0001275477-21-000009 | 10-Q | XBRL Viewer | Bimini Capital Management INC

DOCUMENT AND ENTITY INFORMATION - shares	6 Months Ended
DOCUMENT AND ENTITY INFORMATION - shares	Jun. 30, 2021	Aug. 13, 2021
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Registrant Name	Bimini Capital Management, Inc.
Entity Central Index Key	0001275477
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
EntityInteractiveDataCurrent	Yes
DocumentQuarterlyReport	true
DocumentTransitionReport	false
CityAreaCode	772
LocalPhoneNumber	231-1400
EntityAddressAddressLine1	3305 Flamingo Drive
EntityAddressCityOrTown	Vero Beach
EntityAddressStateOrProvince	FL
EntityAddressPostalZipCode	32963
Entity Incorporation, State Country Name	MD
EntityFileNumber	001-32171
EntityTaxIdentificationNumber	72-1571637
Class A Common Stock [Member]
Entity Common Stock Shares Outstanding		10,795,676
Class B Common Stock [Member]
Entity Common Stock Shares Outstanding		31,938
Class C Common Stock [Member]
Entity Common Stock Shares Outstanding		31,938

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Mortgage Backed Securities At Fair Value [Abstract]
Pledged to counterparties	$ 68,973,238	$ 65,153,274
Unpledged	20,392	24,957
Total mortgage-backed securities	68,993,630	65,178,231
Cash and cash equivalents	7,275,488	7,558,342
Restricted cash	5,892,425	3,353,015
Orchid Island Capital, Inc. common stock, at fair value	13,469,903	13,547,764
Accrued interest receivable	216,050	202,192
Property and equipment, net	2,058,815	2,093,440
Deferred tax assets, net	34,499,829	34,668,467
Due from Affiliate, Current	794,251	632,471
Other assets	1,471,857	1,466,647
Total Assets	134,672,248	128,700,569
Liabilities
Outstanding repurchase obligations	71,345,999	65,071,113
Long-term Debt, Gross	27,449,886	27,612,781
Accrued interest payable	77,569	107,417
Other Liabilities	940,301	1,421,409
Total Liabilities	99,813,755	94,212,720
Stockholders' Equity
Preferred stock	0	0
Common stock	11,673	11,673
Additional paid in capital	332,642,758	332,642,758
Accumulated deficit	(297,795,938)	(298,166,582)
Stockholders Equity	34,858,493	34,487,849
Total Liabilities and Stockholders' Equity	134,672,248	128,700,569
Class A Common Stock [Member]
Stockholders' Equity
Common stock	11,609	11,609
Class B Common Stock [Member]
Stockholders' Equity
Common stock	32	32
Class C Common Stock [Member]
Stockholders' Equity
Common stock	$ 32	$ 32

CONSOLIDATED BALANCE SHEETS (Parentheticals)	Jun. 30, 2021 USD ($) $ / shares shares
Class of Stock [Line Items]
Preferred Stock Par Or Stated Value Per Share \| $ / shares	$ 0.001
Preferred Shares Authorized	10,000,000
Preferred Stock Value \| $	$ 0
Common Stock Value Outstanding \| $	$ 11,673
Class A Common Stock [Member]
Class of Stock [Line Items]
Common Stock Par Or Stated Value Per Share \| $ / shares	$ 0.001
Common Stock Shares Authorized	98,000,000
Common Stock Shares Issued	11,608,555
Common Stock Shares Outstanding	11,608,555
Common Stock Value Outstanding \| $	$ 11,609
Class B Common Stock [Member]
Class of Stock [Line Items]
Common Stock Par Or Stated Value Per Share \| $ / shares	$ 0.001
Common Stock Shares Authorized	1,000,000
Common Stock Shares Issued	31,938
Common Stock Shares Outstanding	31,938
Common Stock Value Outstanding \| $	$ 32
Class C Common Stock [Member]
Class of Stock [Line Items]
Common Stock Par Or Stated Value Per Share \| $ / shares	$ 0.001
Common Stock Shares Authorized	1,000,000
Common Stock Shares Issued	31,938
Common Stock Shares Outstanding	31,938
Common Stock Value Outstanding \| $	$ 32
Preferred Undesignated [Member]
Class of Stock [Line Items]
Preferred Stock Par Or Stated Value Per Share \| $ / shares	$ 0.001
Preferred Shares Authorized	9,900,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock Par Or Stated Value Per Share \| $ / shares	$ 0.001
Preferred Shares Authorized	100,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Advisory services	$ 2,185,812	$ 1,615,083	$ 4,211,221	$ 3,339,680
Interest income	578,450	523,287	1,189,068	2,563,281
Orchid Island Capital, Inc. dividends	506,094	388,709	1,012,189	753,518
Total revenues	3,270,356	2,527,079	6,412,478	6,656,479
Interest expense on repurchase agreements	31,339	59,601	71,197	987,417
Interest Expense, Long-term Debt	249,564	282,457	499,112	631,958
Net revenues	2,989,453	2,185,021	5,842,169	5,037,104
Other income:
Unrealized (losses) gains on mortgage-backed securities	(505,601)	602,136	(1,897,862)	27,855
Realized gains on mortgage-backed securities	0	0	0	(5,804,656)
Unrealized losses on Orchid Island Capital, Inc. common stock	(2,128,193)	3,653,312	(77,861)	(754,792)
(Losses) gains on derivative instruments	(376)	(1,690)	(133)	(5,292,421)
Other expense, net	153,887	318	153,973	642
Total other income	(2,480,283)	4,254,076	(1,821,883)	(11,823,372)
Expenses
Compensation and related benefits	1,066,690	1,046,623	2,190,220	2,146,667
Directors fees and liability insurance	189,614	181,112	377,634	345,693
Audit, legal and other professional fees	134,735	187,348	271,903	346,641
Administrative and other expenses	333,382	270,005	641,247	552,045
Total expenses	1,724,421	1,685,088	3,481,004	3,391,046
Net (loss) income before income tax provision (benefit)	(1,215,251)	4,754,009	539,282	(10,177,314)
Income tax provision (benefit)	(295,465)	1,285,884	168,638	8,687,508
Net (loss) income	$ (919,786)	$ 3,468,125	$ 370,644	$ (18,864,822)
Class A Common Stock [Member]
Basic and Diluted Net (Loss) Income Per Share of:
Basic	$ (0.08)	$ 0.30	$ 0.03	$ (1.62)
Diluted	$ (0.08)	$ 0.30	$ 0.03	$ (1.62)
Weighted Average Shares Outstanding
Weighted Average Shares - Basic and Diluted	11,608,555	11,608,555	11,608,555	11,608,555
Class B Common Stock [Member]
Basic and Diluted Net (Loss) Income Per Share of:
Basic	$ (0.08)	$ 0.30	$ 0.03	$ (1.62)
Diluted	$ (0.08)	$ 0.30	$ 0.03	$ (1.62)
Weighted Average Shares Outstanding
Weighted Average Shares - Basic and Diluted	31,938	31,938	31,938	31,938

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)	Total	Common Stock [Member]	Common Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]
Beginning Balances at Dec. 31, 2019	$ 39,976,991		$ 11,673	$ 332,642,758	$ (292,677,440)
Increase (Decrease) in Stockholders' Equity
Net income	(22,332,947)		0	0	(22,332,947)
Ending Balances at Mar. 31, 2020	17,644,044		11,673	332,642,758	(315,010,387)
Common Stock Shares Outstanding, Beginning Balance at Dec. 31, 2019		11,672,431
Common Stock Shares Outstanding, Ending Balance at Mar. 31, 2020		11,672,431
Beginning Balances at Dec. 31, 2019	39,976,991		11,673	332,642,758	(292,677,440)
Increase (Decrease) in Stockholders' Equity
Net income	(18,864,822)
Ending Balances at Jun. 30, 2020	21,112,169		11,673	332,642,758	(311,542,262)
Common Stock Shares Outstanding, Beginning Balance at Dec. 31, 2019		11,672,431
Common Stock Shares Outstanding, Ending Balance at Jun. 30, 2020		11,672,431
Beginning Balances at Mar. 31, 2020	17,644,044		11,673	332,642,758	(315,010,387)
Increase (Decrease) in Stockholders' Equity
Net income	3,468,125		0	0	3,468,125
Ending Balances at Jun. 30, 2020	21,112,169		11,673	332,642,758	(311,542,262)
Common Stock Shares Outstanding, Beginning Balance at Mar. 31, 2020		11,672,431
Common Stock Shares Outstanding, Ending Balance at Jun. 30, 2020		11,672,431
Beginning Balances at Dec. 31, 2020	34,487,849		11,673	332,642,758	(298,166,582)
Increase (Decrease) in Stockholders' Equity
Net income	1,290,430		0	0	1,290,430
Ending Balances at Mar. 31, 2021	35,778,279		11,673	332,642,758	(296,876,152)
Common Stock Shares Outstanding, Beginning Balance at Dec. 31, 2020		11,672,431
Common Stock Shares Outstanding, Ending Balance at Mar. 31, 2021		11,672,431
Beginning Balances at Dec. 31, 2020	34,487,849		11,673	332,642,758	(298,166,582)
Increase (Decrease) in Stockholders' Equity
Net income	370,644
Ending Balances at Jun. 30, 2021	34,858,493		11,673	332,642,758	(297,795,938)
Common Stock Shares Outstanding, Beginning Balance at Dec. 31, 2020		11,672,431
Common Stock Shares Outstanding, Ending Balance at Jun. 30, 2021		11,672,431
Beginning Balances at Mar. 31, 2021	35,778,279		11,673	332,642,758	(296,876,152)
Increase (Decrease) in Stockholders' Equity
Net income	(919,786)		0	0	(919,786)
Ending Balances at Jun. 30, 2021	$ 34,858,493		$ 11,673	$ 332,642,758	$ (297,795,938)
Common Stock Shares Outstanding, Beginning Balance at Mar. 31, 2021		11,672,431
Common Stock Shares Outstanding, Ending Balance at Jun. 30, 2021		11,672,431

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)	6 Months Ended
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ 370,644	$ (18,864,822)
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation	34,625	34,911
Deferred income tax provision (benefit)	168,638	8,686,736
Losses (gains) on mortgage-backed securities	1,897,862	5,776,801
PPP Loan Forgiveness	153,724	0
Unrealized losses on Orchid Island Capital, Inc. common stock	(77,861)	(754,792)
Realized and unrealized losses on TBA securities	0	(1,441,406)
Changes in operating assets and liabilities
Accrued interest receivable	(13,858)	556,646
Increase Decrease In Due From Affiliates	161,780	(52,970)
Other assets	(5,210)	(20,960)
Accrued interest payable	(28,289)	(575,438)
Other liabilities	(481,108)	(489,128)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	1,705,661	(2,646,086)
From mortgage-backed securities investments
Purchases	(13,139,464)	(20,823,373)
Sales	0	171,155,249
Principal repayments	7,426,203	8,914,759
Net setlement of forward settling TBA contracts	0	1,500,000
Payments to Acquire Marketable Securities	0	3,615,712
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(5,713,261)	154,130,923
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase agreements	117,034,000	430,566,397
Principal payments on repurchase agreements	(110,759,114)	(588,903,397)
Repayments of Debt	10,730	10,125
Proceeds From Issuance of Long Term Debt	0	152,165
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	6,264,156	(158,194,960)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	2,256,556	(6,710,123)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	10,911,357	12,385,117
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	13,167,913	5,674,994
Cash paid during the period for:
Interest	600,157	2,194,813
Income Taxes	0	13,465
Paycheck Protection Plan Loan [Member]
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
PPP Loan Forgiveness	(153,724)	0
TBA Contracts [Member]
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Realized and unrealized losses on TBA securities	0	1,441,406
From mortgage-backed securities investments
Net setlement of forward settling TBA contracts	$ 0	$ 1,500,000

