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Bimini Capital Management Announces First Quarter 2013 Results

Stocks in this article: BMNM

VERO BEACH, Fla., May 13, 2013 (GLOBE NEWSWIRE) -- Bimini Capital Management, Inc. (OTCBB:BMNM), a real estate investment trust ("REIT"), today announced results of operations for the three month period ended March 31, 2013. Discussions related to the "Company," refer to the consolidated entity, including Bimini Capital, our wholly-owned subsidiaries, and our consolidated Variable Interest Entity ("VIE"). References to "Bimini Capital," the "Parent," and the "registrant" refer to Bimini Capital Management, Inc. as a separate entity.

First Quarter 2013 Highlights

  • Net loss of $2.8 million attributed to Bimini Capital, or $0.26 per common share.
  • Book value per share of $0.10
  • MBS portfolio remains 100% invested in agency MBS
  • Completed initial public offering of Orchid Island Capital, Inc., raising $35.4 million
  • Company to discuss results on Wednesday, May 15, 2013, at 10:00 AM ET

Orchid Island Capital

On February 20, 2013, Orchid Island Capital, Inc. ("Orchid") completed an initial public offering ("IPO"), selling 2,360,000 shares of its common stock for proceeds of $35.4 million. The Company acted as sponsor to Orchid by agreeing to fund all underwriting, legal and other costs of the offering. Through March 31, 2013, the Company incurred costs of approximately $3.2 million related to this offering. Upon closing of the offering, Bimini owned approximately 29.38% of Orchid's outstanding common stock.

At the closing of the offering, Orchid entered into a management agreement with Bimini Advisors, LLC ("Bimini Advisors"), a wholly-owned subsidiary of Bimini, which provides for an initial term through February 20, 2016 with automatic one-year extension options and is subject to certain termination rights. Under the terms of the management agreement, Bimini Advisors will be responsible for administering the business activities and day-to-day operations of Orchid. Bimini Advisors will receive a monthly management fee in the amount of:

  • 1/12 of 1.5% of the first $250,000,000 of Orchid's equity, as defined in the management agreement;
  • 1/12 of 1.25% of Orchid's equity that is greater than $250,000,000 and less than or equal to $500,000,000; and
  • 1/12 of 1.00% of Orchid's equity that is greater than $500,000,000.

Orchid is obligated to reimburse the Company for any direct expenses incurred on its behalf. In addition, once Orchid's equity equals $100,000,000, Bimini Capital will begin allocating to Orchid its pro rata portion of certain overhead costs, as defined in the management agreement, which will also be reimbursed to the Company.

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