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):
August 11, 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
August
11,
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 June 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 August 11, 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: August 11, 2022
BIMINI CAPITAL MANAGEMENT,
INC.
By:
/s/ Robert E. Cauley
Robert E. Cauley
Chairman and Chief Executive Officer
bmnm8k20220811x991
BIMINI CAPITAL MANAGEMENT ANNOUNCES SECOND QUARTER 2022 RESULTS
VERO
BEACH,
Fla.,
(August
11,
2022)
–
Bimini
Capital
Management,
Inc.
(OTCQB:
BMNM),
(“Bimini
Capital,”
“Bimini,”
or
the
“Company”), today announced results of operations for the three-month period
ended June 30, 2022.
Second Quarter 2022 Highlights
●
Net loss of $1.2 million, or $0.11 per common share
●
Book value per share of $2.66
●
Company to discuss results on Friday, August 12, 2022, at 10:00 AM ET
Management Commentary
Commenting on the second quarter results, Robert E. Cauley,
Chairman and Chief Executive Officer, said, “During the
latter part of the
second quarter of 2022 inflation data
drove a material change in Fed
policy, interest rates and the outlook for the economy.
Specifically,
the CPI for May, released in
June, was far above
market expectations.
Survey measures of inflation
expectations, released on the
same
day, surged to
multi-decade highs. In July,
the June CPI reading was released and was
again well above market expectations. Equally
troubling, elevated inflation readings were very broad based, implying inflationary pressures have clearly spread from just those sectors
most exposed to
COVID-19 related supply
constraints. This was
the catalyst for
the Fed to
pivot even more
forcefully than they
did during
late 2021/early 2022, demonstrated by the Fed increasing the
Fed Funds rate by 200 basis points collectively at
the May, June and July
meetings.
The market expects the Fed to continuing raising the Fed Funds rate by another 100 basis points by year-end.
Increases in
the Fed Funds rate are likely to affect economic activity,
and the Fed has acknowledged their actions may lead to a recession.
Sectors
of the economy most sensitive to interest rates – such as housing – have
already started to slow.
“The market appears
to anticipate the
Fed will be
able to contain
inflation and that
the result will
be a contraction
in economic growth.
This is reflected in
yields for longer-term U.S.
Treasuries. With the
Fed expected to increase
the Fed Funds rate
by another 100 basis
points or more, shorter maturity U.S.
Treasuries remain elevated, with the yield on the 2-year
U.S. Treasury Note yielding approximately
3.23% on August 10,
2022.
The combined effect –
more increases to the
Fed Funds rate, and
the presumption inflation will ultimately
be contained by the Fed - albeit potentially at the expense of a recession, has caused the yield curve to invert whereby shorter maturity
U.S. Treasuries
yield more than
long-term U.S. Treasuries.
This condition may
persist for the
balance of 2022
and into 2023.
These
developments
were detrimental to the performance
of Agency MBS securities and
as the quarter came to
an end the current coupon 30-
year fixed rate mortgage – a widely referenced benchmark – was trading
at very wide spreads to comparable duration treasuries – and
nearly as wide as the spreads seen during March of 2020 when the financial
markets where at the peak of their distress.
“Given these
developments in the
fixed income
markets and the
poor performance of
Agency MBS in
particular Orchid Island
Capital
reported a
second quarter
2022 loss
of $60.1
million and
its shareholders
equity declined
from $592.4
million to
$506.4 million.
The
market conditions
described above
drove the
loss as
agency MBS
underperformed comparable
duration treasuries
and the
Orchid’s
hedge positions. 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 twice during
the first quarter
so monthly
dividend revenues on
the Company’s approximately
2.5 million shares declined
from approximately $402.3 thousand
to approximately
$350.4 thousand during the second
quarter. 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.