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2021
Accounting Policies [Abstract]
Organization and Significant Accounting Policies	NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Business Description Bimini Capital Management, Inc., a Maryland corporation (“Bimini Capital” or the “Company”) formed in September 2003, is a holding company. The Company operates in two business segments through its principal wholly-owned operating subsidiary, Royal Palm Capital LLC, which includes its wholly-owned subsidiary, Bimini Advisors Holdings, LLC. Bimini Advisors Holdings, LLC and its wholly-owned subsidiary, Bimini Advisors, LLC (an investment advisor registered with the Securities and Exchange Commission), are collectively referred to as "Bimini Advisors." Bimini Advisors manages a residential mortgage-backed securities (“MBS”) portfolio for Orchid Island Capital, Inc. ("Orchid") and receives fees for providing these services. Bimini Advisors also manages the MBS portfolio of Royal Palm Capital, LLC. Royal Palm Capital, LLC maintains an investment portfolio, consisting primarily of MBS investments and shares of Orchid common stock, for its own benefit. Royal Palm Capital, LLC and its wholly-owned subsidiaries are collectively referred to as "Royal Palm." COVID-19 Impact Beginning in March 2020, the global pandemic associated with the novel coronavirus (“COVID-19”) and related economic conditions began to impact our financial position and results of operations. As a result of the economic, health and market turmoil brought about by COVID-19, the MBS market experienced severe dislocations. This resulted in falling prices of our assets and increased margin calls from our repurchase agreement lenders, resulting in material adverse effects on our results of operations and to our financial condition. The MBS market largely stabilized after the Federal Reserve announced on March 23, 2020 that it would purchase MBS and U.S. Treasuries in the amounts needed to support smooth market functioning. As of March 31, 2020, and at all times since then, we have timely satisfied all margin calls. The MBS market continues to react to the pandemic and the various measures put in place to stabilize the market. To the extent the financial or mortgage markets do not respond favorably to any of these actions, or such actions do not function as intended, our business, results of operations and financial condition may continue to be materially adversely affected. Although the Company cannot estimate the length or gravity of the impact of the COVID-19 pandemic at this time, it may have a material adverse effect on the Company’s results of future operations, financial position, and liquidity during 2021. Consolidation The accompanying consolidated financial statements include the accounts of Bimini Capital, Bimini Advisors and Royal Palm. All inter-company accounts and transactions have been eliminated from the consolidated financial statements. Variable Interest Entities (“VIEs”) A variable interest entity ("VIE") is consolidated by an enterprise if it is deemed the primary beneficiary of the VIE. Bimini Capital has a common share investment in a trust used in connection with the issuance of Bimini Capital's junior subordinated notes. See Note 8 for a description of the accounting used for this VIE. The Company obtains interests in VIEs through its investments in mortgage-backed securities. The interests in these VIEs are passive in nature and are not expected to result in the Company obtaining a controlling financial interest in these VIEs in the future. As a result, the Company does not consolidate these VIEs and accounts for the interest in these VIEs as mortgage-backed securities. See Note 3 for additional information regarding the Company’s investments in mortgage-backed securities. The maximum exposure to loss for these VIEs is the carrying value of the mortgage-backed securities. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they may not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six and three-month period ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The consolidated balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete consolidated financial statements. For further information, refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying consolidated financial statements include determining the fair values of MBS, investment in Orchid common shares and derivatives, determining the amounts of asset valuation allowances, and the computation of the income tax provision or benefit and the deferred tax asset allowances recorded for each accounting period. Segment Reporting The Company’s operations are classified into two principal reportable segments: the asset management segment and the investment portfolio segment. These segments are evaluated by management in deciding how to allocate resources and in assessing performance. The accounting policies of the operating segments are the same as the Company’s accounting policies with the exception that inter-segment revenues and expenses are included in the presentation of segment results. For further information see Note 14. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash on deposit with financial institutions and highly liquid investments with original maturities of three months or less at the time of purchase. Restricted cash includes cash pledged as collateral for repurchase agreements and derivative instruments. The following table presents the Company’s cash, cash equivalents and restricted cash as of June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Cash and cash equivalents $ 7,275,488 $ 7,558,342 Restricted cash 5,892,425 3,353,015 Total cash, cash equivalents and restricted cash $ 13,167,913 $ 10,911,357 The Company maintains cash balances at several banks and excess margin with an exchange clearing member. At times, balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. The Federal Deposit Insurance Corporation insures eligible accounts up to $250,000 per depositor at each financial institution. Restricted cash balances are uninsured, but are held in separate accounts that are segregated from the general funds of the counterparty. The Company limits uninsured balances to only large, well-known banks and exchange clearing members and believes that it is not exposed to significant credit risk on cash and cash equivalents or restricted cash balances. Advisory Services Orchid is externally managed and advised by Bimini Advisors pursuant to the terms of a management agreement. Under the terms of the management agreement, Orchid is obligated to pay Bimini Advisors a monthly management fee and a pro rata portion of certain overhead costs and to reimburse the Company for any direct expenses incurred on its behalf. Revenues from management fees are recognized over the period of time in which the service is performed. Mortgage-Backed Securities The Company invests primarily in mortgage pass-through (“PT”) mortgage-backed certificates issued by Freddie Mac, Fannie Mae or Ginnie Mae (“MBS”), collateralized mortgage obligations (“CMOs”), interest-only (“IO”) securities and inverse interest-only (“IIO”) securities representing interest in or obligations backed by pools of mortgage-backed loans. We refer to MBS and CMOs as PT MBS. We refer to IO and IIO securities as structured MBS. The Company has elected to account for its investment in MBS under the fair value option. Electing the fair value option requires the Company to record changes in fair value in the consolidated statement of operations, which, in management’s view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed. The Company records MBS transactions on the trade date. Security purchases that have not settled as of the balance sheet date are included in the MBS balance with an offsetting liability recorded, whereas securities sold that have not settled as of the balance sheet date are removed from the MBS balance with an offsetting receivable recorded. Fair value is defined as the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. The fair value measurement assumes that the transaction to sell the asset or transfer the liability either occurs in the principal market for the asset or liability, or in the absence of a principal market, occurs in the most advantageous market for the asset or liability. Estimated fair values for MBS are based on independent pricing sources and/or third-party broker quotes, when available. Income on PT MBS is based on the stated interest rate of the security. Premiums or discounts present at the date of purchase are not amortized. Premium lost and discount accretion resulting from monthly principal repayments are reflected in unrealized gains and losses on MBS in the consolidated statements of operations. For IO securities, the income is accrued based on the carrying value and the effective yield. The difference between income accrued and the interest received on the security is characterized as a return of investment and serves to reduce the asset’s carrying value. At each reporting date, the effective yield is adjusted prospectively for future reporting periods based on the new estimate of prepayments and the contractual terms of the security. For IIO securities, effective yield and income recognition calculations also take into account the index value applicable to the security. Changes in fair value of MBS during each reporting period are recorded in earnings and reported as unrealized gains or losses on mortgage-backed securities in the accompanying consolidated statements of operations. The amount reported as unrealized gains or losses on mortgage-backed securities thus captures the net effect of changes in the fair market value of securities caused by market developments and any premium or discount lost as a result of principal repayments during the period. Orchid Island Capital, Inc. Common Stock The Company accounts for its investment in Orchid common shares at fair value. The change in the fair value and dividends received on this investment are reflected in the consolidated statements of operations. We estimate the fair value of our investment in Orchid on a market approach using “Level 1” inputs based on the quoted market price of Orchid’s common stock on a national stock exchange. Retained Interests in Securitizations The Company holds retained interests in the subordinated tranches of securities created in securitization transactions. These retained interests currently have a recorded fair value of zero, as the prospect of future cash flows being received is uncertain. Any cash received from the retained interests is reflected in the consolidated statements of operations. Derivative Financial Instruments The Company uses derivative instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may continue to do so in the future. The principal instruments that the Company has used to date are Treasury Note (“T- Note”) and Eurodollar futures contracts, and “to-be-announced” (“TBA”) securities transactions, but it may enter into other derivative instruments in the future. The Company accounts for TBA securities as derivative instruments. Gains and losses associated with TBA securities transactions are reported in gain (loss) on derivative instruments in the accompanying consolidated statements of operations. Derivative instruments are carried at fair value, and changes in fair value are recorded in the consolidated operations for each period. The Company’s derivative financial instruments are not designated as hedge accounting relationships, but rather are used as economic hedges of its portfolio assets and liabilities. Holding derivatives creates exposure to credit risk related to the potential for failure by counterparties to honor their commitments. In the event of default by a counterparty, the Company may have difficulty recovering its collateral and may not receive payments provided for under the terms of the agreement. The Company’s derivative agreements require it to post or receive collateral to mitigate such risk. In addition, the Company uses only registered central clearing exchanges and well-established commercial banks as counterparties, monitors positions with individual counterparties and adjusts posted collateral as required. Financial Instruments The fair value of financial instruments for which it is practicable to estimate that value is disclosed, either in the body of the consolidated financial statements or in the accompanying notes. MBS, Orchid common stock and derivative assets and liabilities are accounted for at fair value in the consolidated balance sheets. The methods and assumptions used to estimate fair value for these instruments are presented in Note 13 of the consolidated financial statements. The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, other assets, repurchase agreements, accrued interest payable and other liabilities generally approximates their carrying value as of June 30, 2021 and December 31, 2020, due to the short-term nature of these financial instruments. It is impractical to estimate the fair value of the Company’s junior subordinated notes. Currently, there is a limited market for these types of instruments and the Company is unable to ascertain what interest rates would be available to the Company for similar financial instruments. Further information regarding these instruments is presented in Note 8 to the consolidated financial statements. Property and Equipment, net Property and equipment, net, consists of computer equipment with a depreciable life of 3 years, office furniture and equipment with depreciable lives of 8 to 20 years, land which has no depreciable life, and buildings and improvements with depreciable lives of 30 years. Property and equipment is recorded at acquisition cost and depreciated using the straight-line method over the estimated useful lives of the assets. Depreciation is included in administrative and other expenses in the consolidated statement of operations. Repurchase Agreements The Company finances the acquisition of the majority of its PT MBS through the use of repurchase agreements under master repurchase agreements. Repurchase agreements are accounted for as collateralized financing transactions, which are carried at their contractual amounts, including accrued interest, as specified in the respective agreements. Earnings Per Share Basic EPS is calculated as income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated using the treasury stock or two-class method, as applicable for common stock equivalents. However, the common stock equivalents are not included in computing diluted EPS if the result is anti-dilutive. Outstanding shares of Class B Common Stock, participating and convertible into Class A Common Stock, are entitled to receive dividends in an amount equal to the dividends declared, if any, on each share of Class A Common Stock. Accordingly, shares of the Class B Common Stock are included in the computation of basic EPS using the two-class method and, consequently, are presented separately from Class A Common Stock. The shares of Class C Common Stock are not included in the basic EPS computation as these shares do not have participation rights. The outstanding shares of Class B and Class C Common Stock are not included in the computation of diluted EPS for the Class A Common Stock as the conditions for conversion into shares of Class A Common Stock were not met. Income Taxes Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities represent the differences between the financial statement and income tax bases of assets and liabilities using enacted tax rates. The measurement of net deferred tax assets is adjusted by a valuation allowance if, based on the Company’s evaluation, it is more likely than not that they will not be realized. The Company’s U.S. federal income tax returns for years ended on or after December 31, 2017 remain open for examination. Although management believes its calculations for tax returns are correct and the positions taken thereon are reasonable, the final outcome of tax audits could be materially different from the tax returns filed by the Company, and those differences could result in significant costs or benefits to the Company. For tax filing purposes, Bimini Capital and its includable subsidiaries, and Royal Palm and its includable subsidiaries, file as separate tax paying entities. The Company assesses the likelihood, based on their technical merit, that uncertain tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. The measurement of uncertain tax positions is adjusted when new information is available, or when an event occurs that requires a change. The Company recognizes tax positions in the consolidated financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The difference between the benefit recognized and the tax benefit claimed on a tax return is referred to as an unrecognized tax benefit and is recorded as a liability in the consolidated balance sheets. The Company records income tax-related interest and penalties, if applicable, within the income tax provision. Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting .” ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the expected market transition from the London Interbank Offered Rate (“LIBOR,”), and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. The Company does not believe the adoption of this ASU will have a material impact on its consolidated financial statements. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848). ASU 2021-01 expands the scope of ASC 848 to include all affected derivatives and give market participants the ability to apply certain aspects of the contract modification and hedge accounting expedients to derivative contracts affected by the discounting transition. In addition, ASU 2021-01 adds implementation guidance to permit a company to apply certain optional expedients to modifications of interest rate indexes used for margining, discounting or contract price alignment of certain derivatives as a result of reference rate reform initiatives and extends optional expedients to account for a derivative contract modified as a continuation of the existing contract and to continue hedge accounting when certain critical terms of a hedging relationship change to modifications made as part of the discounting transition. The guidance in ASU 2021-01 is effective immediately and available generally through December 31, 2022, as reference rate reform activities occur. The Company does not believe the adoption of this ASU will have a material impact on its consolidated financial statements.

