349
|
||||||
Total Structured MBS
|
3,866
|
6,003
|
||||||
Total
|
$
|
125,894
|
$
|
130,302
|
(in thousands)
|
||||||||
March 31, 2017
|
December 31, 2016
|
|||||||
Greater than or equal to ten years
|
$
|
125,894
|
$
|
130,302
|
||||
Total
|
$
|
125,894
|
$
|
130,302
|
(in thousands)
|
|||||||||
Series
|
Issue Date
|
March 31, 2017
|
December 31, 2016
|
||||||
HMAC 2004-2
|
May 10, 2004
|
$
|
98
|
$
|
143
|
||||
HMAC 2004-3
|
June 30, 2004
|
171
|
364
|
||||||
HMAC 2004-4
|
August 16, 2004
|
229
|
463
|
||||||
HMAC 2004-5
|
September 28, 2004
|
3
|
144
|
||||||
Total
|
$
|
501
|
$
|
1,114
|
($ in thousands)
|
||||||||||||||||||||
OVERNIGHT
|
BETWEEN 2
|
BETWEEN 31
|
GREATER
|
|||||||||||||||||
(1 DAY OR
|
AND
|
AND
|
THAN
|
|||||||||||||||||
LESS)
|
30 DAYS
|
90 DAYS
|
90 DAYS
|
TOTAL
|
||||||||||||||||
March 31, 2017
|
||||||||||||||||||||
Fair value of securities pledged, including accrued
|
||||||||||||||||||||
interest receivable
|
$
|
-
|
$
|
68,268
|
$
|
57,409
|
$
|
-
|
$
|
125,677
|
||||||||||
Repurchase agreement liabilities associated with
|
||||||||||||||||||||
these securities
|
$
|
-
|
$
|
64,274
|
$
|
53,775
|
$
|
-
|
$
|
118,049
|
||||||||||
Net weighted average borrowing rate
|
-
|
0.99
|
%
|
0.98
|
%
|
-
|
0.98
|
%
|
||||||||||||
December 31, 2016
|
||||||||||||||||||||
Fair value of securities pledged, including accrued
|
||||||||||||||||||||
interest receivable
|
$
|
-
|
$
|
71,565
|
$
|
41,334
|
$
|
17,172
|
$
|
130,071
|
||||||||||
Repurchase agreement liabilities associated with
|
||||||||||||||||||||
these securities
|
$
|
-
|
$
|
66,919
|
$
|
38,733
|
$
|
16,176
|
$
|
121,828
|
||||||||||
Net weighted average borrowing rate
|
-
|
1.01
|
%
|
0.96
|
%
|
0.98
|
%
|
0.99
|
%
|
($ in thousands)
|
||||||||||||||||
As of March 31, 2017
|
||||||||||||||||
Repurchase Agreement Funding Hedges
|
||||||||||||||||
Average
|
Weighted
|
Weighted
|
||||||||||||||
Contract
|
Average
|
Average
|
||||||||||||||
Notional
|
Entry
|
Effective
|
Open
|
|||||||||||||
Expiration Year
|
Amount
|
Rate
|
Rate
|
Equity
(1)
|
||||||||||||
2017
|
$
|
60,000
|
1.41
|
%
|
1.42
|
%
|
$
|
6
|
||||||||
2018
|
60,000
|
1.90
|
%
|
1.83
|
%
|
(40
|
)
|
|||||||||
2019
|
60,000
|
2.32
|
%
|
2.20
|
%
|
(76
|
)
|
|||||||||
2020
|
60,000
|
2.60
|
%
|
2.44
|
%
|
(99
|
)
|
|||||||||
2021
|
60,000
|
2.80
|
%
|
2.61
|
%
|
(111
|
)
|
|||||||||
Total / Weighted Average
|
$
|
60,000
|
2.25
|
%
|
2.14
|
%
|
$
|
(320
|
)
|
($ in thousands)
|
||||||||||||||||
As of March 31, 2017
|
||||||||||||||||
Junior Subordinated Debt Funding Hedges
|
||||||||||||||||
Average
|
Weighted
|
Weighted
|
||||||||||||||
Contract
|
Average
|
Average
|
||||||||||||||
Notional
|
Entry
|
Effective
|
Open
|
|||||||||||||
Expiration Year
|
Amount
|
Rate
|
Rate
|
Equity
(1)
|
||||||||||||
2017
|
$
|
26,000
|
2.01
|
%
|
1.42
|
%
|
$
|
(114
|
)
|
|||||||
2018
|
26,000
|
1.84
|
%
|
1.83
|
%
|
$
|
(2
|
)
|
||||||||
2019
|
26,000
|
1.63
|
%
|
2.20
|
%
|
$
|
147
|
|||||||||
2020
|
26,000
|
1.95
|
%
|
2.44
|
%
|
$
|
127
|
|||||||||
2021
|
26,000
|
2.22
|
%
|
2.61
|
%
|
$
|
102
|
|||||||||
Total / Weighted Average
|
$
|
26,000
|
1.93
|
%
|
2.14
|
%
|
$
|
260
|
($ in thousands)
|
||||||||||||||||
As of December 31, 2016
|
||||||||||||||||
Repurchase Agreement Funding Hedges
|
||||||||||||||||
Average
|
Weighted
|
Weighted
|
||||||||||||||
Contract
|
Average
|
Average
|
||||||||||||||
Notional
|
Entry
|
Effective
|
Open
|
|||||||||||||
Expiration Year
|
Amount
|
Rate
|
Rate
|
Equity
(1)
|
||||||||||||
2017
|
$
|
60,000
|
1.32
|
%
|
1.28
|
%
|
$
|
(26
|
)
|
|||||||
2018
|
60,000
|
1.90
|
%
|
1.82
|
%
|
$
|
(49
|
)
|
||||||||
2019
|
60,000
|
2.32
|
%
|
2.21
|
%
|
$
|
(69
|
)
|
||||||||
2020
|
60,000
|
2.60
|
%
|
2.45
|
%
|
$
|
(88
|
)
|
||||||||
2021
|
60,000
|
2.80
|
%
|
2.64
|
%
|
$
|
(93
|
)
|
||||||||
Total / Weighted Average
|
$
|
60,000
|
2.19
|
%
|
2.08
|
%
|
$
|
(325
|
)
|
($ in thousands)
|
||||||||||||||||
As of December 31, 2016
|
||||||||||||||||
Junior Subordinated Debt Funding Hedges
|
||||||||||||||||
Average
|
Weighted
|
Weighted
|
||||||||||||||
Contract
|
Average
|
Average
|
||||||||||||||
Notional
|
Entry
|
Effective
|
Open
|
|||||||||||||
Expiration Year
|
Amount
|
Rate
|
Rate
|
Equity
(1)
|
||||||||||||
2017
|
$
|
26,000
|
1.93
|
%
|
1.28
|
%
|
$
|
(169
|
)
|
|||||||
2018
|
26,000
|
1.84
|
%
|
1.82
|
%
|
$
|
(6
|
)
|
||||||||
2019
|
26,000
|
1.63
|
%
|
2.21
|
%
|
$
|
150
|
|||||||||
2020
|
26,000
|
1.95
|
%
|
2.45
|
%
|
$
|
132
|
|||||||||
2021
|
26,000
|
2.22
|
%
|
2.64
|
%
|
$
|
110
|
|||||||||
Total / Weighted Average
|
$
|
26,000
|
1.91
|
%
|
2.08
|
%
|
$
|
217
|
(1)
|
Open equity represents the cumulative gains (losses) recorded on open futures positions from inception.