BMNM Announces Second Quarter 2022 Results
Page 2
August 11, 2022
“As we discussed at the end of the first quarter, we took steps to reduce the MBS
portfolio at Royal Palm in response to adverse market
conditions. In fact,
the Agency MBS portfolio
at Royal Palm Capital
decreased during the second
quarter of 2022 by
$16.1 million, the
combined effect
of net
sales of
$12.3 million
mentioned above,
$2.1 million
of paydowns
and return
of investment
on the
structured
securities portfolio and $1.7 million of net realized and unrealized
market to market losses. As the second quarter of 2022 unfolded
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. To date, the Agency
MBS market has recovered
somewhat during the
third quarter of 2022,
and we will likely
begin
to rebuild the portfolio over the balance of the quarter.”
Details of Second Quarter 2022 Results of Operations
The Company reported net loss of $1.2 million for the three-month period ended
June 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 long-term debt of $0.3
million. We recorded a $1.0 million mark to market loss on our shares of Orchid common
stock and realized and unrealized losses of
$1.8 million on our MBS portfolio. The results for the quarter also included operating
expenses of $2.1 million and an income tax benefit
of $0.1 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
June
30,
2022,
Bimini’s
statement
of
operations included a fair value adjustment of $(1.0) million and dividends of $0.4 million from its investment in Orchid’s common stock.
Also during
the three
months ended
June 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
June 30, 2022
was $2.66.
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
June
30,
2022,
the
Company's stockholders’ equity was $27.9 million, with 10,472,779 Class A Common
shares outstanding.
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.
BMNM Announces Second Quarter 2022 Results
Page 3
August 11, 2022
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, 2022
$
51,643,964
$
3,019,549
$
15,689
$
3,035,238
$
54,679,202
Securities purchased
10,821,877
-
-
-
10,821,877
Securities sold
(23,096,853)
-
-
-
(23,096,853)
Losses on sales
(858,001)
-
-
-
(858,001)
Return of investment
n/a
(110,372)
(1,424)
(111,796)
(111,796)
Pay-downs
(1,980,029)
n/a
n/a
n/a
(1,980,029)
Premium lost due to pay-downs
(84,638)
n/a
n/a
n/a
(84,638)
Mark to market gains (losses)
(954,176)
124,615
(5,151)
119,464
(834,712)
Market Value - June 30, 2022
$
35,492,144
$
3,033,792
$
9,114
$
3,042,906
$
38,535,050
The tables below present the
allocation of capital between the
respective portfolios at June 30,
2022 and March 31, 2022,
and the return
on invested capital for each sub-portfolio
for the three-month period ended
June 30, 2022. 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 (35.0)%
and 5.9%, respectively, for the
second quarter of 2022.
The combined portfolio generated a return on invested capital of approximately
(19.2)%.
Capital Allocation
Structured Security Portfolio
Pass-Through
Interest-Only
Inverse Interest
Portfolio
Securities
Only Securities
Sub-total
Total
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%
March 31, 2022
Market value
$
51,643,964
$
3,019,549
$
15,689
$
3,035,238
$
54,679,202
Cash equivalents and restricted cash
7,983,873
-
-
-
7,983,873
Repurchase agreement obligations
(54,814,689)
-
-
-
(54,814,689)
Total
(1)
$
4,813,148
$
3,019,549
$
15,689
$
3,035,238
$
7,848,386
% of Total
61.3%
38.5%
0.2%
38.7%
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 Second Quarter 2022 Results
Page 4
August 11, 2022
Returns for the Quarter Ended June 30, 2022
Structured Security Portfolio
Pass-Through
Interest-Only
Inverse Interest
Portfolio
Securities
Only Securities
Sub-total
Total
Interest income (net of repo cost)
$
260,498
$
57,910
$
986
$
58,896
$
319,394
Realized and unrealized (losses) gains
(1,896,815)
124,615
(5,151)
119,464
(1,777,351)
Hedge losses
(49,688)
n/a
n/a
n/a
(49,688)
Total Return
$
(1,686,005)
$
182,525
$
(4,165)
$
178,360
$
(1,507,645)
Beginning capital allocation
$
4,813,148
$
3,019,549
$
15,689
$
3,035,238
$
7,848,386
Return on invested capital for the quarter
(1)
(35.0)%
6.0%
(26.5)%
5.9%
(19.2)%
(1)
Calculated by dividing the Total
Return by the Beginning Capital Allocation, expressed as a percentage.