ADVISORY SERVICES	6 Months Ended
ADVISORY SERVICES	Jun. 30, 2021
Advisory Services [Abstract]
Advisory Services [Text Block]	NOTE 2. ADVISORY SERVICES Bimini Advisors serves as the manager and advisor for Orchid pursuant to the terms of a management agreement. As Manager, Bimini Advisors 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 Advisors is at all times subject to the supervision and oversight of Orchid's board of directors and has only such functions and authority as delegated to it. Bimini Advisors receives a monthly management fee in the amount of: ● One-twelfth of 1.5% of the first $250 million of Orchid’s month-end equity, as defined in the management agreement, ● One-twelfth of 1.25% of Orchid’s month-end equity that is greater than $250 million and less than or equal to $500 million, and ● One-twelfth of 1.00% of Orchid’s month-end equity that is greater than $500 million. Orchid is obligated to reimburse Bimini Advisors for any direct expenses incurred on its behalf and to pay to Bimini Advisors an amount equal to Orchid's pro rata portion of certain overhead costs set forth in the management agreement. The management agreement has been renewed through February 20, 2022 and provides for automatic one-year extension options thereafter. Should Orchid terminate the management agreement without cause, it will be obligated to pay Bimini Advisors a termination fee equal to three times the average annual management fee, as defined in the management agreement, before or on the last day of the automatic renewal term. The following table summarizes the advisory services revenue from Orchid for the six and three months ended June 30, 2021 and 2020. (in thousands) Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 Management fee $ 3,412 $ 2,645 $ 1,791 $ 1,268 Allocated overhead 799 695 395 347 Total $ 4,211 $ 3,340 $ 2,186 $ 1,615 At June 30, 2021 and December 31, 2020, the net amount due from Orchid was approximately $ 0.8 million and $ 0.6 million, respectively.

MORTGAGE-BACKED SECURITIES	3 Months Ended
MORTGAGE-BACKED SECURITIES	Jun. 30, 2021
Mortgage Backed Securities [Abstract]
Mortgage-Backed Securities	NOTE 3. MORTGAGE-BACKED SECURITIES The following table presents the Company’s MBS portfolio as of June 30, 2021 and December 31, 2020: (in thousands) June 30, 2021 December 31, 2020 Fixed-rate MBS $ 67,910 $ 64,902 Interest-Only MBS 1,064 251 Inverse Interest-Only MBS 20 25 Total $ 68,994 $ 65,178

REPURCHASE AGREEMENTS	6 Months Ended
REPURCHASE AGREEMENTS	Jun. 30, 2021
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements	NOTE 4. REPURCHASE AGREEMENTS The Company pledges certain of its MBS as collateral under repurchase agreements with financial institutions. Interest rates are generally fixed based on prevailing rates corresponding to the terms of the borrowings, and interest is generally paid at the termination of a borrowing. If the fair value of the pledged securities declines, lenders will typically require the Company to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as "margin calls." Similarly, if the fair value of the pledged securities increases, lenders may release collateral back to the Company. As of June 30, 2021, the Company had met all margin call requirements. As of June 30, 2021 and December 31, 2020, the Company’s repurchase agreements had remaining maturities as summarized below: ($ in thousands) OVERNIGHT BETWEEN 2 BETWEEN 31 GREATER (1 DAY OR AND AND THAN LESS) 30 DAYS 90 DAYS 90 DAYS TOTAL June 30, 2021 Fair value of securities pledged, including accrued interest receivable $ - $ 49,981 $ 19,208 $ - $ 69,189 Repurchase agreement liabilities associated with these securities $ - $ 51,764 $ 19,582 $ - $ 71,346 Net weighted average borrowing rate - 0.16% 0.14% - 0.16% December 31, 2020 Fair value of securities pledged, including accrued interest receivable $ - $ 49,096 $ 8,853 $ 7,405 $ 65,354 Repurchase agreement liabilities associated with these securities $ - $ 49,120 $ 8,649 $ 7,302 $ 65,071 Net weighted average borrowing rate - 0.25% 0.23% 0.30% 0.25% In addition, cash pledged to counterparties for repurchase agreements was approximately $ 5.9 million and $ 3.4 million as of June 30, 2021 and December 31, 2020, respectively. If, during the term of a repurchase agreement, a lender files for bankruptcy, the Company might experience difficulty recovering its pledged assets, which could result in an unsecured claim against the lender for the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged to such lender, including the accrued interest receivable, and cash posted by the Company as collateral, if any. At June 30, 2021 and December 31, 2020, the Company had an aggregate amount at risk (the difference between the amount loaned to the Company, including interest payable, and the fair value of securities and cash pledged (if any), including accrued interest on such securities) with all counterparties of approximately $ 3.7 million and $ 3.6 million, respectively. As of June 30, 2021 and December 31, 2020, the Company did not have an amount at risk with any individual counterparty greater than 10% of the Company’s equity.

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	NOTE 5. DERIVATIVE FINANCIAL INSTRUMENTS Eurodollar and T-Note futures are cash settled futures contracts on an interest rate, with gains and losses credited or charged to the Company’s cash accounts on a daily basis. A minimum balance, or “margin”, is required to be maintained in the account on a daily basis. The tables below present information related to the Company’s Eurodollar and T-note futures positions at June 30, 2021 and December 31, 2020. ($ in thousands) As of June 30, 2021 Junior Subordinated Debt Funding Hedges Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) 2021 $ 1,000 1.00% 0.17% $ (4) ($ in thousands) As of December 31, 2020 Junior Subordinated Debt Funding Hedges Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) 2021 $ 1,000 1.02% 0.18% $ (8) Open equity represents the cumulative gains (losses) recorded on open futures positions from inception. (Losses) Gains on Derivative Instruments The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the six and three months ended June 30, 2021 and 2020 . (in thousands) Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 Eurodollar futures contracts (short positions) Repurchase agreement funding hedges $ - $ (2,328) $ - $ - Junior subordinated debt funding hedges - (517) - (2) T-Note futures contracts (short positions) Repurchase agreement funding hedges - (1,006) - - Net TBA securities - (1,441) - - Losses on derivative instruments $ - $ (5,292) $ - $ (2) Credit Risk-Related Contingent Features The use of derivatives creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the contracts. The Company attempts to minimize this risk in several ways. For instruments which are not centrally cleared on a registered exchange, the Company limits its counterparties to major financial institutions with acceptable credit ratings, and by monitoring positions with individual counterparties. In addition, the Company may be required to pledge assets as collateral for its derivatives, whose amounts vary over time based on the market value, notional amount and remaining term of the derivative contract. In the event of a default by a counterparty, the Company may not receive payments provided for under the terms of its derivative agreements, and may have difficulty recovering its assets pledged as collateral for its derivatives. The cash and cash equivalents pledged as collateral for the Company’s derivative instruments are included in restricted cash on the consolidated balance sheets. It is the Company's policy not to offset assets and liabilities associated with open derivative contracts. However, the Chicago Mercantile Exchange (“CME”) rules characterize variation margin transfers as settlement payments, as opposed to adjustments to collateral. As a result, derivative assets and liabilities associated with centrally cleared derivatives for which the CME serves as the central clearing party are presented as if these derivatives had been settled as of the reporting date.

PLEDGED ASSETS	6 Months Ended
PLEDGED ASSETS	Jun. 30, 2021
Financial Instruments Pledged as Collateral [Abstract]
Pledged Assets [Text Block]	NOTE 6. PLEDGED ASSETS Assets Pledged to Counterparties The table below summarizes Bimini’s assets pledged as collateral under its repurchase agreements and derivative agreements as of June 30, 2021 and December 31, 2020. ($ in thousands) June 30, 2021 December 31, 2020 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT MBS - at fair value $ 67,910 $ - $ 67,910 $ 64,902 $ - $ 64,902 Structured MBS - at fair value 1,064 - 1,064 251 - 251 Accrued interest on pledged securities 215 - 215 201 - 201 Restricted cash 5,892 - 5,892 3,352 1 3,353 Total $ 75,081 $ - $ 75,081 $ 68,706 $ 1 $ 68,707 Assets Pledged from Counterparties The table below summarizes cash pledged to Bimini from counterparties under repurchase agreements and derivative agreements as of June 30, 2021 and December 31, 2020. Cash received as margin is recognized in cash and cash equivalents with a corresponding amount recognized as an increase in repurchase agreements or other liabilities in the consolidated balance sheets. ($ in thousands) Assets Pledged to Bimini June 30, 2021 December 31, 2020 Repurchase agreements $ 187 $ 80 Total $ 187 $ 80

OFFSETTING ASSETS AND LIABILITIES	6 Months Ended
OFFSETTING ASSETS AND LIABILITIES	Jun. 30, 2021
Offsetting [Abstract]
Offsetting Assets And Liabilities [Text Block]	NOTE 7. OFFSETTING ASSETS AND LIABILITIES The Company’s derivatives and repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of offset in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its assets and liabilities subject to these arrangements on a gross basis. The following tables present information regarding those assets and liabilities subject to such arrangements as if the Company had presented them on a net basis as of June 30, 2021 and December 31, 2020. (in thousands) Offsetting of Liabilities Gross Amount Not Offset in the Net Amount Consolidated Balance Sheet Gross Amount of Liabilities Financial Gross Amount Offset in the Presented in the Instruments Cash of Recognized Consolidated Consolidated Posted as Posted as Net Liabilities Balance Sheet Balance Sheet Collateral Collateral Amount June 30, 2021 Repurchase Agreements $ 71,346 $ - $ 71,346 $ (65,454) $ (5,892) $ - $ 71,346 $ - $ 71,346 $ (65,454) $ (5,892) $ - December 31, 2020 Repurchase Agreements $ 65,071 $ - $ 65,071 $ (61,719) $ (3,352) $ - $ 65,071 $ - $ 65,071 $ (61,719) $ (3,352) $ - The amounts disclosed for collateral received by or posted to the same counterparty are limited to the amount sufficient to reduce the asset or liability presented in the consolidated balance sheet to zero. The fair value of the actual collateral received by or posted to the same counterparty typically exceeds the amounts presented. See Note 6 for a discussion of collateral posted for, or received against, repurchase obligations and derivative instruments.