|
(in thousands)
|
||||||||
Three Months Ended March 31,
|
||||||||
2017
|
2016
|
|||||||
Eurodollar futures contracts (short positions)
|
$
|
22
|
$
|
(1,300
|
)
|
|||
Net gains (losses) on derivative instruments
|
$
|
22
|
$
|
(1,300
|
)
|
($ in thousands)
|
||||||||||||
As of March 31, 2017
|
||||||||||||
Repurchase
|
Derivative
|
|||||||||||
Assets Pledged to Counterparties
|
Agreements
|
Agreements
|
Total
|
|||||||||
PT MBS - at fair value
|
$
|
122,028
|
$
|
-
|
$
|
122,028
|
||||||
Structured MBS - at fair value
|
3,180
|
-
|
3,180
|
|||||||||
Accrued interest on pledged securities
|
468
|
-
|
468
|
|||||||||
Cash
|
338
|
805
|
1,143
|
|||||||||
Total
|
$
|
126,014
|
$
|
805
|
$
|
126,819
|
($ in thousands)
|
||||||||||||
As of December 31, 2016
|
||||||||||||
Repurchase
|
Derivative
|
|||||||||||
Assets Pledged to Counterparties
|
Agreements
|
Agreements
|
Total
|
|||||||||
PT MBS - at fair value
|
$
|
124,298
|
$
|
-
|
$
|
124,298
|
||||||
Structured MBS - at fair value
|
5,284
|
-
|
5,284
|
|||||||||
Accrued interest on pledged securities
|
489
|
-
|
489
|
|||||||||
Cash
|
456
|
766
|
1,222
|
|||||||||
Total
|
$
|
130,527
|
$
|
766
|
$
|
131,293
|
($ in thousands)
|
||||||||
Assets Pledged to Bimini
|
March 31, 2017
|
December 31, 2016
|
||||||
Cash
|
$
|
2
|
$
|
-
|
||||
Total
|
$
|
2
|
$
|
-
|
(in thousands)
|
||||||||||||||||||||||||
Offsetting of Liabilities
|
||||||||||||||||||||||||
Gross Amount Not Offset in the
|
||||||||||||||||||||||||
Net Amount
|
Consolidated Balance Sheet
|
|||||||||||||||||||||||
Gross Amount
|
of Liabilities
|
Financial
|
||||||||||||||||||||||
Gross Amount
|
Offset in the
|
Presented in the
|
Instruments
|
Cash
|
||||||||||||||||||||
of Recognized
|
Consolidated
|
Consolidated
|
Posted as
|
Posted as
|
Net
|
|||||||||||||||||||
Liabilities
|
Balance Sheet
|
Balance Sheet
|
Collateral
|
Collateral
|
Amount
|
|||||||||||||||||||
March 31, 2017
|
||||||||||||||||||||||||
Repurchase Agreements
|
$
|
118,049
|
$
|
-
|
$
|
118,049
|
$
|
(117,711
|
)
|
$
|
(338
|
)
|
$
|
-
|
||||||||||
December 31, 2016
|
||||||||||||||||||||||||
Repurchase Agreements
|
$
|
121,828
|
$
|
-
|
$
|
121,828
|
$
|
(121,372
|
)
|
$
|
(456
|
)
|
$
|
-
|
Three Months Ended March 31,
|
||||||||
Shares Issued Related To:
|
2017
|
2016
|
||||||
Vested incentive plan shares
|
-
|
258,333
|
||||||
Total shares of Class A Common Stock issued
|
-
|
258,333
|
Three Months Ended March 31,
|
||||||||||||||||
2017
|
2016
|
|||||||||||||||
Weighted
|
Weighted
|
|||||||||||||||
Average
|
Average
|
|||||||||||||||
Grant Date
|
Grant Date
|
|||||||||||||||
Shares
|
Fair Value
|
Shares
|
Fair Value
|
|||||||||||||
Unvested, beginning of period
|
70,000
|
$
|
1.23
|
77,500
|
$
|
1.22
|
||||||||||
Granted
|
-
|
-
|
-
|
-
|
||||||||||||
Vested and issued
|
-
|
-
|
-
|
-
|
||||||||||||
Unvested, end of period
|
70,000
|
$
|
1.23
|
77,500
|
$
|
1.22
|
||||||||||
Compensation expense during the period
|
$
|
7
|
$
|
8
|
||||||||||||
Unrecognized compensation expense at period end
|
$
|
32
|
$
|
67
|
||||||||||||
Weighted-average remaining vesting term (in years)
|
1.3
|
2.3
|
||||||||||||||
Intrinsic value of unvested shares at period end
|
$
|
186
|
$
|
127
|
(in thousands, except per-share information)
|
||||||||
2017
|
2016
|
|||||||
Basic and diluted EPS per Class A common share:
|
||||||||
(Loss) income attributable to Class A common shares:
|
||||||||
Basic and diluted
|
$
|
(213
|
)
|
$
|
445
|
|||
Weighted average common shares:
|
||||||||
Class A common shares outstanding at the balance sheet date
|
12,632
|
12,632
|
||||||
Unvested dividend-eligible incentive plan shares
|
||||||||
outstanding at the balance sheet date
|
-
|
78
|
||||||
Effect of weighting
|
-
|
(43
|
)
|
|||||
Weighted average shares-basic and diluted
|
12,632
|
12,667
|
||||||
(Loss) income per Class A common share:
|
||||||||
Basic and diluted
|
$
|
(0.02
|
)
|
$
|
0.04
|
(in thousands, except per-share information)
|
||||||||
2017
|
2016
|
|||||||
Basic and diluted EPS per Class B common share:
|
||||||||
(Loss) income attributable to Class B common shares:
|
||||||||
Basic and diluted
|
$
|
(1
|
)
|
$
|
1
|
|||
Weighted average common shares:
|
||||||||
Class B common shares outstanding at the balance sheet date
|
32
|
32
|
||||||
Effect of weighting
|
-
|
-
|
||||||
Weighted average shares-basic and diluted
|
32
