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OTC Market Tier Pink Quote/OTCBB -
Primary SIC - Industry Classification 6798 - Real estate investment trusts -
State Of Incorporation MD -
Jurisdiction Of Incorporation United States -
Company Officers Hunter Haas IV, CFO - Robert E. Cauley, Chairman, CEO, President
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SEC Reporting Status SEC Reporting Company Shares outstanding Class A 10,393,000
Shares outstanding class B 31,938
Shares outstandind class C 31,938
Institutuional ownership 2.41%
Total Revenue (TTM) AS OF 06/30/2012 4.47M
Assets 131,000,000
Most recent 10-Q http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=8418350 Liquidity At June 30, 2012, Bimini Capital had cash and cash equivalents of $5.5 million, an equity capital base of $6.1 million and an MBS portfolio of $111.9 million. The Company generated cash flows of $11.9 million from principal and interest payments on its MBS portfolio and $2.2 million from retained interests in securitizations during the six months ended June 30, 2012. Material losses incurred by the Company in 2006 and 2007 attributable to the former mortgage origination operations of MortCo have significantly reduced Bimini Capital's equity capital base and the size of its MBS portfolio when compared to pre-2006 levels. Ongoing litigation costs stemming from both the former operations of MortCo and Bimini Capital itself have caused the Company's overhead to be high in relation to its portfolio size. The smaller capital base makes it difficult to generate sufficient net interest income to cover expenses. In response, beginning in 2007, the Company has taken significant steps to reduce the leverage in its balance sheet, reduce its debt service costs, reduce expenses, settle various litigation matters, and alter its investment strategy for holding MBS securities. In addition, the Company has attempted to raise capital in Orchid, its wholly-owned subsidiary. During the second quarter of 2011, the Company took steps related to a proposed public offering of common stock by Orchid. However, due to market conditions and economic events beyond the Company's control, the offering was withdrawn. The Company has continued to evaluate capital raising opportunities for Orchid (See Note 14, Subsequent Events, for recent actions). Attracting external capital to Orchid would allow the Company to receive fees for managing the Orchid portfolio, decrease the Company's expenses by allocating certain overhead costs to Orchid, and share in distributions, if any, paid by Orchid to its shareholders. However, if cash resources are, at any time, insufficient to satisfy the Company's liquidity requirements, such as when cash flow from operations are materially negative, the Company may be required to pledge additional assets to meet margin calls, liquidate assets, sell additional debt or equity securities or pursue other financing alternatives. | -
Company Notes - Formerly=Opteum, Inc. until 9-07
- Formerly=Bimimi Mortgage Management, Inc. until 2-06
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