LONG-TERM DEBT	6 Months Ended
LONG-TERM DEBT	Jun. 30, 2021
Trust Preferred Securities [Abstract]
Trust Preferred Securities	NOTE 8. LONG-TERM DEBT Long-term debt at June 30, 2021 and December 31, 2020 is summarized as follows: (in thousands) June 30, 2021 December 31, 2020 Junior subordinated debt $ 26,804 $ 26,804 Note payable 646 657 Paycheck Protection Plan ("PPP") loan (1) - 152 Total $ 27,450 $ 27,613 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, 2021 and December 31, 2020, 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, 2021, the interest rate was 3.62 %. 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. 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 $ 4,500 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. Paycheck Protection Plan Loan On April 13, 2020, the Company received approximately $ 152,000 through the Paycheck Protection Program (“PPP”) of the CARES Act in the form of a low interest loan. PPP loans carry a fixed rate of 1.00 % and a term of two years, if not forgiven, in whole or in part. The Small Business Administration notified the Company that, effective as of April 22, 2021, all principal and accrued interest under the PPP loan has been forgiven. The table below presents the future scheduled principal payments on the Company’s long-term debt. (in thousands) Last six months of 2021 $ 11 2022 23 2023 24 2024 25 2025 26 After 2025 27,341 Total $ 27,450

CAPITAL STOCK	6 Months Ended
CAPITAL STOCK	Jun. 30, 2021
Capital Stock [Abstract]
Capital Stock	NOTE 9. COMMON STOCK There were no issuances of Bimini Capital's Class A Common Stock, Class B Common Stock or Class C Common Stock during the six months ended June 30, 2021 and 2020. Stock Repurchase Plan On March 26, 2018, the Board of Directors of Bimini Capital Management, Inc. (the “Company”) approved a Stock Repurchase Plan (“Repurchase Plan”). Pursuant to Repurchase Plan, the Company may purchase up to 500,000 shares of its Class A Common Stock from time to time, subject to certain limitations imposed by Rule 10b-18 of the Securities Exchange Act of 1934. Share repurchases may be executed through various means, including, without limitation, open market transactions. The Repurchase Plan does not obligate the Company to purchase any shares. The Repurchase Plan was originally set to expire on November 15, 2018, but it has been extended by the Board of Directors and it is currently set to expire on November 15, 2021 . From the inception of the Repurchase Plan through June 30, 2021, the Company repurchased a total of 70,404 shares at an aggregate cost of approximately $ 166,945 , including commissions and fees, for a weighted average price of $ 2.37 per share. There were no shares repurchased during the six months ended June 30, 2021. Tender Offer In July 2021, the Company completed a “modified Dutch auction” tender offer and paid an aggregate of $1.5 million, excluding fees and related expenses, to repurchase 812,879 shares of Bimini Capital’s Class A common stock at a price of $1.85 per share. The financial statement impact of the completion of this tender offer will be reported in our September 30, 2021 Form 10-Q filing.

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments And Contingencies	NOTE 10. COMMITMENTS AND CONTINGENCIES From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business. On April 22, 2020 , the Company received a demand for payment from Citigroup, Inc. in the amount of $ 33.1 million related to the indemnification provisions of various mortgage loan purchase agreements (“MLPA’s”) entered into between Citigroup Global Markets Realty Corp and Royal Palm Capital, LLC (f/k/a Opteum Financial Services, LLC) prior to the date Royal Palm’s mortgage origination operations ceased in 2007. The demand is based on Royal Palm’s alleged breaches of certain representations and warranties in the related MLPA’s. The Company believes the demands are without merit and intends to defend against the demand vigorously. No provision or accrual has been recorded as of June 30, 2021 related to the Citigroup demand. Management is not aware of any other significant reported or unreported contingencies at June 30, 2021.

INCOME TAXES	3 Months Ended
INCOME TAXES	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 11. INCOME TAXES The total income tax provision recorded for the six months ended June 30, 2021 and 2020 was $ 0.2 million and $ 8.7 million, respectively, on consolidated pre-tax book income (loss) of $ 0.5 million and $( 10.2 ) million in the six and three months ended June 30, 2021 and 2020, respectively. The total income tax (benefit) provision recorded for the three months ended June 30, 2021 and 2020 was $( 0.3 ) million and $ 1.3 million, respectively, on consolidated pre-tax book (loss) income of $( 1.2 ) million and $ 4.8 million in the three months ended June 30, 2021 and 2020, respectively. The Company’s tax provision is based on a projected effective rate based on annualized amounts applied to actual income to date and includes the expected realization of a portion of the tax benefits of federal and state net operating losses carryforwards (“NOLs”). In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of capital loss and NOL carryforwards is dependent upon the generation of future capital gains and taxable income in periods prior to their expiration. The Company currently provides a valuation allowance against a portion of the NOLs since the Company believes that it is more likely than not that some of the benefits will not be realized in the future. The Company will continue to assess the need for a valuation allowance at each reporting date. As a result of adverse economic impacts of COVID-19 on its business, the Company performed an assessment of the need for additional valuation allowances against existing deferred tax assets as of March 31, 2020. Following the more-likely-than-not standard that benefits will not be realized in the future, the Company determined an additional valuation allowance of approximately $ 11.2 million was necessary for the net operating loss carryforwards and capital loss carryforwards during the three months ended March 31, 2020. With the rapidly evolving and changing landscape caused by the pandemic, including the potential for new government restrictions on the economy in reaction to the Delta Variant, the Company will continue to closely monitor the impacts of COVID-19 on the Company’s ability to realize its deferred tax assets, and it may re-evaluate valuation allowances in the future as new information becomes available.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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EARNINGS PER SHARE	6 Months Ended
EARNINGS PER SHARE	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share (EPS)	NOTE 12. EARNINGS PER SHARE Shares of Class B common stock, participating and convertible into Class A common stock, are entitled to receive dividends in an amount equal to the dividends declared on each share of Class A common stock if, and when, authorized and declared by the Board of Directors. The Class B common stock is included in the computation of basic EPS using the two-class method, and consequently is presented separately from Class A common stock. Shares of Class B common stock are not included in the computation of diluted Class A EPS as the conditions for conversion to Class A common stock were not met at June 30, 2021 and 2020. Shares of Class C common stock are not included in the basic EPS computation as these shares do not have participation rights. Shares of Class C common stock are not included in the computation of diluted Class A EPS as the conditions for conversion to Class A common stock were not met at June 30, 2021 and 2020. The table below reconciles the numerator and denominator of EPS for the six and three months ended June 30, 2021 and 2020. (in thousands, except per-share information) Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 Basic and diluted EPS per Class A common share: Income (loss) attributable to Class A common shares: Basic and diluted $ 370 $ (18,813) $ (917) $ 3,458 Weighted average common shares: Class A common shares outstanding at the balance sheet date 11,609 11,609 11,609 11,609 Weighted average shares-basic and diluted 11,609 11,609 11,609 11,609 Income (loss) per Class A common share: Basic and diluted $ 0.03 $ (1.62) $ (0.08) $ 0.30 (in thousands, except per-share information) Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 Basic and diluted EPS per Class B common share: Income (loss) attributable to Class B common shares: Basic and diluted $ 1 $ (52) $ (3) $ 10 Weighted average common shares: Class B common shares outstanding at the balance sheet date 32 32 32 32 Weighted average shares-basic and diluted 32 32 32 32 Income (loss) per Class B common share: Basic and diluted $ 0.03 $ (1.62) $ (0.08) $ 0.30