|
32
|
||||||
(Loss) income per Class B common share:
|
||||||||
Basic and diluted
|
$
|
(0.02
|
)
|
$
|
0.04
|
·
|
Level 1 valuations, where the valuation is based on quoted market prices for identical assets or liabilities traded in active markets (which include exchanges and over-the-counter markets with sufficient volume),
|
·
|
Level 2 valuations, where the valuation is based on quoted market prices for similar instruments traded in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market, and
|
·
|
Level 3 valuations, where the valuation is generated from model-based techniques that use significant assumptions not observable in the market, but observable based on Company-specific data. These unobservable assumptions reflect the Company's own estimates for assumptions that market participants would use in pricing the asset or liability. Valuation techniques typically include option pricing models, discounted cash flow models and similar techniques, but may also include the use of market prices of assets or liabilities that are not directly comparable to the subject asset or liability.
|
(in thousands)
|
||||||||||||||||
Quoted Prices
|
||||||||||||||||
in Active
|
Significant
|
|||||||||||||||
Markets for
|
Other
|
Significant
|
||||||||||||||
Identical
|
Observable
|
Unobservable
|
||||||||||||||
Fair Value
|
Assets
|
Inputs
|
Inputs
|
|||||||||||||
Measurements
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
March 31, 2017
|
||||||||||||||||
Mortgage-backed securities
|
$
|
125,894
|
$
|
-
|
$
|
125,894
|
$
|
-
|
||||||||
Margin posted on derivative agreements
|
805
|
805
|
-
|
-
|
||||||||||||
Orchid Island Capital, Inc. common stock
|
15,185
|
15,185
|
-
|
-
|
||||||||||||
Retained interests
|
501
|
-
|
-
|
501
|
||||||||||||
December 31, 2016
|
||||||||||||||||
Mortgage-backed securities
|
$
|
130,302
|
$
|
-
|
$
|
130,302
|
$
|
-
|
||||||||
Margin posted on derivative agreements
|
766
|
766
|
-
|
-
|
||||||||||||
Orchid Island Capital, Inc. common stock
|
15,108
|
15,108
|
-
|
-
|
||||||||||||
Retained interests
|
1,114
|
-
|
-
|
1,114
|
(in thousands)
|
||||||||
Retained Interests
|
||||||||
Three Months Ended March 31,
|
||||||||
2017
|
2016
|
|||||||
Balances, January 1
|
$
|
1,114
|
$
|
1,124
|
||||
(Loss) gain included in earnings
|
(194
|
)
|
546
|
|||||
Collections
|
(419
|
)
|
(428
|
)
|
||||
Balances, March 31
|
$
|
501
|
$
|
1,242
|
Retained interests fair value
(in thousands)
|
$
|
501
|
||
CPR Range
|
||||
Prepayment Assumption
|
(Weighted Average)
|
|||
Constant Prepayment Rate
|
10% (10%)
|
|||
Severity
|
||||
Default Assumptions
|
Probability of Default
|
(Weighted Average)
|
Range Of Loss Timing
|
|
Real Estate Owned
|
100%
|
48.9%
|
Next 10 Months
|
|
Loans in Foreclosure
|
100%
|
48.9%
|
Month 4 - 13
|
|
Loans 90 Day Delinquent
|
100%
|
45%
|
Month 11-28
|
|
Loans 60 Day Delinquent
|
85%
|
45%
|
Month 11-28
|
|
Loans 30 Day Delinquent
|
75%
|
45%
|
Month 11-28
|
|
Current Loans
|
2.6%
|
45%
|
Month 29 and Beyond
|
|
Remaining Life Range
|
Discount Rate Range
|
|||
Cash Flow Recognition
|
Valuation Technique
|
(Weighted Average)
|
(Weighted Average)
|
|
Nominal Cash Flows
|
Discounted Cash Flow
|
13.0 - 17.8 (13.4)
|
27.50% (27.50%)
|
|
Discounted Cash Flows
|
Discounted Cash Flow
|
0.7 - 17.3 (1.8)
|
27.50% (27.50%)
|
·
|
One-twelfth of 1.5% of the first $250 million of the Orchid's equity, as defined in the management agreement,
|
·
|
One-twelfth of 1.25% of the Orchid's equity that is greater than $250 million and less than or equal to $500 million, and
|
·
|
One-twelfth of 1.00% of the Orchid's equity that is greater than $500 million.
|
(in thousands)
|
||||||||
Three Months Ended March 31,
|
||||||||
2017
|
2016
|
|||||||
Management fee
|
$
|
1,302
|
$
|
971
|
||||
Allocated overhead
|
368
|
298
|
||||||
Total
|
$
|
1,670
|
$
|
1,269
|
·
|
interest rate trends;
|
·
|
the difference between Agency MBS yields and our funding and hedging costs;
|
·
|
competition for investments in Agency MBS;
|
·
|
actions taken by the new presidential administration, the Federal Reserve (the "Fed") and the U.S. Treasury;
|
·
|
prepayment rates on mortgages underlying our Agency MBS, and credit trends insofar as they affect prepayment rates; and
|
·
|
the equity markets and the ability of Orchid to raise additional capital; and
|
·
|
other market developments.
