2012 Q3 Form 10-Q Financial Statement

#000127547712000061 Filed on November 02, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q4 2011 Q3
Revenue $1.165M -$90.00K $1.134M
YoY Change 2.75% -104.41% -10.15%
Cost Of Revenue $370.0K $320.0K $300.0K
YoY Change 23.33% -42.86% -51.61%
Gross Profit $1.570M -$410.0K $470.0K
YoY Change 234.04% -127.7% -68.03%
Gross Profit Margin 134.8% 41.46%
Selling, General & Admin $2.334M $1.860M $2.379M
YoY Change -1.86% -19.83% 38.34%
% of Gross Profit 148.69% 506.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.00K $0.00 $29.00K
YoY Change 3.45% -71.0%
% of Gross Profit 1.91% 6.17%
Operating Expenses $2.334M $1.990M $2.379M
YoY Change -1.86% -19.43% 38.34%
Operating Profit -$764.5K -$2.400M -$1.909M
YoY Change -59.95% 142.42% 665.03%
Interest Expense $103.7K $52.71K
YoY Change 96.68% -23.35%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$761.7K -$2.410M -$1.913M
YoY Change -60.19% 143.43% 681.62%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$761.7K -$2.407M -$1.913M
YoY Change -60.18% 143.13% 1566.75%
Net Earnings / Revenue -65.4% -168.76%
Basic Earnings Per Share
Diluted Earnings Per Share -$74.07K -$250.0K -$192.0K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q3 2011 Q4 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.300M $4.300M $3.900M
YoY Change 87.18% 53.57% 25.81%
Cash & Equivalents $7.311M $4.301M $3.927M
Short-Term Investments
Other Short-Term Assets $4.100M $5.100M $5.400M
YoY Change -24.07% -22.73% 390.91%
Inventory $0.00
Prepaid Expenses
Receivables $700.0K $900.0K $1.000M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.10M $10.30M $10.30M
YoY Change 17.48% -0.96% 94.34%
LONG-TERM ASSETS
Property, Plant & Equipment $3.805M $3.884M $3.914M
YoY Change -2.79% -0.27% 0.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $125.7M $91.10M $88.20M
YoY Change 42.52% -32.57% -32.57%
Other Assets $300.0K $400.0K $1.700M
YoY Change -82.35% -88.57% 13.33%
Total Long-Term Assets $134.1M $98.95M $98.85M
YoY Change 35.68% -32.5% -32.85%
TOTAL ASSETS
Total Short-Term Assets $12.10M $10.30M $10.30M
Total Long-Term Assets $134.1M $98.95M $98.85M
Total Assets $146.2M $109.3M $109.1M
YoY Change 33.97% -30.41% -28.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $107.1M $69.50M $67.40M
YoY Change 58.9% -38.82% -37.19%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $107.2M $69.60M $67.50M
YoY Change 58.81% -38.79% -37.15%
LONG-TERM LIABILITIES
Long-Term Debt $26.80M $26.80M $26.80M
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities $6.800M $7.500M $7.200M
YoY Change -5.56% -7.41% -11.11%
Total Long-Term Liabilities $33.60M $34.30M $34.00M
YoY Change -1.18% -1.72% -2.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $107.2M $69.60M $67.50M
Total Long-Term Liabilities $33.60M $34.30M $34.00M
Total Liabilities $140.8M $103.9M $101.4M
YoY Change 38.84% -30.1% -28.72%
SHAREHOLDERS EQUITY
Retained Earnings -$328.8M -$328.7M -$326.3M
YoY Change 0.77% 0.8%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.380M $5.367M $7.708M
YoY Change
Total Liabilities & Shareholders Equity $146.2M $109.3M $109.1M
YoY Change 33.97% -30.41% -28.43%

Cashflow Statement

Concept 2012 Q3 2011 Q4 2011 Q3
OPERATING ACTIVITIES
Net Income -$761.7K -$2.407M -$1.913M
YoY Change -60.18% 143.13% 1566.75%
Depreciation, Depletion And Amortization $30.00K $0.00 $29.00K
YoY Change 3.45% -71.0%
Cash From Operating Activities -$1.200M -$400.0K -$1.800M
YoY Change -33.33% -63.64% 63.64%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$12.30M -$1.400M $24.50M
YoY Change -150.2% -70.21% -169.21%
