8-K
BIMINI CAPITAL MANAGEMENT, INC. (BMNM)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
November 10, 2022
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.)
3305 Flamingo Drive
,
Vero Beach
,
Florida
32963
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number,
including area code
(
772
)
231-1400
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation
of the registrant under
any of the following provisions:
☐
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))
Securities registered pursuant to Section 12(b) of the Act: None.
Indicate by check mark whether the registrant is an emerging growth
company as defined in as defined in Rule 405 of the Securities
Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If
an
emerging
growth
company,
indicate
by
check
mark
if
the
registrant
has
elected
not
to
use
the
extended
transition
period
for
complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.
☐
ITEM 2.02.
RESULTS OF
OPERATIONS AND FINANCIAL
CONDITION.
On November
10, 2022,
Bimini Capital
Management, Inc.,
(the “Company”)
issued the
press release
attached hereto
as Exhibit
99.1
announcing the Company’s consolidated
results of operations for the period ended September 30, 2022.
The information
furnished under
this “Item 2.02
Results of Operations
and Financial
Condition,” including
the exhibit related
hereto,
shall not be deemed
“filed” for purposes of Section
18 of the Securities Exchange
Act of 1934, nor
shall it be deemed incorporated
by
reference in any disclosure document of the Company,
except as shall be expressly set forth by specific reference in such document.
ITEM 9.01.
EXHIBITS.
(d)
Exhibits
Exhibit 99.1 ― Press Release dated November 10, 2022
Exhibit 104 – Cover Page Interactive Data File (embedded within the Inline
XBRL document)
Signatures
Pursuant to the requirements of
the Securities Exchange Act of
1934, the Registrant has duly
caused this report to be
signed on its behalf
by the undersigned hereunto duly authorized.
Date: November 10, 2022
BIMINI CAPITAL MANAGEMENT,
INC.
By:
/s/ Robert E. Cauley
Robert E. Cauley
Chairman and Chief Executive Officer
bmnm8k20221110x991
BIMINI CAPITAL MANAGEMENT ANNOUNCES THIRD QUARTER 2022 RESULTS
VERO
BEACH,
Fla.,
(November
10,
2022)
–
Bimini
Capital
Management,
Inc.
(OTCQB:
BMNM),
(“Bimini
Capital,”
“Bimini,”
or
the
“Company”), today announced results of operations for the three-month period
ended September 30, 2022.
Third Quarter 2022 Highlights
●
Net loss of $3.2 million, or $0.31 per common share
●
Book value per share of $2.38
●
Company to discuss results on Monday, November 14, 2022, at 10:00 AM ET
Management Commentary
Commenting on the third quarter results, Robert E. Cauley, Chairman and Chief Executive Officer, said, “In a continuation of the
extremely volatile market conditions that have existed since the onset of the
COVID-19 pandemic, during the third quarter of 2022 the
financial markets were extremely turbulent.
During the third quarter, the response by the Federal Reserve (the “Fed”) to inflation grew
more hawkish.
Through early August of 2022 the markets perceived that, while inflation
was not transitory, the Fed would be able to
dampen demand by raising rates and cause inflation to decrease back towards the
Fed’s long-term target of 2%.
Further, the market
anticipated this would happen by early in 2023 and that the Fed would pivot and
start to loosen monetary policy shortly thereafter.
The
Fed, through their public comments stressed that this was not going to be
the case.
Supporting the Feds case, incoming economic
data over the period was persistently strong, indicating that rate increases to date
had yet to slow demand.
The Fed raised the Fed
Funds target range by 75 basis points in June, July, September, and early November.
At the conclusion of the November meeting the
Fed made it clear that they are not done raising rates and that rates are likely
to remain high for some time.
“The result of these developments was significant and widespread.
Germane to levered MBS investors like Royal Palm and Orchid
Island Capital (“Orchid”), were increases in market interest rates and a widening
in the spreads that Agency MBS securities trade
relative to comparable duration U.S. Treasuries or swaps.