|
·
|
our degree of leverage;
|
·
|
our access to funding and borrowing capacity;
|
·
|
our borrowing costs;
|
·
|
our hedging activities;
|
·
|
the market value of our investments;
|
·
|
the requirements to qualify for a registration exemption under the Investment Company Act;
|
·
|
our ability to use net operating loss carryforwards and net capital loss carryforwards to reduce our taxable income;
|
·
|
the impact of possible future changes in tax laws; and
|
·
|
our ability to manage the portfolio of Orchid and maintain our role as manager.
|
(in thousands)
|
||||||||||||
2017
|
2016
|
Change
|
||||||||||
Net portfolio interest
|
$
|
1,009
|
$
|
690
|
$
|
319
|
||||||
Interest expense on junior subordinated notes
|
(292
|
)
|
(264
|
)
|
(28
|
)
|
||||||
Losses on MBS and derivative agreements
|
(416
|
)
|
(1,356
|
)
|
940
|
|||||||
Net portfolio income (loss)
|
301
|
(930
|
)
|
1,231
|
||||||||
Other income
|
953
|
3,015
|
(2,062
|
)
|
||||||||
Expenses, including income taxes
|
(1,468
|
)
|
(1,639
|
)
|
171
|
|||||||
Net (loss) income
|
$
|
(214
|
)
|
$
|
446
|
$
|
(660
|
)
|
Gains (Losses) on Derivative Instruments - Recognized in Consolidated Statement of Operations (GAAP)
|
||||||||||||
(in thousands)
|
||||||||||||
Junior
|
||||||||||||
Repurchase
|
Subordinated
|
|||||||||||
Agreements
|
Debt
|
Total
|
||||||||||
Three Months Ended
|
||||||||||||
March 31, 2017
|
$
|
15
|
$
|
7
|
$
|
22
|
||||||
December 31, 2016
|
496
|
1,037
|
1,533
|
|||||||||
September 30, 2016
|
326
|
182
|
508
|
|||||||||
June 30, 2016
|
(353
|
)
|
(404
|
)
|
(757
|
)
|
||||||
March 31, 2016
|
(787
|
)
|
(513
|
)
|
(1,300
|
)
|
Losses on Derivative Instruments - Attributed to Current Period (Non-GAAP)
|
||||||||||||
(in thousands)
|
||||||||||||
Junior
|
||||||||||||
Repurchase
|
Subordinated
|
|||||||||||
Agreements
|
Debt
|
Total
|
||||||||||
Three Months Ended
|
||||||||||||
March 31, 2017
|
$
|
(116
|
)
|
$
|
(60
|
)
|
$
|
(176
|
)
|
|||
December 31, 2016
|
(122
|
)
|
(57
|
)
|
(179
|
)
|
||||||
September 30, 2016
|
(93
|
)
|
(55
|
)
|
(148
|
)
|
||||||
June 30, 2016
|
(60
|
)
|
(77
|
)
|
(137
|
)
|
||||||
March 31, 2016
|
(45
|
)
|
(80
|
)
|
(125
|
)
|
Gains (Losses) on Derivative Instruments - Attributed to Future Periods (Non-GAAP)
|
||||||||||||
(in thousands)
|
||||||||||||
Junior
|
||||||||||||
Repurchase
|
Subordinated
|
|||||||||||
Agreements
|
Debt
|
Total
|
||||||||||
Three Months Ended
|
||||||||||||
March 31, 2017
|
$
|
131
|
$
|
67
|
$
|
198
|
||||||
December 31, 2016
|
618
|
1,094
|
1,712
|
|||||||||
September 30, 2016
|
419
|
237
|
656
|
|||||||||
June 30, 2016
|
(293
|
)
|
(327
|
)
|
(620
|
)
|
||||||
March 31, 2016
|
(742
|
)
|
(433
|
)
|
(1,175
|
)
|
Economic Net Portfolio Interest Income
|
||||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Interest Expense on Repurchase Agreements
|
||||||||||||||||||||||||
(Losses) on
|
||||||||||||||||||||||||
Derivative
|
||||||||||||||||||||||||
Instruments
|
Net Portfolio
|
|||||||||||||||||||||||
Attributed
|
Interest Income
|
|||||||||||||||||||||||
Interest
|
GAAP
|
to Current
|
Economic
|
GAAP
|
Economic
|
|||||||||||||||||||
Income
|
Basis
|
Period
(1)
|
Basis
(2)
|
Basis
|
Basis
(3)
|
|||||||||||||||||||
Three Months Ended
|
||||||||||||||||||||||||
March 31, 2017
|
$
|
1,293
|
$
|
283
|
$
|
(116
|
)
|
$
|
399
|
$
|
1,009
|
$
|
894
|
|||||||||||
December 31, 2016
|
1,285
|
251
|
(122
|
)
|
373
|
1,034
|
912
|
|||||||||||||||||
September 30, 2016
|
1,108
|
195
|
(92
|
)
|
287
|
913
|
821
|
|||||||||||||||||
June 30, 2016
|
1,025
|
174
|
(60
|
)
|
234
|
851
|
791
|
|||||||||||||||||
March 31, 2016
|
817
|
127
|
(45
|
)
|
172
|
690
|
645
|
(1)
|
Reflects the effect of derivative instrument hedges for only the period presented.
|
(2)
|
Calculated by subtracting the effect of derivative instrument hedges attributed to the period presented from GAAP interest expense.
|
(3)
|
Calculated by adding the effect of derivative instrument hedges attributed to the period presented to GAAP net portfolio interest income.
