Bimini Capital Management, Inc.
|
(Exact name of registrant as specified in its charter)
|
Maryland
|
001-32171
|
72-1571637
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Date: August 8, 2019
|
BIMINI CAPITAL MANAGEMENT, INC
|
|
By:
|
/s/ Robert E. Cauley
|
|
Robert E. Cauley
|
||
Chairman and Chief Executive Officer
|
·
|
Net loss of $0.5 million, or $0.04 per common share
|
·
|
Book value per share of $2.37
|
·
|
Company to discuss results on Friday, August 9, 2019, at 10:00 AM ET
|
Portfolio Activity for the Quarter
|
||||||||||||||||||||
Structured Security Portfolio
|
||||||||||||||||||||
Pass-Through
|
Interest-Only
|
Inverse Interest
|
||||||||||||||||||
Portfolio
|
Securities
|
Only Securities
|
Sub-total
|
Total
|
||||||||||||||||
Market Value - March 31, 2019
|
$
|
209,261,943
|
$
|
1,702,955
|
$
|
676,460
|
$
|
2,379,415
|
$
|
211,641,358
|
||||||||||
Securities purchased
|
3,285,372
|
-
|
-
|
-
|
3,285,372
|
|||||||||||||||
Return of investment
|
n/a
|
(148,209
|
)
|
(49,787
|
)
|
(197,996
|
)
|
(197,996
|
)
|
|||||||||||
Pay-downs
|
(5,782,288
|
)
|
n/a
|
n/a
|
n/a
|
(5,782,288
|
)
|
|||||||||||||
Premium lost due to pay-downs
|
(317,772
|
)
|
n/a
|
n/a
|
n/a
|
(317,772
|
)
|
|||||||||||||
Mark to market (losses) gains
|
2,632,380
|
(81,829
|
)
|
(8,763
|
)
|
(90,592
|
)
|
2,541,788
|
||||||||||||
Market Value - June 30, 2019
|
$
|
209,079,635
|
$
|
1,472,917
|
$
|
617,910
|
$
|
2,090,827
|
$
|
211,170,462
|
Capital Allocation
|
||||||||||||||||||||
Structured Security Portfolio
|
||||||||||||||||||||
Pass-Through
|
Interest-Only
|
Inverse Interest
|
||||||||||||||||||
Portfolio
|
Securities
|
Only Securities
|
Sub-total
|
Total
|
||||||||||||||||
June 30, 2019
|
||||||||||||||||||||
Market value
|
$
|
209,079,635
|
$
|
1,472,917
|
$
|
617,910
|
$
|
2,090,827
|
$
|
211,170,462
|
||||||||||
Cash equivalents and restricted cash(1)
|
8,496,648
|
-
|
-
|
-
|
8,496,648
|
|||||||||||||||
Repurchase agreement obligations
|
(200,656,000
|
)
|
-
|
-
|
-
|
(200,656,000
|
)
|
|||||||||||||
Total(2)
|
$
|
16,920,283
|
$
|
1,472,917
|
$
|
617,910
|
$
|
2,090,827
|
$
|
19,011,110
|
||||||||||
% of Total
|
89.0
|
%
|
7.7
|
%
|
3.3
|
%
|
11.0
|
%
|
100.0
|
%
|
||||||||||
March 31, 2019
|
||||||||||||||||||||
Market value
|
$
|
209,261,943
|
$
|
1,702,955
|
$
|
676,460
|
$
|
2,379,415
|
$
|
211,641,358
|
||||||||||
Cash equivalents and restricted cash(1)
|
6,733,003
|
-
|
-
|
-
|
6,733,003
|
|||||||||||||||
Repurchase agreement obligations
|
(199,146,000
|
)
|
-
|
-
|
-
|
(199,146,000
|
)
|
|||||||||||||
Total(2)
|
$
|
16,848,946
|
$
|
1,702,955
|
$
|
676,460
|
$
|
2,379,415
|
$
|
19,228,361
|
||||||||||
% of Total
|
87.6
|
%
|
8.9
|
%
|
3.5
|
%
|
12.4
|
%
|
100.0
|
%
|
(1)
|
Amount excludes restricted cash of $42,835 and $53,690 at June 30, 2019 and March 31, 2019, respectively, related to trust preferred
debt funding hedges.