The yield on the 10-year U.S. Treasury rose from approximately 2.58% on
August 1, 2022 to 3.83% on September 30, 2022, and just under 4.25% on
October 24, 2022.
Short maturity rates rose even more
and, based on Fed funds futures,
the market expects the Fed will ultimately raise the Fed Funds rate to over
5% by the second quarter
of 2023.
“Agency MBS spreads relative to benchmark interest rates increased to levels
observed in March of 2020 by the end of the third
quarter of 2022 and have exceeded those levels so far in the fourth quarter of 2022.
Returns for the Agency MBS market for the third
quarter of 2022 were (5.4)% and these returns were 1.7% lower than comparable
duration LIBOR swaps.
The relative performance
across the Agency MBS universe is skewed in favor of higher coupon, 30-year
securities that are currently in production by originators.
Lower coupon securities, especially those held in large amounts by the Fed,
and which may eventually be sold by the Fed, have
performed the worst.
Further aggressive hiking by the Fed may prevent the sector from performing
well in the near term but, if the
economy does contract and enter a recession, the sector could do well on
a relative performance basis owing to the lack of credit
exposure of Agency MBS.
This is consistent with the sector’s history of performance
in a counter-cyclical manner – doing well when
the economy is soft and relatively poorly when the economy is strong.
BMNM Announces Third Quarter 2022 Results
Page 2
November 10, 2022
“For the quarter,
Orchid reported a loss of $84.5 million and its shareholders equity
declined from $506.4 million to $400.4 million. The
market conditions described above drove the loss as agency MBS underperformed
comparable duration U.S. Treasuries and Orchid’s
hedge positions. As a result, Orchid recorded net realized and unrealized
losses of approximately $93.5 million related to its Agency
RMBS portfolio and related hedges. The decline in shareholders equity may
lead to reduced management fees at Bimini Advisors in
the near-term since the management fees are a function of Orchid’s equity. Orchid also reduced its monthly dividend during the third
quarter so monthly dividend revenues on the Company’s approximately 519 thousand shares
declined from approximately $350.4
thousand to approximately $282.9 thousand. Orchid, like Bimini, will focus
on weathering the current market conditions and looks
forward to capitalizing on the attractive returns that historically have become available
as markets settle.
“As we discussed at the end of the second quarter, our intention was to grow our cash position until we saw
clear evidence the market
had stabilized before redeploying our cash to resume growing the portfolio.
The Agency MBS did in fact stabilize during July and early
August of 2022, and we took initial steps to rebuild the portfolio by purchasing approximately
$10.2 million of pass-through MBS.
As a
result of paydowns of approximately $1.8 million and mark to market declines of approximately
$2.6 million, the pass-through portfolio
only increased by approximately $5.8 million.
The structured portfolio was essentially unchanged during the quarter.
Given the
developments that occurred over the balance of the quarter and into the fourth quarter, we are again willing to let our cash
position
resume building and will only seek to resume growing the portfolio once we
see clear evidence the current rate cycle is nearing its
conclusion.”
Details of Third Quarter 2022 Results of Operations
The Company reported net loss of $3.2 million for the three-month period ended September
30, 2022.
Advisory service revenue for
the quarter was $3.3 million.
We recorded interest and dividend income of $0.7 million and interest expense on repurchase
agreements of $0.2 million and long-term debt of $0.4 million.
We recorded a $3.1 million mark to market loss on our shares of Orchid
common stock and unrealized losses of $2.6 million on our MBS portfolio. The results
for the quarter also included operating expenses
of $2.1 million and an income tax benefit of $0.3 million.
Management of Orchid Island Capital, Inc.
Orchid is managed and advised by Bimini.
As Manager, Bimini is responsible for administering Orchid’s business activities and day-to-
day
operations.
Pursuant to
the
terms of
the management
agreement, Bimini
Advisors provides
Orchid
with its
management team,
including its officers, along with appropriate support personnel.
Bimini also maintains a common stock
investment in Orchid which is
accounted for under the fair value
option, with changes in fair value
recorded in the statement of
operations for the current period.