|
Economic Net Interest Income
|
||||||||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||
Interest Expense on Junior Subordinated Notes
|
||||||||||||||||||||||||||||
(Losses) on
|
||||||||||||||||||||||||||||
Derivative
|
||||||||||||||||||||||||||||
Net Portfolio
|
Instruments
|
|||||||||||||||||||||||||||
Interest Income
|
Attributed
|
Net Interest Income
|
||||||||||||||||||||||||||
GAAP
|
Economic
|
GAAP
|
to Current
|
Economic
|
GAAP
|
Economic
|
||||||||||||||||||||||
Basis
|
Basis
(1)
|
Basis
|
Period
(2)
|
Basis
(3)
|
Basis
|
Basis
(4)
|
||||||||||||||||||||||
Three Months Ended
|
||||||||||||||||||||||||||||
March 31, 2017
|
$
|
1,009
|
$
|
894
|
$
|
292
|
$
|
(60
|
)
|
$
|
352
|
$
|
717
|
$
|
542
|
|||||||||||||
December 31, 2016
|
1,034
|
912
|
291
|
(57
|
)
|
348
|
743
|
564
|
||||||||||||||||||||
September 30, 2016
|
913
|
821
|
278
|
(55
|
)
|
333
|
635
|
488
|
||||||||||||||||||||
June 30, 2016
|
851
|
791
|
276
|
(77
|
)
|
353
|
575
|
438
|
||||||||||||||||||||
March 31, 2016
|
690
|
645
|
264
|
(80
|
)
|
344
|
426
|
301
|
(1)
|
Calculated by adding the effect of derivative instrument hedges attributed to the period presented to GAAP net portfolio interest income.
|
(2)
|
Reflects the effect of derivative instrument hedges for only the period presented.
|
(3)
|
Calculated by subtracting the effect of derivative instrument hedges attributed to the period presented from GAAP interest expense.
|
(4)
|
Calculated by adding the effect of derivative instrument hedges attributed to the period presented to GAAP net interest income.
|
($ in thousands)
|
||||||||||||||||||||||||||||||||
Average
|
Yield on
|
Average
|
Interest Expense
|
Average Cost of Funds
|
||||||||||||||||||||||||||||
MBS
|
Interest
|
Average
|
Repurchase
|
GAAP
|
Economic
|
GAAP
|
Economic
|
|||||||||||||||||||||||||
Held
(1)
|
Income
(2)
|
MBS
|
Agreements
(1)
|
Basis
|
Basis
(2)
|
Basis
|
Basis
(3)
|
|||||||||||||||||||||||||
Three Months Ended
|
||||||||||||||||||||||||||||||||
March 31, 2017
|
$
|
128,098
|
$
|
1,293
|
4.04
|
%
|
119,938
|
$
|
283
|
$
|
399
|
0.94
|
%
|
1.33
|
%
|
|||||||||||||||||
December 31, 2016
|
131,952
|
1,285
|
3.89
|
%
|
123,909
|
251
|
373
|
0.81
|
%
|
1.20
|
%
|
|||||||||||||||||||||
September 30, 2016
|
122,220
|
1,108
|
3.63
|
%
|
114,858
|
195
|
287
|
0.68
|
%
|
1.00
|
%
|
|||||||||||||||||||||
June 30, 2016
|
110,017
|
1,025
|
3.73
|
%
|
103,259
|
174
|
234
|
0.67
|
%
|
0.91
|
%
|
|||||||||||||||||||||
March 31, 2016
|
96,592
|
817
|
3.39
|
%
|
90,014
|
127
|
172
|
0.57
|
%
|
0.77
|
%
|
($ in thousands)
|
||||||||||||||||
Net Portfolio
|
Net Portfolio
|
|||||||||||||||
Interest Income
|
Interest Spread
|
|||||||||||||||
GAAP
|
Economic
|
GAAP
|
Economic
|
|||||||||||||
Basis
|
Basis
(2)
|
Basis
|
Basis
(4)
|
|||||||||||||
Three Months Ended
|
||||||||||||||||
March 31, 2017
|
$
|
1,009
|
$
|
894
|
3.10
|
%
|
2.71
|
%
|
||||||||
December 31, 2016
|
1,034
|
912
|
3.08
|
%
|
2.69
|
%
|
||||||||||
September 30, 2016
|
913
|
821
|
2.95
|
%
|
2.63
|
%
|
||||||||||
June 30, 2016
|
851
|
791
|
3.06
|
%
|
2.82
|
%
|
||||||||||
March 31, 2016
|
690
|
645
|
2.82
|
%
|
2.62
|
%
|
(1)
|
Portfolio yields and costs of borrowings presented in the table above and the tables on page 28 are calculated based on the average balances of the underlying investment portfolio/repurchase agreement balances and are annualized for the quarterly periods presented. Average balances for quarterly periods are calculated using two data points, the beginning and ending balances.
|
(2)
|
Economic interest expense and economic net interest income
presented in the table above and the tables on page 28 include the effect of derivative instrument hedges for only the period presented.
|
(3)
|
Represents interest cost of our borrowings and the effect of derivative instrument hedges attributed to the period related to hedging activities divided by average MBS held.
|
(4)
|
Economic Net Interest Spread is calculated by subtracting average economic cost of funds from yield on average MBS.