|
(2)
|
Invested capital includes the value of the MBS portfolio and cash equivalents and restricted cash, reduced by repurchase agreement
borrowings.
|
Returns for the Quarter Ended June 30, 2019
|
||||||||||||||||||||
Structured Security Portfolio
|
||||||||||||||||||||
Pass-Through
|
Interest-Only
|
Inverse Interest
|
||||||||||||||||||
Portfolio
|
Securities
|
Only Securities
|
Sub-total
|
Total
|
||||||||||||||||
Interest income (net of repo cost)
|
$
|
771,237
|
$
|
16,768
|
$
|
5,643
|
$
|
22,411
|
$
|
793,648
|
||||||||||
Realized and unrealized (losses) gains
|
2,314,608
|
(81,829
|
)
|
(8,763
|
)
|
(90,592
|
)
|
2,224,016
|
||||||||||||
Hedge losses(1)
|
(3,175,260
|
)
|
n/a
|
n/a
|
n/a
|
(3,175,260
|
)
|
|||||||||||||
Total Return
|
$
|
(89,415
|
)
|
$
|
(65,061
|
)
|
$
|
(3,120
|
)
|
$
|
(68,181
|
)
|
$
|
(157,596
|
)
|
|||||
Beginning capital allocation
|
$
|
16,848,946
|
$
|
1,702,955
|
$
|
676,460
|
$
|
2,379,415
|
$
|
19,228,361
|
||||||||||
Return on invested capital for the quarter(2)
|
(0.5
|
)%
|
(3.8
|
)%
|
(0.5
|
)%
|
(2.9
|
)%
|
(0.8
|
)%
|
(1)
|
Excludes losses of approximately $189,000 associated with trust preferred funding hedges.
|
(2)
|
Calculated by dividing the Total Return by the Beginning Capital Allocation, expressed as a percentage.
|
PT
|
Structured
|
|||||||||||
MBS Sub-
|
MBS Sub-
|
Total
|
||||||||||
Three Months Ended
|
Portfolio
|
Portfolio
|
Portfolio
|
|||||||||
June 30, 2019
|
9.9
|
14.6
|
10.5
|
|||||||||
March 31, 2019
|
5.7
|
13.4
|
6.8
|
|||||||||
December 31, 2018
|
5.5
|
11.7
|
6.6
|
|||||||||
September 30, 2018
|
8.6
|
13.5
|
9.5
|
|||||||||
June 30, 2018
|
13.4
|
11.6
|
13.1
|
|||||||||
March 31, 2018
|
7.2
|
16.8
|
8.6
|
($ in thousands)
|
||||||
Weighted
|
||||||
Percentage
|
Average
|
|||||
of
|
Weighted
|
Maturity
|
||||
Fair
|
Entire
|
Average
|
in
|
Longest
|
||
Asset Category
|
Value
|
Portfolio
|
Coupon
|
Months
|
Maturity
|
|
June 30, 2019
|
||||||
Fixed Rate MBS
|
$
|
209,080
|
99.0%
|
4.25%
|
316
|
1-May-49
|
Interest-Only MBS
|
1,472
|
0.7%
|
3.69%
|
908
|
25-Dec-39
|
|
Inverse Interest-Only MBS
|
618
|
0.3%
|
4.16%
|
260
|
25-Apr-41
|
|
Total MBS Portfolio
|
$
|
211,170
|
100.0%
|
4.25%
|
320
|
1-May-49
|
December 31, 2018
|
||||||
Fixed Rate MBS
|
$
|
209,675
|
98.7%
|
4.26%
|
327
|
1-Aug-48
|
Interest-Only MBS
|
2,021
|
1.0%
|
3.69%
|
293
|
15-Jul-48
|
|
Inverse Interest-Only MBS
|
728
|
0.3%
|
4.06%
|
272
|
25-Apr-41
|
|
Total MBS Portfolio
|
$
|
212,424
|
100.0%
|
4.25%
|
327
|
1-Aug-48
|
($ in thousands)
|
||||||||||||||||
June 30, 2019
|