Cash From Investing Activities -$12.30M -$1.400M $24.50M
YoY Change -150.2% -70.21% -169.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 15.30M 2.200M -25.10M
YoY Change -160.96% -59.26% -171.1%
NET CHANGE
Cash From Operating Activities -1.200M -400.0K -1.800M
Cash From Investing Activities -12.30M -1.400M 24.50M
Cash From Financing Activities 15.30M 2.200M -25.10M
Net Change In Cash 1.800M 400.0K -2.400M
YoY Change -175.0% -200.0% 100.0%
FREE CASH FLOW
Cash From Operating Activities -$1.200M -$400.0K -$1.800M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$1.200M -$400.0K -$1.800M
YoY Change -33.33% -63.64% 63.64%

Facts In Submission

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dei Amendment Flag
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dei Trading Symbol
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dei Document Period End Date
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364010848 USD
CY2011Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3926764 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
0 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
669077 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
17706 USD
us-gaap Use Of Estimates
UseOfEstimates
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0px;">Use of Estimates</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;margin-left:18px;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying financial statements include the fair values of MBS, Eurodollar futures contracts, retained interests and asset valuation allowances.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>
us-gaap Cash Uninsured Amount Commentary
CashUninsuredAmountCommentary
Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has never experienced any losses related to these balances. All noninterest-bearing cash balances were fully insured at September 30, 2012 due to a temporary federal program in effect from December 31, 2010 through December 31, 2012. Under the program, there is no limit to the amount of insurance for eligible accounts. Beginning in 2013, insurance coverage will revert to $250,000 per depositor at each financial institution, and our noninterest-bearing cash balances may again exceed federally insured limits. Interest-bearing amounts on deposit that would have been in excess of the $250,000 federally insured limit at September 30, 2012 approximated $2.6 million.
bmnm Open Tax Year
OpenTaxYear
2008
bmnm Income Required To Be Distributed Commentary
IncomeRequiredToBeDistributedCommentary
A REIT must generally distribute at least 90% of its REIT taxable income to its stockholders, of which 85% generally must be distributed within the taxable year, in order to avoid the imposition of an excise tax. The remaining balance may be distributed up to the end of the following taxable year, provided the REIT elects to treat such amount as a prior year distribution and meets certain other requirements.
CY2012Q3 bmnm Repurchase Agreement Counterparties
RepurchaseAgreementCounterparties
6 number
us-gaap Debt Instrument Description
DebtInstrumentDescription
During 2005, Bimini Capital sponsored the formation of a statutory trust, known as Bimini Capital Trust II (&#8220;BCTII&#8221;) of which 100% of the common equity is owned by Bimini Capital. It was formed for the purpose of issuing trust preferred capital securities to third-party investors and investing the proceeds from the sale of such capital securities solely in junior subordinated debt securities of Bimini Capital. The debt securities held by BCTII are the sole assets of BCTII.