For the three months ended September 30,
2022, Bimini’s statement of
operations included a fair value adjustment of $(3.1) million and dividends of $0.3 million from its investment in Orchid’s common stock.
Also during
the three
months ended
September 30,
2022, Bimini
recorded $3.3
million in
advisory services
revenue for
managing Orchid’s
portfolio consisting of $2.6 million of management fees, $0.5 million in overhead reimbursement
and $0.2 million in repurchase, clearing
and administrative fees.
Book Value Per Share
The Company's Book Value
Per Share at September 30, 2022 was
$2.38.
The Company computes Book Value
Per Share by dividing
total stockholders' equity by the total number of shares outstanding of the Company's Class A Common Stock. At September 30, 2022,
the Company's stockholders’ equity was $24.3 million, with 10,246,809 Class A Common
shares outstanding.
BMNM Announces Third Quarter 2022 Results
Page 3
November 10, 2022
Capital Allocation and Return on Invested Capital
The Company
allocates capital between
two MBS sub-portfolios,
the pass-through MBS
portfolio (“PT
MBS”) and
the structured MBS
portfolio, consisting
of interest
only (“IO”)
and inverse
interest-only (“IIO”)
securities.
The table
below details
the changes
to the
respective
sub-portfolios during the quarter.
Portfolio Activity for the Quarter
Structured Security Portfolio
Pass-Through
Interest-Only
Inverse Interest
Portfolio
Securities
Only Securities
Sub-total
Total
Market Value - June 30, 2022
$
35,492,144
$
3,033,792
$
9,114
$
3,042,906
$
38,535,050
Securities purchased
10,187,515
-
-
-
10,187,515
Return of investment
n/a
(98,654)
(416)
(99,070)
(99,070)
Pay-downs
(1,781,672)
n/a
n/a
n/a
(1,781,672)
Premium lost due to pay-downs
(6,927)
n/a
n/a
n/a
(6,927)
Mark to market gains (losses)
(2,615,173)
52,304
(2,500)
49,804
(2,565,369)
Market Value - September 30, 2022
$
41,275,887
$
2,987,442
$
6,198
$
2,993,640
$
44,269,527
The tables below present the allocation of capital between the
respective portfolios at September 30, 2022 and June 30, 2022,
and the
return on invested capital
for each sub-portfolio for
the three-month period ended September 30,
- Capital allocation is
defined as
the sum of the market value of
securities held, less associated repurchase agreement borrowings, plus cash and cash
equivalents and
restricted cash associated with repurchase agreements.
Capital allocated to non-portfolio assets is not included in the calculation.
The returns on invested
capital in the PT
MBS and structured MBS
portfolios were approximately (31.5)%
and 3.7%, respectively, for the
third quarter of 2022.
The combined portfolio generated a return on invested capital of approximately
(18.3)%.
Capital Allocation
Structured Security Portfolio
Pass-Through
Interest-Only
Inverse Interest
Portfolio
Securities
Only Securities
Sub-total
Total
September 30, 2022
Market value
$
41,275,887
$
2,987,442
$
6,198
$
2,993,640
$
44,269,527
Cash equivalents and restricted cash
7,399,097
-
-
-
7,399,097
Repurchase agreement obligations
(43,493,999)
-
-
-
(43,493,999)
Total
(1)
$
5,180,985
$
2,987,442
$
6,198
$
2,993,640
$
8,174,625
% of Total
63.4%
36.5%
0.1%
36.6%
100.0%
June 30, 2022
Market value
$
35,492,144
$
3,033,792
$
9,114
$
3,042,906
$
38,535,050
Cash equivalents and restricted cash
6,529,567
-
-
-
6,529,567
Repurchase agreement obligations
(36,925,999)
-
-
-
(36,925,999)
Total
(1)
$
5,095,712
$
3,033,792
$
9,114
$
3,042,906
$
8,138,618
% of Total
62.6%
37.3%
0.1%
37.4%
100.0%
(1)
Invested capital includes the value of the MBS portfolio and cash equivalents and
restricted cash, reduced by repurchase agreement
borrowings.