December 31, 2018
|
|||||||||||||||
Percentage of
|
Percentage of
|
|||||||||||||||
Agency
|
Fair Value
|
Entire Portfolio
|
Fair Value
|
Entire Portfolio
|
||||||||||||
Fannie Mae
|
$
|
193,306
|
91.5
|
%
|
$
|
193,437
|
91.1
|
%
|
||||||||
Freddie Mac
|
17,797
|
8.4
|
%
|
18,881
|
8.9
|
%
|
||||||||||
Ginnie Mae
|
67
|
0.1
|
%
|
106
|
0.0
|
%
|
||||||||||
Total Portfolio
|
$
|
211,170
|
100.0
|
%
|
$
|
212,424
|
100.0
|
%
|
June 30, 2019
|
December 31, 2018
|
|||||||
Weighted Average Pass Through Purchase Price
|
$
|
106.77
|
$
|
106.81
|
||||
Weighted Average Structured Purchase Price
|
$
|
6.39
|
$
|
6.39
|
||||
Weighted Average Pass Through Current Price
|
$
|
106.89
|
$
|
103.87
|
||||
Weighted Average Structured Current Price
|
$
|
7.54
|
$
|
8.67
|
||||
Effective Duration (1)
|
2.497
|
3.935
|
(1)
|
Effective duration is the approximate percentage change in price for a 100 basis point change in rates. An effective duration of
2.497 indicates that an interest rate increase of 1.0% would be expected to cause a 2.497% decrease in the value of the MBS in the Company’s investment portfolio at June 30, 2019. An effective duration of 3.935 indicates that an
interest rate increase of 1.0% would be expected to cause a 3.935% decrease in the value of the MBS in the Company’s investment portfolio at December 31, 2018. These figures include the structured securities in the portfolio but not the
effect of the Company’s hedges. Effective duration quotes for individual investments are obtained from The Yield Book, Inc.
|
($ in thousands)
|
|||||||||
Repurchase Agreement Obligations
|
|||||||||
Weighted
|
Weighted
|
||||||||
Total
|
Average
|
Average
|
|||||||
Outstanding
|
% of
|
Borrowing
|
Amount
|
Maturity
|
|||||
Counterparty
|
Balances
|
Total
|
Rate
|
at Risk(1)
|
(in Days)
|
||||
ED&F Man Capital Markets, Inc.
|
$
|
99,167
|
49.5%
|
2.63%
|
$
|
5,681
|
29
|
||
Mirae Asset Securities (USA) Inc.
|
58,997
|
29.4%
|
2.62%
|
3,411
|
51
|
||||
Citigroup Global Markets, Inc.
|
31,316
|
15.6%
|
2.64%
|
2,410
|
40
|
||||
Mitsubishi UFJ Securities (USA), Inc.
|
8,102
|
4.0%
|
2.64%
|
612
|
22
|
||||
South Street Securities, LLC
|
2,032
|
1.0%
|
2.63%
|
120
|
17
|
||||
JVB Financial Group, LLC
|
1,042
|
0.5%
|
2.58%
|
122
|
46
|
||||
$
|
200,656
|
100.0%
|
2.63%
|
$
|
12,356
|
37
|
(1)
|
Equal to the fair value of securities sold (including accrued interest receivable) and cash posted as collateral, if any, minus
the sum of repurchase agreement liabilities, accrued interest payable and securities posted by the counterparty (if any).