Prepayments
For the second quarter of 2022,
the Company received approximately $2.1 million in scheduled
and unscheduled principal repayments
and prepayments, which
equated to a
3-month constant prepayment
rate (“CPR”) of
approximately 20.0%
for the second
quarter of 2022.
Prepayment rates on the two MBS sub-portfolios were as follows (in CPR):
PT
Structured
MBS Sub-
MBS Sub-
Total
Three Months Ended
Portfolio
Portfolio
Portfolio
June 30, 2022
17.2
22.9
20.0
March 31, 2022
18.5
25.6
20.9
December 31, 2021
13.7
35.2
21.1
September 30, 2021
15.5
26.9
18.3
June 30, 2021
21.0
31.3
21.9
March 31, 2021
18.5
16.4
18.3
Portfolio
The following tables summarize the MBS portfolio as of June 30, 2022
and December 31, 2021:
($ in thousands)
Weighted
Percentage
Average
of
Weighted
Maturity
Fair
Entire
Average
in
Longest
Asset Category
Value
Portfolio
Coupon
Months
Maturity
June 30, 2022
Fixed Rate MBS
$
35,492
92.1%
4.03%
324
1-May-52
Interest-Only MBS
3,034
7.9%
2.82%
302
15-May-51
Inverse Interest-Only MBS
9
0.0%
5.45%
203
15-May-39
Total MBS Portfolio
$
38,535
100.0%
3.55%
322
1-May-52
December 31, 2021
Fixed Rate MBS
$
58,029
95.4%
3.69%
330
1-Sep-51
Interest-Only MBS
2,759
4.6%
2.86%
306
15-May-51
Inverse Interest-Only MBS
15
0.0%
5.90%
209
15-May-39
Total MBS Portfolio
$
60,803
100.0%
3.41%
329
1-Sep-51
BMNM Announces Second Quarter 2022 Results
Page 5
August 11, 2022
($ in thousands)
June 30, 2022
December 31, 2021
Percentage of
Percentage of
Agency
Fair Value
Entire Portfolio
Fair Value
Entire Portfolio
Fannie Mae
$
24,701
64.1%
$
39,703
65.3%
Freddie Mac
13,834
35.9%
21,100
34.7%
Total Portfolio
$
38,535
100.0%
$
60,803
100.0%
June 30, 2022
December 31, 2021
Weighted Average Pass Through Purchase Price
$
106.70
$
109.33
Weighted Average Structured Purchase Price
$
4.48
$
4.81
Weighted Average Pass Through Current Price
$
100.30
$
109.30
Weighted Average Structured Current Price
$
12.95
$
9.87
Effective Duration
(1)
3.909
2.103
(1)
Effective duration is the
approximate percentage change
in price for a
100 basis point change
in rates.
An effective duration
of 3.909 indicates
that an
interest rate
increase of
1.0% would
be expected
to cause
a 3.909%
decrease in
the value
of the
MBS in
the Company’s
investment
portfolio at June 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, 2021. 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
June 30, 2022,
the Company had outstanding repurchase obligations of approximately $36.9 million with a net
weighted average
borrowing
rate of
1.34%.
These agreements
were collateralized
by MBS
with a
fair value,
including
accrued
interest,
of approximately
$38.5
million and cash
of approximately $0.8 million. At
June 30,
2022, the
Company’s liquidity was approximately $5.8 million, consisting of
unpledged
MBS and cash
and cash equivalents.
We may
pledge
more of
our structured
MBS as
part of
a repurchase
agreement
funding,
but retain
cash in
lieu of
acquiring
additional
assets.
In this way,
we can, at
a modest cost, retain
higher levels of cash on
hand and decrease the likelihood we
will have to
sell assets in
a
distressed
market in
order to
raise cash.
Below is
a list of
outstanding
borrowings
under repurchase
obligations
at June 30,
2022.
($ 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.
$
27,557
74.6%
1.33%
$
1,794
28
South Street Securities, LLC
4,451
12.1%
1.17%
150
18
Mitsubishi UFJ Securities (USA), Inc.