BMNM Announces Third Quarter 2022 Results
Page 4
November 10, 2022
Returns for the Quarter Ended September 30, 2022
Structured Security Portfolio
Pass-Through
Interest-Only
Inverse Interest
Portfolio
Securities
Only Securities
Sub-total
Total
Interest income (net of repo cost)
$
173,242
$
60,306
$
1,332
$
61,638
$
234,880
Realized and unrealized (losses) gains
(2,622,100)
52,304
(2,500)
49,804
(2,572,296)
Hedge gains
844,188
n/a
n/a
n/a
844,188
Total Return
$
(1,604,670)
$
112,610
$
(1,168)
$
111,442
$
(1,493,228)
Beginning capital allocation
$
5,095,712
$
3,033,792
$
9,114
$
3,042,906
$
8,138,618
Return on invested capital for the quarter
(1)
(31.5)%
3.7%
(12.8)%
3.7%
(18.3)%
(1)
Calculated by dividing the Total
Return by the Beginning Capital Allocation, expressed as a percentage.
Prepayments
For the third quarter of 2022, the
Company received approximately $1.9
million in scheduled and unscheduled
principal repayments and
prepayments,
which
equated to
a
3-month
constant
prepayment
rate
(“CPR”)
of
approximately
10.8%
for
the
third
quarter
of
2022.
Prepayment rates on the two MBS sub-portfolios were as follows (in CPR):
PT
Structured
MBS Sub-
MBS Sub-
Total
Three Months Ended
Portfolio
Portfolio
Portfolio
September 30, 2022
13.1
7.5
10.8
June 30, 2022
17.2
22.9
20.0
March 31, 2022
18.5
25.6
20.9
December 31, 2021
13.7
35.2
21.1
September 30, 2021
15.5
26.9
18.3
June 30, 2021
21.0
31.3
21.9
March 31, 2021
18.5
16.4
18.3
Portfolio
The following tables summarize the MBS portfolio as of September 30, 2022
and December 31, 2021:
($ in thousands)
Weighted
Percentage
Average
of
Weighted
Maturity
Fair
Entire
Average
in
Longest
Asset Category
Value
Portfolio
Coupon
Months
Maturity
September 30, 2022
Fixed Rate MBS
$
41,276
93.2%
4.02%
329
1-Jul-52
Structured MBS
2,994
6.8%
2.84%
301
15-May-51
Total MBS Portfolio
$
44,270
100.0%
3.62%
327
1-Jul-52
December 31, 2021
Fixed Rate MBS
$
58,029
95.4%
3.69%
330
1-Sep-51
Structured MBS
2,774
4.6%
2.88%
306
15-May-51
Total MBS Portfolio
$
60,803
100.0%
3.41%
329
1-Sep-51
BMNM Announces Third Quarter 2022 Results
Page 5
November 10, 2022
($ in thousands)
September 30, 2022
December 31, 2021
Percentage of
Percentage of
Agency
Fair Value
Entire Portfolio
Fair Value
Entire Portfolio
Fannie Mae
$
31,774
71.8%
$
39,703
65.3%
Freddie Mac
12,496
28.2%
21,100
34.7%
Total Portfolio
$
44,270
100.0%
$
60,803
100.0%
September 30, 2022
December 31, 2021
Weighted Average Pass Through Purchase Price
$
105.51
$
109.33
Weighted Average Structured Purchase Price
$
4.48
$
4.81
Weighted Average Pass Through Current Price
$
94.00
$
109.30
Weighted Average Structured Current Price
$
13.36
$
9.87
Effective Duration
(1)
4.484
2.103
(1)
Effective duration is the
approximate percentage change
in price for a
100 basis point change
in rates.
An effective duration
of 4.484 indicates
that an
interest rate
increase of
1.0% would
be expected
to cause
a 4.484%
decrease in
the value
of the
MBS in
the Company’s
investment
portfolio at
September 30,
2022.