FAIR VALUE	6 Months Ended
FAIR VALUE	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value	NOTE 13. FAIR VALUE Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price). A fair value measure should reflect the assumptions that market participants would use in pricing the asset or liability, including the assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of non-performance. Required disclosures include stratification of balance sheet amounts measured at fair value based on inputs the Company uses to derive fair value measurements. These stratifications are: ● Level 1 valuations, where the valuation is based on quoted market prices for identical assets or liabilities traded in active markets (which include exchanges and over-the-counter markets with sufficient volume), ● Level 2 valuations, where the valuation is based on quoted market prices for similar instruments traded in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market, and ● Level 3 valuations, where the valuation is generated from model-based techniques that use significant assumptions not observable in the market, but observable based on Company-specific data. These unobservable assumptions reflect the Company’s own estimates for assumptions that market participants would use in pricing the asset or liability. Valuation techniques typically include option pricing models, discounted cash flow models and similar techniques, but may also include the use of market prices of assets or liabilities that are not directly comparable to the subject asset or liability. MBS, Orchid common stock, retained interests and TBA securities were all recorded at fair value on a recurring basis during the six and three months ended June 30, 2021 and 2020. When determining fair value measurements, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset. When possible, the Company looks to active and observable markets to price identical assets. When identical assets are not traded in active markets, the Company looks to market observable data for similar assets. Fair value measurements for the retained interests are generated by a model that requires management to make a significant number of assumptions, and this model resulted in a value of zero at both June 30, 2021 and December 31, 2020. The Company's MBS and TBA securities are valued using Level 2 valuations, and such valuations currently are determined by the Company based on independent pricing sources and/or third party broker quotes, when available. Because the price estimates may vary, the Company must make certain judgments and assumptions about the appropriate price to use to calculate the fair values. The Company and the independent pricing sources use various valuation techniques to determine the price of the Company’s securities. These techniques include observing the most recent market for like or identical assets (including security coupon, maturity, yield, and prepayment speeds), spread pricing techniques to determine market credit spreads (option adjusted spread, zero volatility spread, spread to the U.S. Treasury curve or spread to a benchmark such as a TBA security), and model driven approaches (the discounted cash flow method, Black Scholes and SABR models which rely upon observable market rates such as the term structure of interest rates and volatility). The appropriate spread pricing method used is based on market convention. The pricing source determines the spread of recently observed trade activity or observable markets for assets similar to those being priced. The spread is then adjusted based on variances in certain characteristics between the market observation and the asset being priced. Those characteristics include: type of asset, the expected life of the asset, the stability and predictability of the expected future cash flows of the asset, whether the coupon of the asset is fixed or adjustable, the guarantor of the security if applicable, the coupon, the maturity, the issuer, size of the underlying loans, year in which the underlying loans were originated, loan to value ratio, state in which the underlying loans reside, credit score of the underlying borrowers and other variables if appropriate. The fair value of the security is determined by using the adjusted spread. The Company’s futures contracts are Level 1 valuations, as they are exchange-traded instruments and quoted market prices are readily available. Futures contracts are settled daily. The Company’s interest rate swaps and interest rate swaptions are Level 2 valuations. The fair value of interest rate swaps is determined using a discounted cash flow approach using forward market interest rates and discount rates, which are observable inputs. The fair value of interest rate swaptions is determined using an option pricing model. The following table presents financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020: (in thousands) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Fair Value Assets Inputs Inputs Measurements (Level 1) (Level 2) (Level 3) June 30, 2021 Mortgage-backed securities $ 68,994 $ - $ 68,994 $ - Orchid Island Capital, Inc. common stock 13,470 13,470 - - December 31, 2020 Mortgage-backed securities $ 65,178 $ - $ 65,178 $ - Orchid Island Capital, Inc. common stock 13,548 13,548 - - During the six months ended June 30, 2021 and 2020, there were no transfers of financial assets or liabilities between levels 1, 2 or 3.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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SEGMENT INFORMATION	6 Months Ended
SEGMENT INFORMATION	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	NOTE 14. 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 six months ended June 30, 2021 and 2020, were approximately $ 4.2 million and $ 3.4 million, respectively, accounting for approximately 66 % and 50 % 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 six months ended June 30, 2021 and 2020 is as follows: (in thousands) Asset Investment Management Portfolio Corporate Eliminations Total 2021 Advisory services, external customers $ 4,211 $ - $ - $ - $ 4,211 Advisory services, other operating segments (1) 72 - - (72) - Interest and dividend income - 2,201 - - 2,201 Interest expense - (71) (499) (2) - (570) Net revenues 4,283 2,130 (499) (72) 5,842 Other income - (1,976) 154 (3) - (1,822) Operating expenses (4) (2,230) (1,251) - - (3,481) Intercompany expenses (1) - (72) - 72 - Income (loss) before income taxes $ 2,053 $ (1,169) $ (345) $ - $ 539 Asset Investment Management Portfolio Corporate Eliminations Total 2020 Advisory services, external customers $ 3,340 $ - $ - $ - $ 3,340 Advisory services, other operating segments (1) 84 - - (84) - Interest and dividend income - 3,317 - - 3,317 Interest expense - (988) (632) (2) - (1,620) Net revenues 3,424 2,329 (632) (84) 5,037 Other expenses - (11,307) (516) (3) - (11,823) Operating expenses (4) (1,690) (1,701) - - (3,391) Intercompany expenses (1) - (84) - 84 - Income (loss) before income taxes $ 1,734 $ (10,763) $ (1,148) $ - $ (10,177) Segment information for the three months ended June 30, 2021 and 2020 is as follows: (in thousands) Asset Investment Management Portfolio Corporate Eliminations Total 2021 Advisory services, external customers $ 2,186 $ - $ - $ - $ 2,186 Advisory services, other operating segments (1) 37 - - (37) - Interest and dividend income - 1,084 - - 1,084 Interest expense - (31) (250) (2) - (281) Net revenues 2,223 1,053 (250) (37) 2,989 Other - (2,634) 154 (3) - (2,480) Operating expenses (4) (1,125) (599) - - (1,724) Intercompany expenses (1) - (37) - 37 - Income (loss) before income taxes $ 1,098 $ (2,217) $ (96) $ - $ (1,215) Asset Investment Management Portfolio Corporate Eliminations Total 2020 Advisory services, external customers $ 1,615 $ - $ - $ - $ 1,615 Advisory services, other operating segments (1) 26 - - (26) - Interest and dividend income - 912 - - 912 Interest expense - (60) (282) (2) - (342) Net revenues 1,641 852 (282) (26) 2,185 Other - 4,256 (2) (3) - 4,254 Operating expenses (4) (1,067) (618) - - (1,685) Intercompany expenses (1) - (26) - 26 - Income (loss) before income taxes $ 574 $ 4,464 $ (284) $ - $ 4,754 Assets in each reportable segment as of June 30, 2021 and December 31, 2020 were as follows: (in thousands) Asset Investment Management Portfolio Corporate Total June 30, 2021 $ 1,733 $ 120,020 12,919 $ 134,672 December 31, 2020 1,469 113,764 13,468 128,701

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 15. RELATED PARTY TRANSACTIONS Relationships with Orchid At both June 30, 2021 and December 31, 2020, the Company owned 2,595,357 shares of Orchid common stock, representing approximately 2.2 % and 3.4 % of Orchid’s outstanding common stock on such dates. The Company received dividends on this common stock investment of approximately $ 1.0 million and $ 0.5 million during the six and three months ended June 30, 2021, and approximately $ 0.8 million and $ 0.4 million during the six and three months ended June 30, 2020, respectively. Robert Cauley, the Chief Executive Officer and Chairman of the Board of Directors of the Company, also serves as Chief Executive Officer and Chairman of the Board of Directors of Orchid, receives compensation from Orchid, and owns shares of common stock of Orchid. In addition, Hunter Haas, the Chief Financial Officer, Chief Investment Officer and Treasurer of the Company, also serves as Chief Financial Officer, Chief Investment Officer and Secretary of Orchid, is a member of Orchid’s Board of Directors, receives compensation from Orchid, and owns shares of common stock of Orchid. Robert J. Dwyer and Frank E. Jaumot, our independent directors, each own shares of common stock of Orchid.

