Bimini Capital Management, Inc. (BMNM)

[rlwinvestor]

"Management Fee. The management fee will be payable monthly in arrears in an amount equal to 1/12th of (a) 1.50% of the first $250,000,000 of Orchid’s equity (as defined below), (b) 1.25% of Orchid’s equity that is greater than $250,000,000 and less than or equal to $500,000,000, and (c) 1.00% of Orchid’s equity that is greater than $500,000,000.

“Equity” equals Orchid’s month-end stockholders’ equity, adjusted to exclude the effect of any unrealized gains or losses included in either retained earnings or other comprehensive income (loss), as computed in accordance with GAAP."
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Seems they get 12% of ORC's equity per year in fees. ORC had about $15M in equity in Sept 2012, but they just added 35M in cash from the IPO. Not sure exactly what the new equity number is now, but they could be looking at $2-$5M in annual fees from ORC.