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Bimini Capital Management Announces Fourth Quarter 2012 Results

Stocks in this article: BMNM

The table below provides details of the securities in our two portfolios that are eligible to be refinanced under the new HARP guidelines:

($ in thousands)
Market Value of Securities where Underlying Pools were issued Prior to May 31, 2009
  Underlying Current Gross WAC (Borrower Mortgage Rate  
  Less Than 4.00% 4.0% - 4.99% 5.0%-5.99% 6.0% - 6.99% Greater Than 7.0% Total Total Securities in Sub-Portfolio
Pass-through portfolio  $ 17,520  $ --  $ --  $ --  $ --  $ 17,520 $ 158,396
Structured security portfolio $ 279 $ --  $ 1,768 $ 2,451 $ --  $ 4,498 $ 9,759
Total $ 17,799 $ --  $ 1,768 $ 2,451 $ --  $ 22,019 $ 168,155
Percent of Securities where Underlying Pools were Issued Prior to May 31, 2009
  Less Than 4.00% 4.0% - 4.99% 5.0%-5.99% 6.0% - 6.99% Greater Than 7.0% Total
Pass-through portfolio 11.1% --  --  --  --  11.1%
Structured security portfolio 2.9% --  18.1% 25.1% --  46.1%
Total 10.6% --  1.1% 1.5% --  13.1%


During the three months ended December 31, 2012, the Company made no dividend distributions. All distributions are made at the discretion of the Company's Board of Directors and any future distributions will depend on the Company's results of operations, financial conditions, maintenance of REIT status, availability of net operating losses and other factors that may be deemed relevant.    In August 2011, the Company announced that it would suspend its quarterly dividend and no distributions have been made since. The Company continues to evaluate its dividend payment policy.   However, as more fully described below, due to net operating losses incurred, the Company is unlikely to declare and pay dividends to stockholders until such net operating losses have been consumed.

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