We have concluded that, after the close of its public offering, Orchid is a variable interest entity pursuant to financial accounting rules because Orchid's equity holders lack the ability through voting rights to make decisions about its activities that have a significant effect on its success. We have also concluded that Bimini is the primary beneficiary of Orchid because, under the terms of the management agreement, Bimini has the power to direct the activities of Orchid that most significantly impact its economic performance including asset selection, asset and liability management and investment portfolio risk management. As a result, we will continue to consolidate Orchid in our Consolidated Financial Statements.
The following is a summarized presentation of the unaudited balance sheets as of December 31, 2012, and 2011, and the unaudited quarterly results of operations for the calendar quarters ended December 31, 2012, September 30, 2012, and December 31, 2011.
|BIMINI CAPITAL MANAGEMENT, INC.|
|CONSOLIDATED BALANCE SHEETS|
|($ in thousands, except per share amounts)|
|Mortgage-backed securities||$ 168,155||$ 91,142||84.5%|
|Cash equivalents and restricted cash||7,433||4,718||57.5%|
|Accrued interest receivable||719||901||(20.20)%|
|Total Assets||$ 187,353||$ 109,254||71.5%|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Repurchase agreements||$ 150,294||$ 69,528||116.2%|
|Junior subordinated notes||26,804||26,804||--|
|Total Liabilities and Stockholders' Equity||$ 187,353||$ 109,254||71.5%|
|Class A Common Shares outstanding||10,616,912||10,086,854|
|Book value per share||$ 0.33||$ 0.53|
|BIMINI CAPITAL MANAGEMENT, INC.|
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|For the calendar quarter ended|
|12/31/2012||9/30/2012||% Change||12/31/2011||% Change|
|Interest income||$ 751||$ 1,165||(35.5)%||$ 1,040||(27.8)%|
|Net interest income, before interest on junior subordinated notes||600||1,061||(43.5)%||981||(38.8)%|
|Interest expense on junior subordinated notes||(257)||(266)||3.4%||(258)||0.0%|
|Net interest income||343||795||(56.8)%||723||(52.6)%|
|Net portfolio (deficiency) income||(730)||776||(194.1)%||305||(339.3)%|
|Other income (expenses)||119||796||(85.1)%||(716)||116.6%|
|Net loss||$ (1,916)||$ (762)||(151.4)%||$ (2,407)||20.4%|
|Basic and Diluted Net loss Per Share of:|
|CLASS A COMMON STOCK||$ (0.18)||$ (0.07)||$ (0.24)|
|CLASS B COMMON STOCK||$ (0.18)||$ (0.07)||$ (0.24)|
About Bimini Capital Management, Inc.
Bimini Capital Management, Inc. is a REIT that invests primarily in, but is not limited to, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Its objective is to earn returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows.
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