BASIS OF PRESENTATION (Policies)	6 Months Ended
BASIS OF PRESENTATION (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Consolidation	Consolidation The accompanying consolidated financial statements include the accounts of Bimini Capital, Bimini Advisors and Royal Palm. All inter-company accounts and transactions have been eliminated from the consolidated financial statements.
Variable Interest Entity [Policy Text Block]	Variable Interest Entities (“VIEs”) A variable interest entity ("VIE") is consolidated by an enterprise if it is deemed the primary beneficiary of the VIE. Bimini Capital has a common share investment in a trust used in connection with the issuance of Bimini Capital's junior subordinated notes. See Note 8 for a description of the accounting used for this VIE. The Company obtains interests in VIEs through its investments in mortgage-backed securities. The interests in these VIEs are passive in nature and are not expected to result in the Company obtaining a controlling financial interest in these VIEs in the future. As a result, the Company does not consolidate these VIEs and accounts for the interest in these VIEs as mortgage-backed securities. See Note 3 for additional information regarding the Company’s investments in mortgage-backed securities. The maximum exposure to loss for these VIEs is the carrying value of the mortgage-backed securities.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they may not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six and three-month period ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The consolidated balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete consolidated financial statements. For further information, refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying consolidated financial statements include determining the fair values of MBS, investment in Orchid common shares and derivatives, determining the amounts of asset valuation allowances, and the computation of the income tax provision or benefit and the deferred tax asset allowances recorded for each accounting period.
Segment Reporting Policy [Policy Text Block]	Segment Reporting The Company’s operations are classified into two principal reportable segments: the asset management segment and the investment portfolio segment. These segments are evaluated by management in deciding how to allocate resources and in assessing performance. The accounting policies of the operating segments are the same as the Company’s accounting policies with the exception that inter-segment revenues and expenses are included in the presentation of segment results. For further information see Note 14.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash on deposit with financial institutions and highly liquid investments with original maturities of three months or less at the time of purchase. Restricted cash includes cash pledged as collateral for repurchase agreements and derivative instruments. The following table presents the Company’s cash, cash equivalents and restricted cash as of June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Cash and cash equivalents $ 7,275,488 $ 7,558,342 Restricted cash 5,892,425 3,353,015 Total cash, cash equivalents and restricted cash $ 13,167,913 $ 10,911,357 The Company maintains cash balances at several banks and excess margin with an exchange clearing member. At times, balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. The Federal Deposit Insurance Corporation insures eligible accounts up to $250,000 per depositor at each financial institution. Restricted cash balances are uninsured, but are held in separate accounts that are segregated from the general funds of the counterparty. The Company limits uninsured balances to only large, well-known banks and exchange clearing members and believes that it is not exposed to significant credit risk on cash and cash equivalents or restricted cash balances.
Advisory Services [Policy Tex Block]	Advisory Services Orchid is externally managed and advised by Bimini Advisors pursuant to the terms of a management agreement. Under the terms of the management agreement, Orchid is obligated to pay Bimini Advisors a monthly management fee and a pro rata portion of certain overhead costs and to reimburse the Company for any direct expenses incurred on its behalf. Revenues from management fees are recognized over the period of time in which the service is performed.
Mortgage-Backed Securities	Mortgage-Backed Securities The Company invests primarily in mortgage pass-through (“PT”) mortgage-backed certificates issued by Freddie Mac, Fannie Mae or Ginnie Mae (“MBS”), collateralized mortgage obligations (“CMOs”), interest-only (“IO”) securities and inverse interest-only (“IIO”) securities representing interest in or obligations backed by pools of mortgage-backed loans. We refer to MBS and CMOs as PT MBS. We refer to IO and IIO securities as structured MBS. The Company has elected to account for its investment in MBS under the fair value option. Electing the fair value option requires the Company to record changes in fair value in the consolidated statement of operations, which, in management’s view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed. The Company records MBS transactions on the trade date. Security purchases that have not settled as of the balance sheet date are included in the MBS balance with an offsetting liability recorded, whereas securities sold that have not settled as of the balance sheet date are removed from the MBS balance with an offsetting receivable recorded. Fair value is defined as the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. The fair value measurement assumes that the transaction to sell the asset or transfer the liability either occurs in the principal market for the asset or liability, or in the absence of a principal market, occurs in the most advantageous market for the asset or liability. Estimated fair values for MBS are based on independent pricing sources and/or third-party broker quotes, when available. Income on PT MBS is based on the stated interest rate of the security. Premiums or discounts present at the date of purchase are not amortized. Premium lost and discount accretion resulting from monthly principal repayments are reflected in unrealized gains and losses on MBS in the consolidated statements of operations. For IO securities, the income is accrued based on the carrying value and the effective yield. The difference between income accrued and the interest received on the security is characterized as a return of investment and serves to reduce the asset’s carrying value. At each reporting date, the effective yield is adjusted prospectively for future reporting periods based on the new estimate of prepayments and the contractual terms of the security. For IIO securities, effective yield and income recognition calculations also take into account the index value applicable to the security. Changes in fair value of MBS during each reporting period are recorded in earnings and reported as unrealized gains or losses on mortgage-backed securities in the accompanying consolidated statements of operations. The amount reported as unrealized gains or losses on mortgage-backed securities thus captures the net effect of changes in the fair market value of securities caused by market developments and any premium or discount lost as a result of principal repayments during the period.
Investment In Related Party [Policy Text Block]	Orchid Island Capital, Inc. Common Stock The Company accounts for its investment in Orchid common shares at fair value. The change in the fair value and dividends received on this investment are reflected in the consolidated statements of operations. We estimate the fair value of our investment in Orchid on a market approach using “Level 1” inputs based on the quoted market price of Orchid’s common stock on a national stock exchange. Retained Interests in Securitizations The Company holds retained interests in the subordinated tranches of securities created in securitization transactions. These retained interests currently have a recorded fair value of zero, as the prospect of future cash flows being received is uncertain. Any cash received from the retained interests is reflected in the consolidated statements of operations. Derivative Financial Instruments The Company uses derivative instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may continue to do so in the future. The principal instruments that the Company has used to date are Treasury Note (“T- Note”) and Eurodollar futures contracts, and “to-be-announced” (“TBA”) securities transactions, but it may enter into other derivative instruments in the future. The Company accounts for TBA securities as derivative instruments. Gains and losses associated with TBA securities transactions are reported in gain (loss) on derivative instruments in the accompanying consolidated statements of operations. Derivative instruments are carried at fair value, and changes in fair value are recorded in the consolidated operations for each period. The Company’s derivative financial instruments are not designated as hedge accounting relationships, but rather are used as economic hedges of its portfolio assets and liabilities. Holding derivatives creates exposure to credit risk related to the potential for failure by counterparties to honor their commitments. In the event of default by a counterparty, the Company may have difficulty recovering its collateral and may not receive payments provided for under the terms of the agreement. The Company’s derivative agreements require it to post or receive collateral to mitigate such risk. In addition, the Company uses only registered central clearing exchanges and well-established commercial banks as counterparties, monitors positions with individual counterparties and adjusts posted collateral as required. Financial Instruments The fair value of financial instruments for which it is practicable to estimate that value is disclosed, either in the body of the consolidated financial statements or in the accompanying notes. MBS, Orchid common stock and derivative assets and liabilities are accounted for at fair value in the consolidated balance sheets. The methods and assumptions used to estimate fair value for these instruments are presented in Note 13 of the consolidated financial statements. The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, other assets, repurchase agreements, accrued interest payable and other liabilities generally approximates their carrying value as of June 30, 2021 and December 31, 2020, due to the short-term nature of these financial instruments. It is impractical to estimate the fair value of the Company’s junior subordinated notes. Currently, there is a limited market for these types of instruments and the Company is unable to ascertain what interest rates would be available to the Company for similar financial instruments. Further information regarding these instruments is presented in Note 8 to the consolidated financial statements. Property and Equipment, net Property and equipment, net, consists of computer equipment with a depreciable life of 3 years, office furniture and equipment with depreciable lives of 8 to 20 years, land which has no depreciable life, and buildings and improvements with depreciable lives of 30
Retained Interests	Retained Interests in Securitizations The Company holds retained interests in the subordinated tranches of securities created in securitization transactions. These retained interests currently have a recorded fair value of zero, as the prospect of future cash flows being received is uncertain. Any cash received from the retained interests is reflected in the consolidated statements of operations.
Derivative Financial Instruments	Derivative Financial Instruments The Company uses derivative instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may continue to do so in the future. The principal instruments that the Company has used to date are Treasury Note (“T- Note”) and Eurodollar futures contracts, and “to-be-announced” (“TBA”) securities transactions, but it may enter into other derivative instruments in the future. The Company accounts for TBA securities as derivative instruments. Gains and losses associated with TBA securities transactions are reported in gain (loss) on derivative instruments in the accompanying consolidated statements of operations. Derivative instruments are carried at fair value, and changes in fair value are recorded in the consolidated operations for each period. The Company’s derivative financial instruments are not designated as hedge accounting relationships, but rather are used as economic hedges of its portfolio assets and liabilities. Holding derivatives creates exposure to credit risk related to the potential for failure by counterparties to honor their commitments. In the event of default by a counterparty, the Company may have difficulty recovering its collateral and may not receive payments provided for under the terms of the agreement. The Company’s derivative agreements require it to post or receive collateral to mitigate such risk. In addition, the Company uses only registered central clearing exchanges and well-established commercial banks as counterparties, monitors positions with individual counterparties and adjusts posted collateral as required.
Financial Instruments	Financial Instruments The fair value of financial instruments for which it is practicable to estimate that value is disclosed, either in the body of the consolidated financial statements or in the accompanying notes. MBS, Orchid common stock and derivative assets and liabilities are accounted for at fair value in the consolidated balance sheets. The methods and assumptions used to estimate fair value for these instruments are presented in Note 13 of the consolidated financial statements. The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, other assets, repurchase agreements, accrued interest payable and other liabilities generally approximates their carrying value as of June 30, 2021 and December 31, 2020, due to the short-term nature of these financial instruments. It is impractical to estimate the fair value of the Company’s junior subordinated notes. Currently, there is a limited market for these types of instruments and the Company is unable to ascertain what interest rates would be available to the Company for similar financial instruments. Further information regarding these instruments is presented in Note 8 to the consolidated financial statements.
Property and Equipment, net	Property and Equipment, net Property and equipment, net, consists of computer equipment with a depreciable life of 3 years, office furniture and equipment with depreciable lives of 8 to 20 years, land which has no depreciable life, and buildings and improvements with depreciable lives of 30 years. Property and equipment is recorded at acquisition cost and depreciated using the straight-line method over the estimated useful lives of the assets. Depreciation is included in administrative and other expenses in the consolidated statement of operations. Repurchase Agreements The Company finances the acquisition of the majority of its PT MBS through the use of repurchase agreements under master repurchase agreements. Repurchase agreements are accounted for as collateralized financing transactions, which are carried at their contractual amounts, including accrued interest, as specified in the respective agreements. Earnings Per Share Basic EPS is calculated as income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated using the treasury stock or two-class method, as applicable for common stock equivalents. However, the common stock equivalents are not included in computing diluted EPS if the result is anti-dilutive. Outstanding shares of Class B Common Stock, participating and convertible into Class A Common Stock, are entitled to receive dividends in an amount equal to the dividends declared, if any, on each share of Class A Common Stock. Accordingly, shares of the Class B Common Stock are included in the computation of basic EPS using the two-class method and, consequently, are presented separately from Class A Common Stock. The shares of Class C Common Stock are not included in the basic EPS computation as these shares do not have participation rights. The outstanding shares of Class B and Class C Common Stock are not included in the computation of diluted EPS for the Class A Common Stock as the conditions for conversion into shares of Class A Common Stock were not met. Income Taxes Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities represent the differences between the financial statement and income tax bases of assets and liabilities using enacted tax rates. The measurement of net deferred tax assets is adjusted by a valuation allowance if, based on the Company’s evaluation, it is more likely than not that they will not be realized. The Company’s U.S. federal income tax returns for years ended on or after December 31, 2017 remain open for examination. Although management believes its calculations for tax returns are correct and the positions taken thereon are reasonable, the final outcome of tax audits could be materially different from the tax returns filed by the Company, and those differences could result in significant costs or benefits to the Company. For tax filing purposes, Bimini Capital and its includable subsidiaries, and Royal Palm and its includable subsidiaries, file as separate tax paying entities. The Company assesses the likelihood, based on their technical merit, that uncertain tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. The measurement of uncertain tax positions is adjusted when new information is available, or when an event occurs that requires a change. The Company recognizes tax positions in the consolidated financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The difference between the benefit recognized and the tax benefit claimed on a tax return is referred to as an unrecognized tax benefit and is recorded as a liability in the consolidated balance sheets. The Company records income tax-related interest and penalties, if applicable, within the income tax provision. Recent Accounting Pronouncements
Repurchase Agreements	Repurchase Agreements The Company finances the acquisition of the majority of its PT MBS through the use of repurchase agreements under master repurchase agreements. Repurchase agreements are accounted for as collateralized financing transactions, which are carried at their contractual amounts, including accrued interest, as specified in the respective agreements.
Earnings Per Share	Earnings Per Share Basic EPS is calculated as income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated using the treasury stock or two-class method, as applicable for common stock equivalents. However, the common stock equivalents are not included in computing diluted EPS if the result is anti-dilutive. Outstanding shares of Class B Common Stock, participating and convertible into Class A Common Stock, are entitled to receive dividends in an amount equal to the dividends declared, if any, on each share of Class A Common Stock. Accordingly, shares of the Class B Common Stock are included in the computation of basic EPS using the two-class method and, consequently, are presented separately from Class A Common Stock. The shares of Class C Common Stock are not included in the basic EPS computation as these shares do not have participation rights. The outstanding shares of Class B and Class C Common Stock are not included in the computation of diluted EPS for the Class A Common Stock as the conditions for conversion into shares of Class A Common Stock were not met.
Income Taxes	Income Taxes Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities represent the differences between the financial statement and income tax bases of assets and liabilities using enacted tax rates. The measurement of net deferred tax assets is adjusted by a valuation allowance if, based on the Company’s evaluation, it is more likely than not that they will not be realized. The Company’s U.S. federal income tax returns for years ended on or after December 31, 2017 remain open for examination. Although management believes its calculations for tax returns are correct and the positions taken thereon are reasonable, the final outcome of tax audits could be materially different from the tax returns filed by the Company, and those differences could result in significant costs or benefits to the Company. For tax filing purposes, Bimini Capital and its includable subsidiaries, and Royal Palm and its includable subsidiaries, file as separate tax paying entities. The Company assesses the likelihood, based on their technical merit, that uncertain tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. The measurement of uncertain tax positions is adjusted when new information is available, or when an event occurs that requires a change. The Company recognizes tax positions in the consolidated financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The difference between the benefit recognized and the tax benefit claimed on a tax return is referred to as an unrecognized tax benefit and is recorded as a liability in the consolidated balance sheets. The Company records income tax-related interest and penalties, if applicable, within the income tax provision.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting .” ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the expected market transition from the London Interbank Offered Rate (“LIBOR,”), and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. The Company does not believe the adoption of this ASU will have a material impact on its consolidated financial statements. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848). ASU 2021-01 expands the scope of ASC 848 to include all affected derivatives and give market participants the ability to apply certain aspects of the contract modification and hedge accounting expedients to derivative contracts affected by the discounting transition. In addition, ASU 2021-01 adds implementation guidance to permit a company to apply certain optional expedients to modifications of interest rate indexes used for margining, discounting or contract price alignment of certain derivatives as a result of reference rate reform initiatives and extends optional expedients to account for a derivative contract modified as a continuation of the existing contract and to continue hedge accounting when certain critical terms of a hedging relationship change to modifications made as part of the discounting transition. The guidance in ASU 2021-01 is effective immediately and available generally through December 31, 2022, as reference rate reform activities occur. The Company does not believe the adoption of this ASU will have a material impact on its consolidated financial statements.