|
($ in thousands)
|
||||||||||||||||||||||||||||||||||||
Average MBS Held
|
Interest Income
|
Realized Yield on Average MBS
|
||||||||||||||||||||||||||||||||||
PT
|
Structured
|
PT
|
Structured
|
PT
|
Structured
|
|||||||||||||||||||||||||||||||
MBS
|
MBS
|
Total
|
MBS
|
MBS
|
Total
|
MBS
|
MBS
|
Total
|
||||||||||||||||||||||||||||
Three Months Ended
|
||||||||||||||||||||||||||||||||||||
March 31, 2017
|
$
|
123,163
|
$
|
4,935
|
$
|
128,098
|
$
|
1,210
|
$
|
83
|
$
|
1,293
|
3.93
|
%
|
6.67
|
%
|
4.04
|
%
|
||||||||||||||||||
December 31, 2016
|
127,627
|
4,325
|
131,952
|
1,238
|
47
|
1,285
|
3.88
|
%
|
4.32
|
%
|
3.89
|
%
|
||||||||||||||||||||||||
September 30, 2016
|
119,411
|
2,809
|
122,220
|
1,092
|
16
|
1,108
|
3.66
|
%
|
2.19
|
%
|
3.63
|
%
|
||||||||||||||||||||||||
June 30, 2016
|
106,653
|
3,364
|
110,017
|
1,008
|
17
|
1,025
|
3.78
|
%
|
2.05
|
%
|
3.73
|
%
|
||||||||||||||||||||||||
March 31, 2016
|
92,365
|
4,227
|
96,592
|
783
|
34
|
817
|
3.39
|
%
|
3.25
|
%
|
3.39
|
%
|
($ in thousands)
|
||||||||||||||||||||
Average
|
||||||||||||||||||||
Balance of
|
Interest Expense
|
Average Cost of Funds
|
||||||||||||||||||
Repurchase
|
GAAP
|
Economic
|
GAAP
|
Economic
|
||||||||||||||||
Agreements
|
Basis
|
Basis
|
Basis
|
Basis
|
||||||||||||||||
Three Months Ended
|
||||||||||||||||||||
March 31, 2017
|
$
|
119,938
|
$
|
283
|
$
|
399
|
0.94
|
%
|
1.33
|
%
|
||||||||||
December 31, 2016
|
123,909
|
251
|
373
|
0.81
|
%
|
1.20
|
%
|
|||||||||||||
September 30, 2016
|
114,858
|
195
|
287
|
0.68
|
%
|
1.00
|
%
|
|||||||||||||
June 30, 2016
|
103,259
|
174
|
234
|
0.67
|
%
|
0.91
|
%
|
|||||||||||||
March 31, 2016
|
90,014
|
127
|
172
|
0.57
|
%
|
0.77
|
%
|
Average GAAP Cost of Funds
|
Average Economic Cost of Funds
|
|||||||||||||||||||||||
Relative to Average
|
Relative to Average
|
|||||||||||||||||||||||
Average LIBOR
|
One-Month
|
Six-Month
|
One-Month
|
Six-Month
|
||||||||||||||||||||
One-Month
|
Six-Month
|
LIBOR
|
LIBOR
|
LIBOR
|
LIBOR
|
|||||||||||||||||||
Three Months Ended
|
||||||||||||||||||||||||
March 31, 2017
|
0.82
|
%
|
1.37
|
%
|
0.12
|
%
|
(0.43
|
)%
|
0.51
|
%
|
(0.04
|
)%
|
||||||||||||
December 31, 2016
|
0.62
|
%
|
1.28
|
%
|
0.19
|
%
|
(0.47
|
)%
|
0.58
|
%
|
(0.08
|
)%
|
||||||||||||
September 30, 2016
|
0.49
|
%
|
1.09
|
%
|
0.19
|
%
|
(0.41
|
)%
|
0.51
|
%
|
(0.09
|
)%
|
||||||||||||
June 30, 2016
|
0.44
|
%
|
0.92
|
%
|
0.23
|
%
|
(0.25
|
)%
|
0.47
|
%
|
(0.01
|
)%
|
||||||||||||
March 31, 2016
|
0.40
|
%
|
0.84
|
%
|
0.17
|
%
|
(0.27
|
)%
|
0.37
|
%
|
(0.07
|
)%
|
(in thousands)
|
||||||||||||
2017
|
2016
|
Change
|
||||||||||
Realized (losses) gains on sales of MBS
|
$
|
(1
|
)
|
$
|
232
|
$
|
(233
|
)
|
||||
Unrealized losses on MBS
|
(437
|
)
|
(288
|
)
|
(149
|
)
|
||||||
Total losses on MBS
|
(438
|
)
|
(56
|
)
|
(382
|
)
|
||||||
Gains (losses) on derivative instruments
|
22
|
(1,300
|
)
|
1,322
|
||||||||
Advisory services
|
1,670
|
1,269
|
401
|
|||||||||
(Losses) gains on retained interests
|
(194
|
)
|
546
|
(740
|
)
|
|||||||
Unrealized (losses) gains on Orchid Island Capital, Inc. common stock
|
(1,127
|
)
|
614
|
(1,741
|
)
|
|||||||
Orchid Island Capital, Inc. dividends
|
603
|
586
|
17
|
15 Year
|
30 Year
|
Three
|
||||||||||||||||||
5 Year
|
10 Year
|
Fixed-Rate
|
Fixed-Rate
|
Month
|
||||||||||||||||
Treasury Rate
(1)
|
Treasury Rate
(1)
|
Mortgage Rate
(2)
|
Mortgage Rate
(2)
|
Libor
(3)
|
||||||||||||||||
March 31, 2017
|
1.93
|
%
|
2.40
|
%
|
3.41
|
%
|
4.20
|
%
|
1.13
|
%
|
||||||||||
December 31, 2016
|
1.93
|
%
|
2.45
|
%
|
3.43
|
%
|
4.20
|
%
|
0.98
|
%
|
||||||||||
September 30, 2016
|
1.16
|
%
|
1.61
|
%
|
2.76
|
%
|
3.46
|
%
|
0.85
|
%
|
||||||||||
June 30, 2016
|
1.01
|
%
|
1.49
|
%
|
2.84
|
%
|
3.57
|
%
|
0.65
|
%
|
||||||||||
March 31, 2016
|
1.22
|
%
|
1.79
|
%
|
2.97
|
%
|
3.69
|
%
|
0.63
|
%
|
(1)
|
Historical 5 Year and 10 Year Treasury Rates are obtained from quoted end of day prices on the Chicago Board Options Exchange.
|
(2)
|
Historical 30 Year and 15 Year Fixed Rate Mortgage Rates are obtained from Freddie Mac's Primary Mortgage Market Survey.
|
(3)
|
Historical LIBOR are obtained from the Intercontinental Exchange Benchmark Administration Ltd.