us-gaap Debt Instrument Issuer
DebtInstrumentIssuer
Bimini Capital Trust II
us-gaap Debt Instrument Description Of Variable Rate Basis
DebtInstrumentDescriptionOfVariableRateBasis
Three Month LIBOR
CY2012Q3 bmnm Repurchase Agreement Amount At Risk
RepurchaseAgreementAmountAtRisk
6500000 USD
CY2012Q3 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
901000 USD
us-gaap Depreciation
Depreciation
89000 USD
CY2012Q3 us-gaap Depreciation
Depreciation
30000 USD
CY2011Q3 us-gaap Depreciation
Depreciation
29000 USD
CY2011Q4 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
811000 USD
us-gaap Depreciation
Depreciation
90000 USD
bmnm Schedule Of Mortgage Backed Securities By Contractual Maturity
ScheduleOfMortgageBackedSecuritiesByContractualMaturity
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;margin-left:18px;">The following table summarizes the Company's MBS portfolio as of </font><font style="font-family:Arial Narrow;font-size:11pt;">September 30, 2012</font><font style="font-family:Arial Narrow;font-size:11pt;"> and </font><font style="font-family:Arial Narrow;font-size:11pt;">December 31, </font><font style="font-family:Arial Narrow;font-size:11pt;">2011</font><font style="font-family:Arial Narrow;font-size:11pt;">, according to their contractual maturities. 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border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:110px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 480px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:480px;">&#160;</td><td colspan="2" style="width: 120px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:120px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">September 30, 2012</font></td><td colspan="2" style="width: 120px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:120px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2011</font></td></tr><tr style="height: 17px"><td style="width: 480px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:480px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;">Less than one year </font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 110px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 110px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 102</font></td></tr><tr style="height: 17px"><td style="width: 480px; text-align:left;border-color:#000000;min-width:480px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;">Greater than one year and less than five years </font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 168</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 263</font></td></tr><tr style="height: 17px"><td style="width: 480px; text-align:left;border-color:#000000;min-width:480px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;">Greater than five years and less than ten years </font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 11,252</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 8,507</font></td></tr><tr style="height: 17px"><td style="width: 480px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:480px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;">Greater than or equal to ten years</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 114,319</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 110px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 82,270</font></td></tr><tr style="height: 18px"><td style="width: 480px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:480px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;">Totals</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 110px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;"> 125,739</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 110px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:110px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;"> 91,142</font></td></tr></table></div>
CY2012Q3 bmnm Mortgage Backed Securities Within One Year Fair Value
MortgageBackedSecuritiesWithinOneYearFairValue
0 USD
CY2012Q3 bmnm Mortgage Backed Securities After One Through Five Years Fair Value
MortgageBackedSecuritiesAfterOneThroughFiveYearsFairValue
168000 USD
CY2012Q3 bmnm Mortgage Backed Securities After Five Through Ten Years Fair Value
MortgageBackedSecuritiesAfterFiveThroughTenYearsFairValue
11252000 USD
CY2012Q3 bmnm Mortgage Backed Securities After Ten Years Fair Value
MortgageBackedSecuritiesAfterTenYearsFairValue
114319000 USD
CY2011Q4 bmnm Mortgage Backed Securities After Five Through Ten Years Fair Value
MortgageBackedSecuritiesAfterFiveThroughTenYearsFairValue
8507000 USD
CY2011Q4 bmnm Mortgage Backed Securities After Ten Years Fair Value
MortgageBackedSecuritiesAfterTenYearsFairValue
82270000 USD
CY2011Q4 bmnm Mortgage Backed Securities Within One Year Fair Value
MortgageBackedSecuritiesWithinOneYearFairValue
102000 USD
CY2011Q4 bmnm Mortgage Backed Securities After One Through Five Years Fair Value
MortgageBackedSecuritiesAfterOneThroughFiveYearsFairValue
263000 USD
us-gaap Schedule Of Repurchase Agreements
ScheduleOfRepurchaseAgreements