|
($ in thousands)
|
||||||||||||||||
As of June 30, 2019
|
||||||||||||||||
Repurchase Agreement Funding Hedges
|
||||||||||||||||
Average
|
Weighted
|
Weighted
|
||||||||||||||
Contract
|
Average
|
Average
|
||||||||||||||
Notional
|
Entry
|
Effective
|
Open
|
|||||||||||||
Expiration Year
|
Amount
|
Rate
|
Rate
|
Equity(1)
|
||||||||||||
Eurodollar Futures Contracts (Short Positions)
|
||||||||||||||||
2019
|
$
|
150,000
|
2.71
|
%
|
1.96
|
%
|
$
|
(568
|
)
|
|||||||
2020
|
150,000
|
2.84
|
%
|
1.61
|
%
|
(1,849
|
)
|
|||||||||
2021
|
100,000
|
2.80
|
%
|
1.57
|
%
|
(1,231
|
)
|
|||||||||
Total / Weighted Average
|
$
|
130,000
|
2.80
|
%
|
1.68
|
%
|
$
|
(3,648
|
)
|
|||||||
Treasury Note Futures Contracts (Short Position)(2)
|
||||||||||||||||
September 2019 5-year T-Note futures
|
||||||||||||||||
(Sep 2019 - Sep 2024 Hedge Period)
|
$
|
25,000
|
2.60
|
%
|
2.15
|
%
|
$
|
(581
|
)
|
($ in thousands)
|
||||||||||||||||
As of June 30, 2019
|
||||||||||||||||
Junior Subordinated Debt Funding Hedges
|
||||||||||||||||
Average
|
Weighted
|
Weighted
|
||||||||||||||
Contract
|
Average
|
Average
|
||||||||||||||
Notional
|
Entry
|
Effective
|
Open
|
|||||||||||||
Expiration Year
|
Amount
|
Rate
|
Rate
|
Equity(1)
|
||||||||||||
2019
|
$
|
26,000
|
1.72
|
%
|
1.96
|
%
|
$
|
31
|
||||||||
2020
|
19,500
|
1.92
|
%
|
1.63
|
%
|
(57
|
)
|
|||||||||
Total / Weighted Average
|
$
|
21,667
|
1.84
|
%
|
1.76
|
%
|
$
|
(26
|
)
|
(1)
|
Open equity represents the cumulative gains (losses) recorded on open futures positions from inception.
|
($ in thousands)
|
|||||||||
Notional
|
Net
|
||||||||
Amount
|
Cost
|
Market
|
Carrying
|
||||||
Long (Short)(1)
|
Basis(2)
|
Value(3)
|
Value(4)
|
||||||
June 30, 2019
|
|||||||||
30-Year TBA Securities:
|
|||||||||
3.5%
|
$
|
(65,000)
|
$
|
(66,280)
|
$
|
(66,459)
|
$
|
(179)
|
(1)
|
Notional amount represents the par value (or principal balance) of the underlying Agency MBS.
|
(2)
|
Cost basis represents the forward price to be paid (received) for the underlying Agency MBS.
|
(3)
|
Market value represents the current market value of the TBA securities (or of the underlying Agency MBS) as of period-end.
|
(4)
|
Net carrying value represents the difference between the market value and the cost basis of the TBA securities as of period-end and
is reported in derivative assets (liabilities), at fair value in our consolidated balance sheets.
|
BIMINI CAPITAL MANAGEMENT, INC.
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(Unaudited - Amounts Subject To Change)
|
||||||||
June 30, 2019
|
December 31, 2018
|
|||||||
ASSETS
|
||||||||
Mortgage-backed securities
|
$
|
211,170,462
|
$
|
212,424,192
|
||||
Cash equivalents and restricted cash
|
8,539,483
|
6,240,488
|
||||||
Investment in Orchid Island Capital, Inc. common stock
|
9,667,429
|
9,713,030
|
||||||
Accrued interest receivable
|
750,193
|
780,535
|
||||||
Deferred tax assets, net
|
22,603,791
|
23,202,821
|
||||||
Other assets
|
7,030,155
|
7,038,610
|
||||||
Total Assets
|
$
|
259,761,513
|
$
|
259,399,676
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Repurchase agreements
|
$
|
200,656,000
|
$
|
200,396,000
|
||||
Junior subordinated notes due to Bimini Capital Trust II
|
26,804,440
|
26,804,440
|
||||||
Other liabilities
|
2,231,113
|
3,244,615
|
||||||
Total Liabilities
|
229,691,553
|
230,445,055
|
||||||
Stockholders' equity
|
30,069,960
|
28,954,621
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
259,761,513
|
$
|
259,399,676
|
||||
Class A Common Shares outstanding
|
12,708,555
|
12,709,269
|
||||||
Book value per share
|
$
|
2.37
|
$
|
2.28
|
BIMINI CAPITAL MANAGEMENT, INC.
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||
(Unaudited - Amounts Subject to Change)
|
||||||||||||||||
Six Months Ended June
30,
|
Three Months Ended
June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Advisory services
|
$
|
3,261,116
|
$
|
4,060,459
|
$
|
1,653,796
|
$
|
1,966,994
|
||||||||
Interest and dividend income
|
5,053,710
|
4,962,397
|
2,498,486
|
2,410,920
|
||||||||||||
Interest expense
|
(3,459,040
|
)
|
(2,456,039
|
)
|
(1,739,621
|
)
|
(1,309,440
|
)
|
||||||||
Net revenues
|
4,855,786
|
6,566,817
|
2,412,661
|
3,068,474
|
||||||||||||
Other expense
|
(115,497
|
)
|
(7,232,896
|
)
|
(1,474,489
|
)
|
(1,108,477
|
)
|
||||||||
Expenses
|
3,218,989
|
3,389,717
|
1,597,963
|
1,650,737
|
||||||||||||
Net Income (loss) before income tax provision (benefit)
|
1,521,300
|
(4,055,796
|
)
|
(659,791
|
)
|
309,260
|
||||||||||
Income tax provision (benefit)
|
404,419
|
(1,004,310
|
)
|
(158,069
|
)
|
86,980
|
||||||||||
Net income (loss)
|
$
|
1,116,881
|
$
|
(3,051,486
|
)
|
$
|
(501,722
|
)
|
$
|
222,280
|
||||||
Basic and Diluted Net Income (Loss) Per Share of:
|
||||||||||||||||
CLASS A COMMON STOCK
|
$
|
0.09
|
$
|
(0.24
|
)
|
$
|
(0.04
|
)
|
$
|
0.02
|
||||||
CLASS B COMMON STOCK
|
$
|
0.09
|
$
|
(0.24
|
)
|
$
|
(0.04
|
)
|
$
|
0.02
|
Three Months Ended
June 30,
|
||||||||
Key Balance Sheet Metrics
|
2019
|
2018
|
||||||
Average MBS(1)
|
$
|
211,405,913
|
$
|
194,677,263
|
||||
Average repurchase agreements(1)
|
199,901,000
|
184,621,064
|
||||||
Average stockholders' equity(1)
|
30,320,885
|
52,697,249
|
||||||
Key Performance Metrics
|
||||||||
Average yield on MBS(2)
|
4.04
|
%
|
4.11
|
%
|
||||
Average cost of funds(2)
|
2.68
|
%
|
2.03
|
%
|
||||
Average economic cost of funds(3)
|
3.13
|
%
|
2.27
|
%
|
||||
Average interest rate spread(4)
|
1.36
|
%
|
2.08
|
%
|
||||
Average economic interest rate spread(5)
|
0.91
|
%
|
1.84
|
%
|
(1)
|
Average MBS, repurchase agreements and stockholders’ equity balances are calculated using two data points, the beginning and
ending balances.
|
(2)
|
Portfolio yields and costs of funds are calculated based on the average balances of the underlying investment
portfolio/repurchase agreement balances and are annualized for the quarterly periods presented.
|
(3)
|
Represents interest cost of our borrowings and the effect of derivative agreements attributed to the period related to hedging
activities, divided by average repurchase agreements.
|
(4)
|
Average interest rate spread is calculated by subtracting average cost of funds from average yield on MBS.
|
(5)
|
Average economic interest rate spread is calculated by subtracting average economic cost of funds from average yield on MBS.
|
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