|
(in thousands)
|
||||||||||||
2017
|
2016
|
Change
|
||||||||||
Compensation and benefits
|
$
|
936
|
$
|
796
|
$
|
140
|
||||||
Legal fees
|
28
|
64
|
(36
|
)
|
||||||||
Accounting, auditing and other professional fees
|
110
|
93
|
17
|
|||||||||
Directors' fees and liability insurance
|
167
|
156
|
11
|
|||||||||
Other G&A expenses
|
359
|
261
|
98
|
|||||||||
$
|
1,600
|
$
|
1,370
|
$
|
230
|
Structured
|
||||||||||||
PT MBS
|
MBS
|
Total
|
||||||||||
Three Months Ended
|
Portfolio (%)
|
Portfolio (%)
|
Portfolio (%)
|
|||||||||
March 31, 2017
|
4.8
|
18.8
|
8.8
|
|||||||||
December 31, 2016
|
5.5
|
27.3
|
11.1
|
|||||||||
September 30, 2016
|
9.4
|
19.7
|
13.6
|
|||||||||
June 30, 2016
|
7.8
|
20.4
|
12.6
|
|||||||||
March 31, 2016
|
11.8
|
16.6
|
14.3
|
($ in thousands)
|
|||||||||
Weighted
|
Weighted
|
||||||||
Percentage
|
Average
|
Average
|
Weighted
|
Weighted
|
|||||
of
|
Weighted
|
Maturity
|
Coupon
|
Average
|
Average
|
||||
Fair
|
Entire
|
Average
|
in
|
Longest
|
Reset in
|
Lifetime
|
Periodic
|
||
Asset Category
|
Value
|
Portfolio
|
Coupon
|
Months
|
Maturity
|
Months
|
Cap
|
Cap
|
|
March 31, 2017
|
|||||||||
Fixed Rate MBS
|
$
|
122,028
|
96.9%
|
4.24%
|
344
|
1-Oct-46
|
NA
|
NA
|
NA
|
Total PT MBS
|
122,028
|
96.9%
|
4.24%
|
344
|
1-Oct-46
|
NA
|
NA
|
NA
|
|
Interest-Only Securities
|
2,352
|
1.9%
|
3.46%
|
241
|
25-Dec-39
|
NA
|
NA
|
NA
|
|
Inverse Interest-Only Securities
|
1,514
|
1.2%
|
5.57%
|
287
|
25-Apr-41
|
NA
|
6.54%
|
NA
|
|
Total Structured MBS
|
3,866
|
3.1%
|
4.28%
|
259
|
25-Apr-41
|
NA
|
NA
|
NA
|
|
Total Mortgage Assets
|
$
|
125,894
|
100.0%
|
4.24%
|
341
|
1-Oct-46
|
NA
|
NA
|
NA
|
December 31, 2016
|
|||||||||
Fixed Rate MBS
|
$
|
124,299
|
95.4%
|
4.24%
|
347
|
1-Oct-46
|
NA
|
NA
|
NA
|
Total PT MBS
|
124,299
|
95.4%
|
4.24%
|
347
|
1-Oct-46
|
NA
|
NA
|
NA
|
|
Interest-Only Securities
|
2,654
|
2.0%
|
3.48%
|
245
|
25-Dec-39
|
NA
|
NA
|
NA
|
|
Inverse Interest-Only Securities
|
3,349
|
2.6%
|
5.52%
|
325
|
25-Dec-46
|
NA
|
3.25%
|
NA
|
|
Total Structured MBS
|
6,003
|
4.6%
|
4.62%
|
290
|
25-Dec-46
|
NA
|
NA
|
NA
|
|
Total Mortgage Assets
|
$
|
130,302
|
100.0%
|
4.26%
|
344
|
25-Dec-46
|
NA
|
NA
|
NA
|
($ in thousands)
|
||||||||||||||||
March 31, 2017
|
December 31, 2016
|
|||||||||||||||
Percentage of
|
Percentage of
|
|||||||||||||||
Agency
|
Fair Value
|
Entire Portfolio
|
Fair Value
|
Entire Portfolio
|
||||||||||||
Fannie Mae
|
$
|
116,741
|
92.7
|
%
|
$
|
120,961
|
92.8
|
%
|
||||||||
Freddie Mac
|
8,783
|
7.0
|
%
|
8,870
|
6.8
|
%
|
||||||||||
Ginnie Mae
|
370
|
0.3
|
%
|
471
|
0.4
|
%
|
||||||||||
Total Portfolio
|
$
|
125,894
|
100.0
|
%
|
$
|
130,302
|
100.0
|
%
|
March 31, 2017
|
December 31, 2016
|
|||||||
Weighted Average Pass-through Purchase Price
|
$
|
110.31
|
$
|
110.31
|
||||
Weighted Average Structured Purchase Price
|
$
|
6.02
|
$
|
6.74
|
||||
Weighted Average Pass-through Current Price
|
$
|
107.39
|
$
|
107.54
|
||||
Weighted Average Structured Current Price
|
$
|
8.41
|
$
|
10.40
|
||||
Effective Duration
(1)
|
4.692
|
4.769
|
(1)
|
Effective duration is the approximate percentage change in price for a 100 basis point change in rates. An effective duration of 4.692 indicates that an interest rate increase of 1.0% would be expected to cause a 4.692% decrease in the value of the MBS in the Company's investment portfolio at March 31, 2017. An effective duration of 4.769 indicates that an interest rate increase of 1.0% would be expected to cause a 4.769% decrease in the value of the MBS in the Company's investment portfolio at December 31, 2016. These figures include the structured securities in the portfolio but do include the effect of the Company's funding cost hedges.
Effective duration quotes for individual investments are obtained from The Yield Book, Inc.