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;margin-left:18px;">As of</font><font style="font-family:Arial Narrow;font-size:11pt;"> </font><font style="font-family:Arial Narrow;font-size:11pt;">September 30, 2012</font><font style="font-family:Arial Narrow;font-size:11pt;"> </font><font style="font-family:Arial Narrow;font-size:11pt;">and </font><font style="font-family:Arial Narrow;font-size:11pt;">December 31, </font><font style="font-family:Arial Narrow;font-size:11pt;">2011</font><font style="font-family:Arial Narrow;font-size:11pt;">, Bimini Capital's repurchase agreements had remaining maturities as summarized below:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td colspan="2" style="width: 295px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:295px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: left;">(in thousands)</font></td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 74px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:74px;">&#160;</td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 74px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:74px;">&#160;</td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 74px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:74px;">&#160;</td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 74px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:74px;">&#160;</td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 64px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:64px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 15px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 280px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:280px;">&#160;</td><td colspan="2" style="width: 84px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:84px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">OVERNIGHT</font></td><td colspan="2" style="width: 84px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:84px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">BETWEEN 2</font></td><td colspan="2" style="width: 84px; 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text-align:left;border-color:#000000;min-width:280px;">&#160;</td><td colspan="2" style="width: 84px; text-align:center;border-color:#000000;min-width:84px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">(1 DAY OR</font></td><td colspan="2" style="width: 84px; text-align:center;border-color:#000000;min-width:84px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">AND</font></td><td colspan="2" style="width: 84px; text-align:center;border-color:#000000;min-width:84px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">AND</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 74px; text-align:center;border-color:#000000;min-width:74px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">THAN</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 64px; text-align:center;border-color:#000000;min-width:64px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 15px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:15px;">&#160;</td><td style="width: 280px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:280px;">&#160;</td><td colspan="2" style="width: 84px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:84px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">LESS)</font></td><td colspan="2" style="width: 84px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:84px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">30 DAYS</font></td><td colspan="2" style="width: 84px; 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CY2012Q3 bmnm Collateral Held On Repurchase Agreements
CollateralHeldOnRepurchaseAgreements
113649000 USD
CY2011Q4 bmnm Collateral Held On Repurchase Agreements
CollateralHeldOnRepurchaseAgreements
73305000 USD
CY2011Q4 bmnm Repurchase Agreements Weighted Average Borrowing Rates
RepurchaseAgreementsWeightedAverageBorrowingRates
0.0043
CY2012Q3 bmnm Repurchase Agreements Weighted Average Borrowing Rates
RepurchaseAgreementsWeightedAverageBorrowingRates
0.0043
CY2012Q3 bmnm Repurchase Agreement Counterparty Risk As Percentage Of Stockholders Equity
RepurchaseAgreementCounterpartyRiskAsPercentageOfStockholdersEquity
0.1
bmnm Description Of Mf Global Exposure
DescriptionOfMfGlobalExposure
On October 31, 2011, MF Global Holding Ltd. (&#8220;MF&#8221;) filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. As of September 30, 2011, a subsidiary of MF, MF Global, Inc. was the Company&#8217;s largest repurchase agreement funding provider and the Company had approximately $2.3 million at risk under such agreements. As of December 31, 2011 and September 30, 2012, the Company had no outstanding funding arrangements in place with MF under repurchase agreements. All repurchase agreements in place at September 30, 2011, have been terminated and all pledged assets have been returned. As of November 2, 2012, one reverse-repurchase agreement with MF has yet to be fully unwound and the Company has not received funds which are owed by MF to the Company in the amount of approximately $343,000. During 2011, the Company established a reserve of $300,000 against this balance, which still exists at September 30, 2012. The Company believes it is entitled to these funds; however, given the fact that MF is in bankruptcy, it is not known if or when the funds will be received.
CY2011Q3 bmnm Amount At Risk Mf Global
AmountAtRiskMfGlobal
2300000 USD
CY2012Q4 bmnm Repurchase Agreement Reverse Repurchase Agreement Balance Outstanding
RepurchaseAgreementReverseRepurchaseAgreementBalanceOutstanding