An effective
duration of
2.103 indicates
that an
interest rate
increase of
1.0% would
be expected
to cause
a
2.103% decrease
in the
value of
the MBS
in the
Company’s investment
portfolio at
December 31,
- 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.
Financing and Liquidity
As of
September
30, 2022,
the Company
had outstanding
repurchase
obligations
of approximately
$43.5
million
with a
net weighted
average
borrowing
rate of
2.98%.
These agreements
were collateralized
by MBS
with a
fair value,
including
accrued
interest,
of approximately
$44.3
million and cash of approximately
$1.2 million. At September
30, 2022, the Company’s
liquidity was approximately
$6.1 million, consisting
of unpledged
MBS and cash
and cash equivalents.
We may
pledge
more of
our structured
MBS as
part of
a repurchase
agreement
funding,
but retain
cash in
lieu of
acquiring
additional
assets.
In this way,
we can, at
a modest cost, retain
higher levels of cash on
hand and decrease the likelihood we
will have to
sell assets in
a
distressed
market in
order to
raise cash.
Below is
a list of
outstanding
borrowings
under repurchase
obligations
at September
30, 2022.
($ in thousands)
Repurchase Agreement Obligations
Weighted
Weighted
Total
Average
Average
Outstanding
% of
Borrowing
Amount
Maturity
Counterparty
Balances
Total
Rate
at Risk
(1)
(in Days)
Mirae Asset Securities (USA) Inc.
$
25,345
58.4%
2.93%
$
1,107
16
Citigroup Global Markets, Inc.
9,501
21.8%
2.94%
392
14
South Street Securities, LLC
4,062
9.3%
3.12%
85
19
Mitsubishi UFJ Securities (USA), Inc.
2,500
5.7%
3.32%
350
23
ED&F Man Capital Markets, Inc.
2,086
4.8%
3.08%
35
19
$
43,494
100.0%
2.98%
$
1,969
16
(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).
BMNM Announces Third Quarter 2022 Results
Page 6
November 10, 2022
Summarized Consolidated Financial Statements
The
following is a summarized presentation
of the unaudited consolidated
balance sheets as of September 30, 2022, and December
31,
2021, and
the unaudited
consolidated statements of
operations for
the nine
and three
months ended
September 30,
2022 and
2021.
Amounts presented
are subject
to change.
BIMINI CAPITAL MANAGEMENT,
INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited - Amounts Subject To
Change)
September 30, 2022
December 31, 2021
ASSETS
Mortgage-backed securities
$
44,269,527
$
60,803,144
Cash equivalents and restricted cash
7,399,097
9,812,410
Orchid Island Capital, Inc. common stock, at fair value
4,256,384
11,679,107
Accrued interest receivable
200,104
229,942
Deferred tax assets, net
36,607,388
35,036,312
Other assets
4,137,042
4,523,726
Total Assets
$
96,869,542
$
122,084,641
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements
$
43,493,999
$
58,877,999
Long-term debt
27,422,050
27,438,976
Other liabilities
1,605,638
2,767,816
Total Liabilities
72,521,687
89,084,791
Stockholders' equity
24,347,855
32,999,850
Total Liabilities and
Stockholders' Equity
$
96,869,542
$
122,084,641
Class A Common Shares outstanding
10,246,809
10,702,194
Book value per share
$
2.38
$
3.08
BMNM Announces Third Quarter 2022 Results
Page 7
November 10, 2022
BIMINI CAPITAL MANAGEMENT,
INC.
CONSOLIDATED STATEMENTS
OF OPERATIONS
(Unaudited - Amounts Subject to Change)
Nine Months Ended September 30,
Three Months Ended September 30,
2022
2021
2022
2021
Advisory services
$
9,719,703
$
6,757,799
$
3,311,962
$
2,546,578
Interest and dividend income
2,363,811
3,244,552
727,701
1,043,295
Interest expense
(1,252,400)
(842,503)
(588,680)
(272,194)
Net revenues
10,831,114
9,159,848
3,450,983
3,317,679
Other expense
(14,025,878)
(2,854,649)
(4,802,482)
(1,032,766)
Expenses
6,215,658
5,133,566
2,077,307
1,652,562
Net (loss) income before income tax (benefit) provision
(9,410,422)
1,171,633
(3,428,806)
632,351
Income tax (benefit) provision
(1,571,076)
336,389
(255,618)
167,751
Net (loss) income
$
(7,839,346)
$
835,244
$
(3,173,188)
$
464,600
Basic and Diluted Net (Loss) Income Per Share of:
CLASS A COMMON STOCK
$
(0.75)
$
0.07
$
(0.31)
$
0.04
CLASS B COMMON STOCK
$
(0.75)
$
0.07
$
(0.31)
$
0.04
Three Months Ended September 30,
Key Balance Sheet Metrics
2022
2021
Average MBS
(1)
$
41,402,288
$
66,691,953
Average repurchase agreements
(1)
40,209,999
67,252,999
Average stockholders' equity
(1)
26,115,625
34,305,539
Key Performance Metrics
Average yield on MBS
(2)
4.30%
3.22%
Average cost of funds
(2)
2.09%
0.14%
Average economic cost of funds
(3)
3.92%
4.36%
Average interest rate spread
(4)
2.21%
3.08%
Average economic interest rate spread
(5)
0.38%
(1.14)%
Summarized Consolidated Financial Statements
(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.
BMNM Announces Third Quarter 2022 Results
Page 8
November 10, 2022
About Bimini Capital Management, Inc.
Bimini Capital Management,
Inc. invests primarily
in, but is not limited to investing
in, residential
mortgage-related
securities issued
by the
Federal National
Mortgage Association
(Fannie Mae), the Federal
Home Loan Mortgage Corporation
(Freddie Mac) and the Government
National Mortgage Association
(Ginnie Mae). Its objective is to earn returns on the spread between the yield
on its assets and its
costs,
including the interest expense on
the funds
it borrows.
In addition, Bimini
generates a significant portion of
its revenue serving
as the
manager
of the
MBS portfolio
of, and
providing
certain
repurchase
agreement
trading,
clearing
and administrative
services
to, Orchid
Island
Capital,
Inc.
Forward Looking Statements
Statements
herein
relating
to matters
that are
not historical
facts
are forward-looking
statements
as defined
in the
Private
Securities
Litigation
Reform Act of 1995. The reader is cautioned that
such forward-looking
statements are based on information
available at the time and on
management's
good faith
belief
with respect
to future
events,
and are
subject
to risks
and uncertainties
that could
cause actual
performance
or results to
differ materially
from those expressed
in such forward-looking
statements.
Important
factors that
could cause
such differences
are
described
in
Bimini
Capital
Management,
Inc.'s
filings
with
the
Securities
and
Exchange
Commission,
including
Bimini
Capital
Management, Inc.'s most
recent Annual Report on
Form 10-K
and Quarterly Reports
on Form
10-Q. Bimini
Capital Management, Inc.
assumes no obligation to update forward-looking statements to reflect subsequent results, changes in assumptions or changes in
other
factors affecting
forward-looking
statements.
Earnings Conference Call Details
An earnings
conference
call and live audio
webcast will
be hosted Monday. November
14, 2022,
at 10:00 AM ET. Participants
can receive
dial-in information
via email
by following
the link:
https://www.netroadshow.com/events/login?show=9af9aee6&confId=43613
A
live
audio
webcast
of
the
conference
call
can
be
accessed
via
the
investor
relations
section
of
the
Company's
website
at
https://ir.biminicapital.com
or at
https://events.q4inc.com/attendee/567537104,
and an
audio archive of
the webcast will
be available for
approximately
one year.
CONTACT:
Bimini Capital
Management,
Inc.
Robert E.
Cauley, 772-231-1400
Chairman
and Chief
Executive
Officer
https://ir.biminicapital.com