LONG-TERM DEBT	6 Months Ended
Jun. 30, 2022
Debt Instruments [Abstract]
Long-Term Debt [Text Block]	NOTE 7. LONG-TERM DEBT Long-term debt at June 30, 2022 and December 31, 2021 is summarized as follows: (in thousands) June 30, 2022 December 31, 2021 Junior subordinated debt $ 26,804 $ 26,804 Secured note payable 624 635 Total $ 27,428 $ 27,439 Junior Subordinated Debt During 2005, Bimini Capital sponsored the formation of a statutory trust, known as Bimini Capital Trust II (“BCTII”) 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. As of June 30, 2022 and December 31, 2021, the outstanding principal balance on the junior subordinated debt securities owed to BCTII was $ 26.8 million. The BCTII trust preferred securities and Bimini Capital's BCTII Junior Subordinated Notes have a rate of interest that floats at a spread of 3.50 % over the prevailing three-month LIBOR rate. As of June 30, 2022, the interest rate was 5.33 %. 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. Bimini Capital's BCTII Junior Subordinated Notes are subordinate and junior in right of payment to all present and future senior indebtedness. BCTII is a VIE because the holders of the equity investment at risk do not have substantive decision-making ability over BCTII’s activities. Since Bimini Capital's investment in BCTII’s common equity securities was financed directly by BCTII 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 investment in BCTII is not a variable interest, Bimini Capital is not the primary beneficiary of BCTII. Therefore, Bimini Capital has not consolidated the financial statements of BCTII into its consolidated financial statements, and this investment is accounted for on the equity method. The accompanying consolidated financial statements present Bimini Capital's BCTII Junior Subordinated Notes issued to BCTII as a liability and Bimini Capital's investment in the common equity securities of BCTII as an asset (included in other assets). For financial statement purposes, Bimini Capital records payments of interest on the Junior Subordinated Notes issued to BCTII as interest expense. Secured Note Payable On October 30, 2019, the Company borrowed $ 680,000 from a bank. The note is payable in equal monthly principal and interest installments of approximately $ 5,000 through October 30, 2039. Interest accrues at 4.89% through October 30, 2024. Thereafter, interest accrues based on the weekly average yield to the United States Treasury securities adjusted to a constant maturity of 5 years, plus 3.25 %. The note is secured by a mortgage on the Company’s office building. The table below presents the future scheduled principal payments on the Company’s long-term debt. (in thousands) Last six months of 2022 $ 11 2023 24 2024 25 2025 26 2026 28 After 2026 27,314 Total $ 27,428

Junior Subordinated Debt

During 2005,

Bimini Capital

sponsored

the formation

of a statutory

trust, known

as Bimini

Capital Trust

II (“BCTII”)

of which 100%

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.

As of June

30, 2022

and December

31, 2021,

the outstanding

principal

balance on

the junior

subordinated

debt securities

owed to

BCTII was

26.8

million.

The BCTII

trust preferred

securities

and Bimini

Capital's

BCTII Junior

Subordinated

Notes have

a rate of

interest

that floats

at a spread

3.50

% over the

prevailing

three-month

LIBOR rate.

As of June

30, 2022,

the interest

rate was

5.33

%. 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.

Bimini Capital's

BCTII Junior

Subordinated

Notes are

subordinate

and

junior in

right of

payment to

all present

and future

senior indebtedness.

BCTII is

a VIE because

the holders

of the equity

investment

at risk do

not have

substantive

decision-making

ability over

BCTII’s

activities.

Since Bimini

Capital's

investment

in BCTII’s

common equity

securities

was financed

directly by

BCTII 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

investment

in BCTII

is not a variable

interest,

Bimini Capital

is not the

primary beneficiary

of BCTII.

Therefore,

Bimini Capital

has not

consolidated

the financial

statements

of BCTII

into its consolidated

financial

statements,

and this

investment

is accounted

for on the

equity

method.

The accompanying

consolidated

financial

statements

present

Bimini Capital's

BCTII Junior

Subordinated

Notes issued

to BCTII

as a

liability

and Bimini

Capital's

investment

in the common

equity securities

of BCTII

as an asset

(included

in other

assets).

For financial

statement

purposes,

Bimini Capital

records payments

of interest

on the Junior

Subordinated

Notes issued

to BCTII

as interest

expense.

Secured

Note Payable

On October

30, 2019,

the Company

borrowed

680,000

from a bank.

The note

is payable

in equal

monthly principal

and interest

installments

of approximately

5,000

through October

30, 2039.

Interest

accrues at

4.89% through

October 30,

2024. Thereafter,

interest

accrues based

on the weekly

average

yield to the

United States

Treasury securities

adjusted to

a constant

maturity of

5 years,

plus

3.25

The note

is secured

by a mortgage

on the Company’s

office building.