343000 USD
CY2011Q4 bmnm Repurchase Agreement Counterparty Reserve Eatablished
RepurchaseAgreementCounterpartyReserveEatablished
300000 USD
CY2011Q4 bmnm Repurchase Agreement Counterparty Repurchase Agreement Balance
RepurchaseAgreementCounterpartyRepurchaseAgreementBalance
0 USD
CY2012Q3 bmnm Repurchase Agreement Counterparty Repurchase Agreement Balance
RepurchaseAgreementCounterpartyRepurchaseAgreementBalance
0 USD
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MarginDepositAssets
264969 USD
CY2011Q4 us-gaap Margin Deposit Assets
MarginDepositAssets
285000 USD
CY2011 us-gaap Derivative Instruments Not Designated As Hedging Instruments Type
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsType
Eurodollar Futures Contract
CY2011 us-gaap Derivative Instruments Not Designated As Hedging Instruments Risk
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsRisk
Interest Rate Risk
us-gaap Derivative Instruments Not Designated As Hedging Instruments Risk
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsRisk
Interest Rate Risk
us-gaap Derivative Instruments Not Designated As Hedging Instruments Type
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsType
Eurodollar Futures Contract
bmnm Trust Preferred Securities Textblock
TrustPreferredSecuritiesTextblock
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0px;">NOTE 6</font><font style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">. TRUST PREFERRED SECURITIES</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;margin-left:18px;">During 2005, </font><font style="font-family:Arial Narrow;font-size:11pt;">Bimini Capital sponsored </font><font style="font-family:Arial Narrow;font-size:11pt;">the formation of a </font><font style="font-family:Arial Narrow;font-size:11pt;">statutory trust, known as Bimini Capital Trust II (&#8220;BCTII&#8221;) of which 100% of the common eq</font><font style="font-family:Arial Narrow;font-size:11pt;">uity is owned by Bimini Capital. It was</font><font style="font-family:Arial Narrow;font-size:11pt;"> formed for the purpose of issuing trust preferred capital securities to third-party investors and investing the proceeds from the sale of such capital securities solely in junior subordinated debt securities of Bimini Capital. The debt securities held by </font><font style="font-family:Arial Narrow;font-size:11pt;">BCTII</font><font style="font-family:Arial Narrow;font-size:11pt;"> are the sole assets of </font><font style="font-family:Arial Narrow;font-size:11pt;">BCTII</font><font style="font-family:Arial Narrow;font-size:11pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;margin-left:18px;">As of </font><font style="font-family:Arial Narrow;font-size:11pt;">September 30, 2012</font><font style="font-family:Arial Narrow;font-size:11pt;"> and </font><font style="font-family:Arial Narrow;font-size:11pt;">December 31, 2011</font><font style="font-family:Arial Narrow;font-size:11pt;">,</font><font style="font-family:Arial Narrow;font-size:11pt;"> the outstanding principal balance on the junior subordinated debt securities owed to BCTII </font><font style="font-family:Arial Narrow;font-size:11pt;">was</font><font style="font-family:Arial Narrow;font-size:11pt;"> $26.8 million. The BCTII trust preferred securities and Bimini Capital's BCTI</font><font style="font-family:Arial Narrow;font-size:11pt;">I Junior Subordinated Notes have</font><font style="font-family:Arial Narrow;font-size:11pt;"> a rate of interest that floats at a spread of 3.50% over the prevailing three-month LIBOR rate. </font><font style="font-family:Arial Narrow;font-size:11pt;">As of </font><font style="font-family:Arial Narrow;font-size:11pt;">September 30, 2012</font><font style="font-family:Arial Narrow;font-size:11pt;">, the interest rate was </font><font style="font-family:Arial Narrow;font-size:11pt;">3.89%.</font><font style="font-family:Arial Narrow;font-size:11pt;"> The BCTII trust preferred securities and Bimini Capital's BCTII Junior Subordinated Notes require quarterly interest distributions and are redeemable at Bimini Capital's option, in whole or in part and without penalty, beginning December 15, 2010. Bimini Capital's BCTII Junior Subordinated Notes are subordinate and junior in right of payment of all present and future senior indebtedness. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;margin-left:18px;">The trust is a variable interest entity pursuant to FASB ASC Topic 810 because the holders of the equity investment at risk do not have adequate decision making ability over the trust's activities. Since Bimini Capital's investment in the trust's common equity securities was financed directly by the applicable trust as a result of its loan of the proceeds to Bimini Capital, that investment is not considered to be an equity investment at risk. Since Bimini Capital's common share investments in BCTII are not a variable interest, Bimini Capital is not the primary beneficiary of </font><font style="font-family:Arial Narrow;font-size:11pt;">BCTII</font><font style="font-family:Arial Narrow;font-size:11pt;">. Therefore, Bimini Capital has not consolidated the financial statements of BCTII into its financial statements.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;margin-left:18px;">The accompanying consolidated financial statements present Bimini Capital's BCTII Junior Subordinated Notes issued to the trust as a liability and Bimini Capital's investment in the common equity securities of BCTII as an asset</font><font style="font-family:Arial Narrow;font-size:11pt;"> (in</font><font style="font-family:Arial Narrow;font-size:11pt;">cluded in</font><font style="font-family:Arial Narrow;font-size:11pt;"> prepaid expenses and other assets, net)</font><font style="font-family:Arial Narrow;font-size:11pt;">. </font><font style="font-family:Arial Narrow;font-size:11pt;"> </font><font style="font-family:Arial Narrow;font-size:11pt;">For financial statement purposes, Bimini Capital records payments of interest on the Junior Subordinated Notes issued to BCTII as interest expense.</font></p>
CY2012Q3 us-gaap Debt Instrument Basis Spread On Variable Rate
DebtInstrumentBasisSpreadOnVariableRate
0.0350
CY2012Q3 us-gaap Debt Instrument Interest Rate At Period End
DebtInstrumentInterestRateAtPeriodEnd
0.0389
bmnm Phantom Share Award Desciption
PhantomShareAwardDesciption
Phantom share awards represent a right to receive a share of Bimini's Class&#160;A Common Stock. These awards do not have an exercise price and are valued at the fair value of Bimini Capital&#8217;s Class&#160;A Common Stock at the date of the grant. The grant date value is amortized to compensation expense on a straight-line basis over the vesting period of the respective award.&#160; The phantom shares vest, based on the employees&#8217; continuing employment, following a schedule&#160;as provided in the individual grant agreements
CY2012Q3 bmnm Latest Vesting Date
LatestVestingDate
3/15/2015
bmnm Phantom Share Expense
PhantomShareExpense
63000 USD
CY2012Q3 bmnm Phantom Share Expense
PhantomShareExpense
21000 USD
CY2011Q3 bmnm Phantom Share Expense
PhantomShareExpense
22000 USD
bmnm Phantom Share Expense
PhantomShareExpense
70000 USD
CY2012Q3 bmnm Phantom Share Compensation Not Yet Recognized
PhantomShareCompensationNotYetRecognized
178000 USD
CY2012Q3 bmnm Intrinsic Value
IntrinsicValue
70000 USD
CY2011Q4 bmnm Intrinsic Value
IntrinsicValue
136000 USD
CY2012Q3 bmnm Remaining Weighted Average Vesting Period
RemainingWeightedAverageVestingPeriod
26.9 number
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0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
-13000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
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0.97
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
367844 shares
CY2010Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
401000 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
367844 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
367844 shares
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-20156 shares
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-1.37
us-gaap Loss Contingency Lawsuit Filing Date
LossContingencyLawsuitFilingDate
July 16, 2010
us-gaap Loss Contingency Name Of Defendant
LossContingencyNameOfDefendant
Bimini Capital Management, Inc.
us-gaap Loss Contingency Domicile Of Litigation
LossContingencyDomicileOfLitigation
Supreme Court of the State of New York, New York County
bmnm Tabular Disclosure Of Liability For Loan Repurchase Demands
TabularDisclosureOfLiabilityForLoanRepurchaseDemands
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0px;">Loans Sold to Investors</font><font style="font-family:Arial Narrow;font-size:11pt;">. </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;margin-left:18px;">Generally, </font><font style="font-family:Arial Narrow;font-size:11pt;">MortCo</font><font style="font-family:Arial Narrow;font-size:11pt;"> was not exposed to significant credit risk on its loans sold to investors. In the </font><font style="font-family:Arial Narrow;font-size:11pt;">normal course of business, </font><font style="font-family:Arial Narrow;font-size:11pt;">MortCo</font><font style="font-family:Arial Narrow;font-size:11pt;"> provided certain representations and warranties during the sale of mortgage loans which obligated it to repurchase loans which are subsequently unable to be sold through the normal investor channels. The repurchased loans were secured by the related real estate properties, and can usually be sold directly to other permanent investors. There can be n</font><font style="font-family:Arial Narrow;font-size:11pt;">o assurance, however, that </font><font style="font-family:Arial Narrow;font-size:11pt;">MortCo</font><font style="font-family:Arial Narrow;font-size:11pt;"> will be able to recover the repurchased loan value either through other investor channels or through the assumption of the secured real estate.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;margin-left:18px;">MortCo</font><font style="font-family:Arial Narrow;font-size:11pt;"> </font><font style="font-family:Arial Narrow;font-size:11pt;">has </font><font style="font-family:Arial Narrow;font-size:11pt;">recognized a liability</font><font style="font-family:Arial Narrow;font-size:11pt;">, which is included in &#8220;A</font><font style="font-family:Arial Narrow;font-size:11pt;">ccounts payable, accrued expenses and other&#8221; in the accompanying consolidated balance sheet</font><font style="font-family:Arial Narrow;font-size:11pt;">s</font><font style="font-family:Arial Narrow;font-size:11pt;">,</font><font style="font-family:Arial Narrow;font-size:11pt;"> for the estimated fair value of this obligation. </font><font style="font-family:Arial Narrow;font-size:11pt;">Changes in this liability for the </font><font style="font-family:Arial Narrow;font-size:11pt;">nine months </font><font style="font-family:Arial Narrow;font-size:11pt;">ended September 30, 2012 and 2011</font><font style="font-family:Arial Narrow;font-size:11pt;"> are presented in the table below:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 500px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:500px;"><font style="FONT-STYLE: italic;FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;">(in thousands)</font></td><td style="width: 19px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 89px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:89px;">&#160;</td><td style="width: 19px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 89px; border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:89px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 500px; border-top-style:solid;border-top-width:2px;text-align:left;border-color:#000000;min-width:500px;">&#160;</td><td colspan="4" style="width: 216px; border-top-style:solid;border-top-width:2px;text-align:center;border-color:#000000;min-width:216px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Nine Months Ended September 30,</font></td></tr><tr style="height: 17px"><td style="width: 500px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:500px;">&#160;</td><td style="width: 19px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 89px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:89px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 19px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 89px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:89px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2011</font></td></tr><tr style="height: 17px"><td style="width: 500px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:500px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;">Balance - Beginning of period</font></td><td style="width: 19px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:19px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 89px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:89px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;"> 5,087</font></td><td style="width: 19px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:19px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 89px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:89px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;"> 5,087</font></td></tr><tr style="height: 17px"><td style="width: 500px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:500px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;">Settlements</font></td><td style="width: 19px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 89px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:89px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;"> (175)</font></td><td style="width: 19px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:19px;">&#160;</td><td style="width: 89px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:89px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 17px"><td style="width: 500px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:500px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;">Balance - End of period</font></td><td style="width: 19px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:19px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 89px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:89px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;"> 4,912</font></td><td style="width: 19px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:19px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 89px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:89px;"><font style="FONT-FAMILY: Arial Narrow;FONT-SIZE: 10pt;COLOR: #000000;"> 5,087</font></td></tr></table></div>
CY2011Q4 bmnm Loan Repurchase Demand Liability
LoanRepurchaseDemandLiability
5087000 USD
bmnm Settlements
Settlements
-175000 USD
CY2012Q3 bmnm Loan Repurchase Demand Liability
LoanRepurchaseDemandLiability
4912000 USD
bmnm Settlements
Settlements
0 USD
CY2011Q3 bmnm Loan Repurchase Demand Liability
LoanRepurchaseDemandLiability
5087000 USD
CY2010Q4 bmnm Loan Repurchase Demand Liability
LoanRepurchaseDemandLiability
5087000 USD
CY2011 bmnm Reit Capital Loss Carryforwards Expiring Year
ReitCapitalLossCarryforwardsExpiringYear
2012
CY2011 bmnm Reit Operating Loss Carryover Expiration
ReitOperatingLossCarryoverExpiration
2028 through 2031
CY2011Q4 bmnm Reit Capital Loss Carryforwards
ReitCapitalLossCarryforwards
52100000 USD
CY2011Q4 bmnm Reit Operating Loss Carryforward
ReitOperatingLossCarryforward
10700000 USD
us-gaap Related Party Transaction Description Of Transaction
RelatedPartyTransactionDescriptionOfTransaction
Frank E. Jaumot is a shareholder in an accounting firm from which the Company receives accounting and tax services. Mr. Jaumot is both a director and a shareholder of Bimini Capital.

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