2,596
7.0%
1.93%
304
23
ED&F Man Capital Markets, Inc.
2,322
6.3%
1.13%
77
18
$
36,926
100.0%
1.34%
$
2,325
26
(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 Second Quarter 2022 Results
Page 6
August 11, 2022
Summarized Consolidated Financial Statements
The following is a summarized presentation
of the unaudited consolidated
balance sheets as of June 30, 2022, and December
31, 2021,
and the unaudited
consolidated
statements
of operations
for the
six and three
months ended
June 30,
2022 and
2021.
Amounts
presented
are subject
to change.
BIMINI CAPITAL MANAGEMENT,
INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited - Amounts Subject To
Change)
June 30, 2022
December 31, 2021
ASSETS
Mortgage-backed securities
$
38,535,050
$
60,803,144
Cash equivalents and restricted cash
6,529,567
9,812,410
Orchid Island Capital, Inc. common stock, at fair value
7,396,767
11,679,107
Accrued interest receivable
173,903
229,942
Deferred tax assets, net
36,351,770
35,036,312
Other assets
4,356,438
4,523,726
Total Assets
$
93,343,495
$
122,084,641
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements
$
36,925,999
$
58,877,999
Long-term debt
27,427,705
27,438,976
Other liabilities
1,106,396
2,767,816
Total Liabilities
65,460,100
89,084,791
Stockholders' equity
27,883,395
32,999,850
Total Liabilities and
Stockholders' Equity
$
93,343,495
$
122,084,641
Class A Common Shares outstanding
10,472,779
10,702,194
Book value per share
$
2.66
$
3.08
BMNM Announces Second Quarter 2022 Results
Page 7
August 11, 2022
BIMINI CAPITAL MANAGEMENT,
INC.
CONSOLIDATED STATEMENTS
OF OPERATIONS
(Unaudited - Amounts Subject to Change)
Six Months Ended June 30,
Three Months Ended June 30,
2022
2021
2022
2021
Advisory services
$
6,407,741
$
4,211,221
$
3,332,379
$
2,185,812
Interest and dividend income
1,636,110
2,201,257
742,441
1,084,544
Interest expense
(663,720)
(570,309)
(376,412)
(280,903)
Net revenues
7,380,131
5,842,169
3,698,408
2,989,453
Other expense
(9,223,396)
(1,821,883)
(2,865,092)
(2,480,283)
Expenses
4,138,351
3,481,004
2,112,872
1,724,421
Net (loss) income before income tax (benefit) provision
(5,981,616)
539,282
(1,279,556)
(1,215,251)
Income tax (benefit) provision
(1,315,458)
168,638
(92,982)
(295,465)
Net (loss) income
$
(4,666,158)
$
370,644
$
(1,186,574)
$
(919,786)
Basic and Diluted Net Income (Loss) Per Share of:
CLASS A COMMON STOCK
$
(0.44)
$
0.03
$
(0.11)
$
(0.08)
CLASS B COMMON STOCK
$
(0.44)
$
0.03
$
(0.11)
$
(0.08)
Three Months Ended June 30,
Key Balance Sheet Metrics
2022
2021
Average MBS
(1)
$
46,607,126
$
70,924,730
Average repurchase agreements
(1)
45,870,344
72,240,999
Average stockholders' equity
(1)
28,513,181
35,318,386
Key Performance Metrics
Average yield on MBS
(2)
3.36%
3.26%
Average cost of funds
(2)
0.63%
0.17%
Average economic cost of funds
(3)
2.25%
4.09%
Average interest rate spread
(4)
2.73%
3.09%
Average economic interest rate spread
(5)
1.11%
(0.83)%
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 Second Quarter 2022 Results
Page 8
August 11, 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 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 Friday,
August 12,
2022, at
10:00 AM
ET. Participants
can receive
dial-in
information
via email
by following
the link:
https://ige.netroadshow.com/registration/q4inc/11341/bimini-capital-second-quarter-earnings-conference-call/
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/286429349,
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