|
($ in thousands)
|
|||||||||||
Three Months Ended March 31,
|
|||||||||||
2017
|
2016
|
||||||||||
Total Cost
|
Average Price
|
Weighted Average Yield
|
Total Cost
|
Average Price
|
Weighted Average Yield
|
||||||
PT MBS
|
$
|
-
|
$
|
-
|
-
|
$
|
53,818
|
$
|
111.36
|
2.51%
|
($ in thousands)
|
||||||||||||||||||||||||||||
Fair
|
$ Change in Fair Value
|
% Change in Fair Value
|
||||||||||||||||||||||||||
MBS Portfolio
|
Value
|
-100BPS
|
+100BPS
|
+200BPS
|
-100BPS
|
+100BPS
|
+200BPS
|
|||||||||||||||||||||
Fixed Rate MBS
|
122,028
|
5,325
|
(7,248
|
)
|
(15,238
|
)
|
4.36
|
%
|
(5.94
|
)%
|
(12.49
|
)%
|
||||||||||||||||
Interest-Only MBS
|
2,352
|
(813
|
)
|
522
|
814
|
(34.58
|
)%
|
22.19
|
%
|
34.62
|
%
|
|||||||||||||||||
Inverse Interest-Only MBS
|
1,514
|
(86
|
)
|
(133
|
)
|
(396
|
)
|
(5.67
|
)%
|
(8.77
|
)%
|
(26.16
|
)%
|
|||||||||||||||
Total MBS Portfolio
|
$
|
125,894
|
$
|
4,426
|
$
|
(6,859
|
)
|
$
|
(14,820
|
)
|
3.52
|
%
|
(5.45
|
)%
|
(11.77
|
)%
|
($ in thousands)
|
||||||||||||||||||||||||||||
Notional
|
$ Change in Fair Value
|
% Change in Fair Value
|
||||||||||||||||||||||||||
Amount
(1)
|
-100BPS
|
+100BPS
|
+200BPS
|
-100BPS
|
+100BPS
|
+200BPS
|
||||||||||||||||||||||
Eurodollar Futures Contracts
|
||||||||||||||||||||||||||||
Repurchase Agreement Hedges
|
$
|
1,174,000
|
$
|
(2,409
|
)
|
$
|
2,935
|
$
|
5,870
|
(0.84
|
)%
|
1.02
|
%
|
2.04
|
%
|
|||||||||||||
Junior Subordinated Debt Hedges
|
520,000
|
(1,072
|
)
|
1,300
|
2,600
|
(0.84
|
)%
|
1.02
|
%
|
2.04
|
%
|
|||||||||||||||||
$
|
1,694,000
|
$
|
(3,481
|
)
|
$
|
4,235
|
$
|
8,470
|
(0.84
|
)%
|
1.02
|
%
|
2.04
|
%
|
||||||||||||||
Gross Totals
|
$
|
945
|
$
|
(2,624
|
)
|
$
|
(6,350
|
)
|
(1)
|
Represents the total cumulative contract/notional amount of Eurodollar futures contracts.
|
($ in thousands)
|
||||||||||||||||
Difference Between Ending
|
||||||||||||||||
Ending Balance
|
Average Balance
|
Repurchase Agreements and
|
||||||||||||||
of Repurchase
|
of Repurchase
|
Average Repurchase Agreements
|
||||||||||||||
Three Months Ended
|
Agreements
|
Agreements
|
Amount
|
Percent
|
||||||||||||
March 31, 2017
|
$
|
118,049
|
$
|
119,938
|
$
|
(1,889
|
)
|
(1.57
|
)%
|
|||||||
December 31, 2016
|
121,828
|
123,909
|
(2,081
|
)
|
(1.68
|
)%
|
||||||||||
September 30, 2016
|
125,991
|
114,858
|
11,133
|
9.69
|
%
|
|||||||||||
June 30, 2016
|
103,725
|
103,259
|
466
|
0.45
|
%
|
|||||||||||
March 31, 2016
|
102,794
|
90,014
|
12,780
|
14.20
|
%
(1)
|
(1)
|
The higher ending balance relative to the average balance during the quarter ended March 31, 2016 reflects the repositioning of the portfolio. During the quarter ended March 31, 2016, the Company's investment in PT MBS increased $26.2 million.
|
(in thousands)
|
||||||||||||||||||||
Obligations Maturing
|
||||||||||||||||||||
Within One Year
|
One to Three Years
|
Three to Five Years
|
More than Five Years
|
Total
|
||||||||||||||||
Repurchase agreements
|
$
|
118,049
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
118,049
|
||||||||||
Interest expense on repurchase agreements
(1)
|
244
|
-
|
-
|
-
|
244
|
|||||||||||||||
Junior subordinated notes
(2)
|
-
|
-
|
-
|
26,000
|
26,000
|
|||||||||||||||
Interest expense on junior subordinated notes
(1)
|
1,278
|
2,445
|
2,442
|
16,747
|
22,912
|
|||||||||||||||
Litigation settlement
|
250
|
500
|
-
|
-
|
750
|
|||||||||||||||
Totals
|
$
|
119,821
|
$
|
2,945
|
$
|
2,442
|
$
|
42,747
|
$
|
167,955
|
(1)
|
Interest expense on repurchase agreements and junior subordinated notes are based on current interest rates as of March 31, 2017 and the remaining term of liabilities existing at that date.
|
(2)
|
The Company holds a common equity interest in Bimini Capital Trust II. The amount presented represents the net cash outlay of the Company.
|
3.1
|
Articles of Amendment and Restatement, incorporated by reference to Exhibit 3.1 to the Company's Form S-11/A, filed with the SEC on April 29, 2004
|
|
3.2
|
Articles Supplementary, incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, dated November 3, 2005, filed with the SEC on November 8, 2005
|
|
3.3
|
Articles of Amendment, incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, dated February 10, 2006, filed with the SEC on February 15, 2006
|
|
3.4
|
Articles of Amendment, incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, dated September 24, 2007, filed with the SEC on September 24, 2007
|
|
3.5
|
Amended and Restated Bylaws, incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K, dated September 24, 2007, filed with the SEC on September 24, 2007
|
|
31.1
|
Certification of the Principal Executive Officer, pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002*
|
|
31.2
|
Certification of the Principal Financial Officer, pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002*
|
|
32.1
|
Certification of the Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002**
|
|
32.2
|
Certification of the Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002**
|
101.INS
|
Instance Document***
|
||
101.SCH
|
Taxonomy Extension Schema Document***
|
||
101.CAL
|
Taxonomy Extension Calculation Linkbase Document***
|
||
101.DEF
|
Additional Taxonomy Extension Definition Linkbase Document***
|
||
101.LAB
|
Taxonomy Extension Label Linkbase Document***
|
||
101.PRE
|
Taxonomy Extension Presentation Linkbase Document***
|
* |
Filed herewith.
|
** |
Furnished herewith
|
*** |
Submitted electronically herewith.
|
Date:
May 9, 2017
|
By:
|
/s/ Robert E. Cauley | ||
Robert E. Cauley
Chairman and Chief Executive Officer
|
Date:
May 9, 2017
|
By:
|
/s/ G. Hunter Haas, IV | ||
G. Hunter Haas IV
President, Chief Financial Officer, Chief Investment Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)
|
1 Year Bimini Capital Management (QB) Chart |
1 Month Bimini Capital Management (QB) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions