SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2019

Segment Reporting Disclosure [Text Block]

NOTE 15. SEGMENT INFORMATION

The Company’s operations are classified into two principal reportable segments: the asset management segment and the investment portfolio segment.

The asset management segment includes the investment advisory services provided by Bimini Advisors to Orchid and Royal Palm. As discussed in Note 2, the revenues of the asset management segment consist of management fees and overhead reimbursements received pursuant to a management agreement with Orchid. Total revenues received under this management agreement for the three months ended March 31, 2019 and 2018, were approximately $1.6 million and $2.1 million, respectively, accounting for approximately 39% and 45% of consolidated revenues, respectively.

The investment portfolio segment includes the investment activities conducted by Royal Palm. The investment portfolio segment receives revenue in the form of interest and dividend income on its investments.

Segment information for the three months ended March 31, 2019 and 2018 is as follows:

(in thousands)
	Asset		Investment
	Management		Portfolio		Corporate		Eliminations		Total
2019
Advisory services, external customers	$	1,607	$	-	$	-	$	-	$	1,607
Advisory services, other operating segments⁽¹⁾		68		-		-		(68)		-
Interest and dividend income		-		2,555		-		-		2,555
Interest expense		-		(1,313)		(406)⁽²⁾		-		(1,719)
Net revenues		1,675		1,242		(406)		(68)		2,443
Other		-		1,304		55 ⁽³⁾		-		1,359
Operating expenses⁽⁴⁾		(630)		(991)		-		-		(1,621)
Intercompany expenses⁽¹⁾		-		(68)		-		68		-
Income (loss) before income taxes	$	1,045	$	1,487	$	(351)	$	-	$	2,181

	Asset		Investment
	Management		Portfolio		Corporate		Eliminations		Total
2018
Advisory services, external customers	$	2,093	$	-	$	-	$	-	$	2,093
Advisory services, other operating segments⁽¹⁾		58		-		-		(58)		-
Interest and dividend income		-		2,551		-		-		2,551
Interest expense		-		(809)		(337)⁽²⁾		-		(1,146)
Net revenues		2,151		1,742		(337)		(58)		3,498
Other		-		(6,457)		333 ⁽³⁾		-		(6,124)
Operating expenses⁽⁴⁾		(761)		(978)		-		-		(1,739)
Intercompany expenses⁽¹⁾		-		(58)		-		58		-
Income (loss) before income taxes	$	1,390	$	(5,751)	$	(4)	$	-	$	(4,365)

Assets in each reportable segment were as follows:

(in thousands)
	Asset		Investment
	Management		Portfolio		Corporate		Total
March 31, 2019	$	1,507	$	245,045	$	12,241	$	258,793
December 31, 2018		1,488		245,866		12,046		259,400