CASH AND CASH EQUIVALENTS (Tables)	6 Months Ended
CASH AND CASH EQUIVALENTS (Tables)	Jun. 30, 2021
Accounting Policies [Abstract]
Schedule of reconciliation of cash, cash equivalents and restricted cash	The following table presents the Company’s cash, cash equivalents and restricted cash as of June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Cash and cash equivalents $ 7,275,488 $ 7,558,342 Restricted cash 5,892,425 3,353,015 Total cash, cash equivalents and restricted cash $ 13,167,913 $ 10,911,357

ADVISORY SERVICES (Tables)	6 Months Ended
ADVISORY SERVICES (Tables)	Jun. 30, 2021
Advisory Services [Abstract]
Schedule of Advisory Fee Income [Table Text Block]	The following table summarizes the advisory services revenue from Orchid for the six and three months ended June 30, 2021 and 2020. (in thousands) Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 Management fee $ 3,412 $ 2,645 $ 1,791 $ 1,268 Allocated overhead 799 695 395 347 Total $ 4,211 $ 3,340 $ 2,186 $ 1,615

MORTGAGE-BACKED SECURITIES (Tables)	6 Months Ended
MORTGAGE-BACKED SECURITIES (Tables)	Jun. 30, 2021
Mortgage Backed Securities [Abstract]
Schedule of Mortgage-Backed Securities Reconciliation	The following table presents the Company’s MBS portfolio as of June 30, 2021 and December 31, 2020: (in thousands) June 30, 2021 December 31, 2020 Fixed-rate MBS $ 67,910 $ 64,902 Interest-Only MBS 1,064 251 Inverse Interest-Only MBS 20 25 Total $ 68,994 $ 65,178

REPURCHASE AGREEMENTS (Tables)	6 Months Ended
REPURCHASE AGREEMENTS (Tables)	Jun. 30, 2021
Disclosure of Repurchase Agreements [Abstract]
Schedule of repurchase agreements and remaining maturities	As of June 30, 2021 and December 31, 2020, the Company’s repurchase agreements had remaining maturities as summarized below: ($ in thousands) OVERNIGHT BETWEEN 2 BETWEEN 31 GREATER (1 DAY OR AND AND THAN LESS) 30 DAYS 90 DAYS 90 DAYS TOTAL June 30, 2021 Fair value of securities pledged, including accrued interest receivable $ - $ 49,981 $ 19,208 $ - $ 69,189 Repurchase agreement liabilities associated with these securities $ - $ 51,764 $ 19,582 $ - $ 71,346 Net weighted average borrowing rate - 0.16% 0.14% - 0.16% December 31, 2020 Fair value of securities pledged, including accrued interest receivable $ - $ 49,096 $ 8,853 $ 7,405 $ 65,354 Repurchase agreement liabilities associated with these securities $ - $ 49,120 $ 8,649 $ 7,302 $ 65,071 Net weighted average borrowing rate - 0.25% 0.23% 0.30% 0.25%

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Eurodollar Futures Positions	NOTE 5. DERIVATIVE FINANCIAL INSTRUMENTS Eurodollar and T-Note futures are cash settled futures contracts on an interest rate, with gains and losses credited or charged to the Company’s cash accounts on a daily basis. A minimum balance, or “margin”, is required to be maintained in the account on a daily basis. The tables below present information related to the Company’s Eurodollar and T-note futures positions at June 30, 2021 and December 31, 2020. ($ in thousands) As of June 30, 2021 Junior Subordinated Debt Funding Hedges Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) 2021 $ 1,000 1.00% 0.17% $ (4) ($ in thousands) As of December 31, 2020 Junior Subordinated Debt Funding Hedges Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) 2021 $ 1,000 1.02% 0.18% $ (8)
Schedule of the effect of the Company's deriviative financial instruments on the consolidated statement of operations	The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the six and three months ended June 30, 2021 and 2020 . (in thousands) Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 Eurodollar futures contracts (short positions) Repurchase agreement funding hedges $ - $ (2,328) $ - $ - Junior subordinated debt funding hedges - (517) - (2) T-Note futures contracts (short positions) Repurchase agreement funding hedges - (1,006) - - Net TBA securities - (1,441) - - Losses on derivative instruments $ - $ (5,292) $ - $ (2)

PLEDGED ASSETS (Tables)	6 Months Ended
PLEDGED ASSETS (Tables)	Jun. 30, 2021
Financial Instruments Pledged as Collateral [Abstract]
Schedule of assets pledged as collateral under our repurchase agreements, prime brokerage clearing accounts, derivative agreements and insurance capital by type, including securities pledged related to securities sold but not yet settled	The table below summarizes Bimini’s assets pledged as collateral under its repurchase agreements and derivative agreements as of June 30, 2021 and December 31, 2020. ($ in thousands) June 30, 2021 December 31, 2020 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT MBS - at fair value $ 67,910 $ - $ 67,910 $ 64,902 $ - $ 64,902 Structured MBS - at fair value 1,064 - 1,064 251 - 251 Accrued interest on pledged securities 215 - 215 201 - 201 Restricted cash 5,892 - 5,892 3,352 1 3,353 Total $ 75,081 $ - $ 75,081 $ 68,706 $ 1 $ 68,707
Schedule of assets pledged to us from counterparties under our repurchase agreements.	The table below summarizes cash pledged to Bimini from counterparties under repurchase agreements and derivative agreements as of June 30, 2021 and December 31, 2020. Cash received as margin is recognized in cash and cash equivalents with a corresponding amount recognized as an increase in repurchase agreements or other liabilities in the consolidated balance sheets. ($ in thousands) Assets Pledged to Bimini June 30, 2021 December 31, 2020 Repurchase agreements $ 187 $ 80 Total $ 187 $ 80

OFFSETTING ASSETS AND LIABILITIES (Tables)	6 Months Ended
OFFSETTING ASSETS AND LIABILITIES (Tables)	Jun. 30, 2021
Offsetting [Abstract]
Offsetting of Liabilties [Table Text Block]	The Company’s derivatives and repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of offset in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its assets and liabilities subject to these arrangements on a gross basis. The following tables present information regarding those assets and liabilities subject to such arrangements as if the Company had presented them on a net basis as of June 30, 2021 and December 31, 2020. (in thousands) Offsetting of Liabilities Gross Amount Not Offset in the Net Amount Consolidated Balance Sheet Gross Amount of Liabilities Financial Gross Amount Offset in the Presented in the Instruments Cash of Recognized Consolidated Consolidated Posted as Posted as Net Liabilities Balance Sheet Balance Sheet Collateral Collateral Amount June 30, 2021 Repurchase Agreements $ 71,346 $ - $ 71,346 $ (65,454) $ (5,892) $ - $ 71,346 $ - $ 71,346 $ (65,454) $ (5,892) $ - December 31, 2020 Repurchase Agreements $ 65,071 $ - $ 65,071 $ (61,719) $ (3,352) $ - $ 65,071 $ - $ 65,071 $ (61,719) $ (3,352) $ -

LONG-TERM DEBT (Tables)	6 Months Ended
LONG-TERM DEBT (Tables)	Jun. 30, 2021
Debt Instruments [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	Long-term debt at June 30, 2021 and December 31, 2020 is summarized as follows: (in thousands) June 30, 2021 December 31, 2020 Junior subordinated debt $ 26,804 $ 26,804 Note payable 646 657 Paycheck Protection Plan ("PPP") loan (1) - 152 Total $ 27,450 $ 27,613
Debt Instrument Redemption [Table Text Block]	The table below presents the future scheduled principal payments on the Company’s long-term debt. (in thousands) Last six months of 2021 $ 11 2022 23 2023 24 2024 25 2025 26 After 2025 27,341 Total $ 27,450

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of reconciling the numerator and denominator of EPS	The table below reconciles the numerator and denominator of EPS for the six and three months ended June 30, 2021 and 2020. (in thousands, except per-share information) Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 Basic and diluted EPS per Class A common share: Income (loss) attributable to Class A common shares: Basic and diluted $ 370 $ (18,813) $ (917) $ 3,458 Weighted average common shares: Class A common shares outstanding at the balance sheet date 11,609 11,609 11,609 11,609 Weighted average shares-basic and diluted 11,609 11,609 11,609 11,609 Income (loss) per Class A common share: Basic and diluted $ 0.03 $ (1.62) $ (0.08) $ 0.30 (in thousands, except per-share information) Six Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 Basic and diluted EPS per Class B common share: Income (loss) attributable to Class B common shares: Basic and diluted $ 1 $ (52) $ (3) $ 10 Weighted average common shares: Class B common shares outstanding at the balance sheet date 32 32 32 32 Weighted average shares-basic and diluted 32 32 32 32 Income (loss) per Class B common share: Basic and diluted $ 0.03 $ (1.62) $ (0.08) $ 0.30

FAIR VALUE (Tables)	6 Months Ended
FAIR VALUE (Tables)	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of financial assets (liabilities) measured at fair value on a recurring basis	The following table presents financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020: (in thousands) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Fair Value Assets Inputs Inputs Measurements (Level 1) (Level 2) (Level 3) June 30, 2021 Mortgage-backed securities $ 68,994 $ - $ 68,994 $ - Orchid Island Capital, Inc. common stock 13,470 13,470 - - December 31, 2020 Mortgage-backed securities $ 65,178 $ - $ 65,178 $ - Orchid Island Capital, Inc. common stock 13,548 13,548 - -

SEGMENT INFORMATION (Tables)	6 Months Ended
SEGMENT INFORMATION (Tables)	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule Of Segment Reporting Information By Segment [Text Block]	Segment information for the six months ended June 30, 2021 and 2020 is as follows: (in thousands) Asset Investment Management Portfolio Corporate Eliminations Total 2021 Advisory services, external customers $ 4,211 $ - $ - $ - $ 4,211 Advisory services, other operating segments (1) 72 - - (72) - Interest and dividend income - 2,201 - - 2,201 Interest expense - (71) (499) (2) - (570) Net revenues 4,283 2,130 (499) (72) 5,842 Other income - (1,976) 154 (3) - (1,822) Operating expenses (4) (2,230) (1,251) - - (3,481) Intercompany expenses (1) - (72) - 72 - Income (loss) before income taxes $ 2,053 $ (1,169) $ (345) $ - $ 539 Asset Investment Management Portfolio Corporate Eliminations Total 2020 Advisory services, external customers $ 3,340 $ - $ - $ - $ 3,340 Advisory services, other operating segments (1) 84 - - (84) - Interest and dividend income - 3,317 - - 3,317 Interest expense - (988) (632) (2) - (1,620) Net revenues 3,424 2,329 (632) (84) 5,037 Other expenses - (11,307) (516) (3) - (11,823) Operating expenses (4) (1,690) (1,701) - - (3,391) Intercompany expenses (1) - (84) - 84 - Income (loss) before income taxes $ 1,734 $ (10,763) $ (1,148) $ - $ (10,177) Segment information for the three months ended June 30, 2021 and 2020 is as follows: (in thousands) Asset Investment Management Portfolio Corporate Eliminations Total 2021 Advisory services, external customers $ 2,186 $ - $ - $ - $ 2,186 Advisory services, other operating segments (1) 37 - - (37) - Interest and dividend income - 1,084 - - 1,084 Interest expense - (31) (250) (2) - (281) Net revenues 2,223 1,053 (250) (37) 2,989 Other - (2,634) 154 (3) - (2,480) Operating expenses (4) (1,125) (599) - - (1,724) Intercompany expenses (1) - (37) - 37 - Income (loss) before income taxes $ 1,098 $ (2,217) $ (96) $ - $ (1,215) Asset Investment Management Portfolio Corporate Eliminations Total 2020 Advisory services, external customers $ 1,615 $ - $ - $ - $ 1,615 Advisory services, other operating segments (1) 26 - - (26) - Interest and dividend income - 912 - - 912 Interest expense - (60) (282) (2) - (342) Net revenues 1,641 852 (282) (26) 2,185 Other - 4,256 (2) (3) - 4,254 Operating expenses (4) (1,067) (618) - - (1,685) Intercompany expenses (1) - (26) - 26 - Income (loss) before income taxes $ 574 $ 4,464 $ (284) $ - $ 4,754 Assets in each reportable segment as of June 30, 2021 and December 31, 2020 were as follows: (in thousands) Asset Investment Management Portfolio Corporate Total June 30, 2021 $ 1,733 $ 120,020 12,919 $ 134,672 December 31, 2020 1,469 113,764 13,468 128,701

SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 7,275,488	$ 7,558,342
Restricted cash	5,892,425	3,353,015
Cash Cash Equivalents And Restricted Cash	$ 13,167,913	$ 10,911,357	$ 5,674,994	$ 12,385,117

ADVISORY SERVICES (Details) - USD ($)	3 Months Ended		6 Months Ended
ADVISORY SERVICES (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Advisory Services [Line Items]
Advisory services	$ 2,185,812	$ 1,615,083	$ 4,211,221	$ 3,339,680
Orchid Island Capital [Member]
Advisory Services [Line Items]
Advisory services	2,186,000	1,615,000	4,211,000	3,340,000
Due From Affiliate	800,000		800,000		$ 600,000
Orchid Island Capital [Member] \| Management Fees [Member]
Advisory Services [Line Items]
Advisory services	1,791,000	1,268,000	3,412,000	2,645,000
Orchid Island Capital [Member] \| Overhead Allocation [Member]
Advisory Services [Line Items]
Advisory services	$ 395,000	$ 347,000	$ 799,000	$ 695,000

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

MORTGAGE-BACKED SECURITIES - MBS Portfolio (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	$ 68,993,630	$ 65,178,231
Fixed Rate Mortgages [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	67,910,000	64,902,000
Interest Only Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	1,064,000	251,000
Inverse Interest Only [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	$ 20,000	$ 25,000

REPURCHASE AGREEMENTS - Narrative (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Assets Sold under Agreements to Repurchase [Line Items]
Restricted Cash And Cash Equivalents At Carrying Value	$ 5,892,425	$ 3,353,015
Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Restricted Cash And Cash Equivalents At Carrying Value	5,892,000	3,352,000
Aggregate amount at risk will all counterparties	$ 3,700,000	$ 3,600,000

REPURCHASE AGREEMENTS - Maturities (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Assets Sold under Agreements to Repurchase [Line Items]
Outstanding repurchase obligations	$ 71,345,999	$ 65,071,113
Securities Sold Under Agreements To Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	69,189,000	65,354,000
Outstanding repurchase obligations	$ 71,346,000	$ 65,071,000
Net weighted average borrowing rate	0.16%	0.25%
Overnight (1 Day or Less) [Member] \| Securities Sold Under Agreements To Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 0	$ 0
Outstanding repurchase obligations	$ 0	$ 0
Net weighted average borrowing rate	0.00%	0.00%
Between 2 and 30 Days [Member] \| Securities Sold Under Agreements To Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 49,981,000	$ 49,096,000
Outstanding repurchase obligations	$ 51,764,000	$ 49,120,000
Net weighted average borrowing rate	0.16%	0.25%
Between 31 and 90 Days [Member] \| Securities Sold Under Agreements To Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 19,208,000	$ 8,853,000
Outstanding repurchase obligations	$ 19,582,000	$ 8,649,000
Net weighted average borrowing rate	0.14%	0.23%
Greater Than 90 days [Member] \| Securities Sold Under Agreements To Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 0	$ 7,405,000
Outstanding repurchase obligations	$ 0	$ 7,302,000
Net weighted average borrowing rate	0.00%	0.30%

DERIVATIVE FINANCIAL INSTRUMENTS - Interest Rate Futures Positions (Details) - Junior Subordinated Debt Funding Hedges [Member] - Year 2021 Expiration [Member] - Short [Member] - Eurodollar Future [Member] - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Notional Amount	$ 1,000,000	$ 1,000,000
Entry Rate	1.00%	1.02%
Weighted Average Effective Rate	0.17%	0.18%
Open Equity	$ (4,000)	$ (8,000)

DERIVATIVE FINANCIAL INSTRUMENTS - Effect on the consolidated statements of operations (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
(Losses) gains on derivative instruments	$ (376)	$ (1,690)	$ (133)	$ (5,292,421)
Eurodollar Future [Member] \| Repurchase Agreement Funding Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(Losses) gains on derivative instruments	0	0	0	(2,328,000)
Eurodollar Future [Member] \| Junior Subordinated Debt Funding Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(Losses) gains on derivative instruments	0	(2,000)	0	(517,000)
Treasury Note Future [Member] \| Repurchase Agreement Funding Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(Losses) gains on derivative instruments	0	0	0	(1,006,000)
TBA Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(Losses) gains on derivative instruments	$ 0	$ 0	$ 0	$ (1,441,000)

PLEDGED ASSETS - Assets Pledged to Counterparties (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Financial Instrument Secured2 [Domain]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	$ 75,081	$ 68,707
Interest Receivable	215	201
Restricted Cash And Cash Equivalents At Carrying Value	5,892	3,353
Repurchase Agreements [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	75,081	68,706
Interest Receivable	215	201
Restricted Cash And Cash Equivalents At Carrying Value	5,892	3,352
Derivative [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	0	1
Interest Receivable	0	0
Restricted Cash And Cash Equivalents At Carrying Value	0	1
Residential Mortgage Backed Securities [Member] \| Financial Instrument Secured2 [Domain] \| Mortgage Backed Securities Pass Through Certificates [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	67,910	64,902
Residential Mortgage Backed Securities [Member] \| Financial Instrument Secured2 [Domain] \| Mortgage Backed Securities Structured Certificates [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	1,064	251
Residential Mortgage Backed Securities [Member] \| Repurchase Agreements [Member] \| Mortgage Backed Securities Pass Through Certificates [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	67,910	64,902
Residential Mortgage Backed Securities [Member] \| Repurchase Agreements [Member] \| Mortgage Backed Securities Structured Certificates [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	1,064	251
Residential Mortgage Backed Securities [Member] \| Derivative [Member] \| Mortgage Backed Securities Pass Through Certificates [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	0	0
Residential Mortgage Backed Securities [Member] \| Derivative [Member] \| Mortgage Backed Securities Structured Certificates [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	$ 0	$ 0

PLEDGED ASSETS - Assets Pledged from Counterparties (Details) - Repurchase Agreements [Member] - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Financial Instruments Owned and Pledged as Collateral [Line Items]
Cash Pledged By Counterparties	$ 187,000	$ 80,000
Total Assets Pledged By Counterparties	$ 187,000	$ 80,000

OFFSETTING ASSETS AND LIABILITIES - Offsetting of Liabilties (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	$ 71,346	$ 65,071
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	71,346	65,071
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	(65,454)	(61,719)
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(5,892)	(3,352)
Net Amount Of Liabilities	0	0
Repurchase Agreements [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	71,346	65,071
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	71,346	65,071
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	(65,454)	(61,719)
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(5,892)	(3,352)
Net Amount Of Liabilities	$ 0	$ 0

LONG-TERM DEBT- Narrative (Details) - USD ($)	6 Months Ended
LONG-TERM DEBT- Narrative (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 27,449,886	$ 27,612,781
Bimini Capital Trust II Junior Subordinated Note [Member]
Debt Instrument [Line Items]
Outstanding Principal Balance	26,804,000	26,804,000
Junior Subordinated Debt [Member] \| Bimini Capital Trust II Junior Subordinated Note [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 26,800,000	$ 26,800,000
Basis Spread on Variable Rate	3.50%
Interest Rate at Period End	3.62%
Note Payable \| US Treasury (UST) Interest Rate [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate	3.25%
Original Loan Amount	$ 680,000
Installment Amount	$ 4,500
Paycheck Protection Plan [Member]
Debt Instrument [Line Items]
Interest Rate at Period End	1.00%
Original Loan Amount	$ 152,000

LONG-TERM DEBT - Outstanding Balances (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 27,449,886	$ 27,612,781
Bimini Capital Trust Junior Subordinated Note [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	26,804,000	26,804,000
Mortgage Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	646,000	657,000
Paycheck Protection Plan [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 0	$ 152,000

LONG-TERM DEBT - Scheduled Principal Balances (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Debt Instrument [Line Items]
Scheduled Principal Payments	$ 27,450
Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Scheduled Principal Payments	11
Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Scheduled Principal Payments	23
Debt Instrument, Redemption, Period Three [Member]
Debt Instrument [Line Items]
Scheduled Principal Payments	24
Debt Instrument, Redemption, Period Four [Member]
Debt Instrument [Line Items]
Scheduled Principal Payments	25
Debt Instrument, Redemption, Period Five [Member]
Debt Instrument [Line Items]
Scheduled Principal Payments	26
Debt Instrument, Redemption, Thereafter [Member]
Debt Instrument [Line Items]
Scheduled Principal Payments	$ 27,341

CAPITAL STOCK - Stock Repurchase Plan (Details) - Class A Common Stock [Member] - March 2018 Stock Repurchase Plan [Member] - USD ($)	39 Months Ended
	Jun. 30, 2021	Mar. 26, 2018
Share Repurchase Program [Line Items]
Authorized Shares		500,000
Stock Repurchase Program Expiration Date	Nov. 15, 2021
Aggregate Repurchase Cost	$ 166,945
Shares Acquired	70,404
Average Cost Per Share	$ 2.37

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - Citigroup Demand For Payment [Member] - Threatened Litigation [Member] - Breach Of Representations and Warranties [Member] $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Loss Contingencies [Line Items]
Demand For Payment Date	April 22, 2020
Loss Contingency, Damages Sought, Value	$ 33.1

INCOME TAXES - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Pre-tax book income	$ (1,215,251)	$ 4,754,009	$ 539,282	$ (10,177,314)
Income tax provision (benefit)	$ (295,465)	1,285,884	$ 168,638	$ 8,687,508
Reduction of deferred tax valuation allowance		$ 11,200,000

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Class A Common Stock [Member]
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net Income (Loss) Available to Common Stockholders, Basic	$ (917)	$ 3,458	$ 370	$ (18,813)
Net Income (Loss) Available to Common Stockholders, Diluted	$ (917)	$ 3,458	$ 370	$ (18,813)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted Average Shares - Basic and Diluted	11,608,555	11,608,555	11,608,555	11,608,555
Income (Loss) Per Share - Basic	$ (0.08)	$ 0.30	$ 0.03	$ (1.62)
Income (Loss) Pe Share - Diluted	$ (0.08)	$ 0.30	$ 0.03	$ (1.62)
Class B Common Stock [Member]
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net Income (Loss) Available to Common Stockholders, Basic	$ (3)	$ 10	$ 1	$ (52)
Net Income (Loss) Available to Common Stockholders, Diluted	$ (3)	$ 10	$ 1	$ (52)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted Average Shares - Basic and Diluted	31,938	31,938	31,938	31,938
Income (Loss) Per Share - Basic	$ (0.08)	$ 0.30	$ 0.03	$ (1.62)
Income (Loss) Pe Share - Diluted	$ (0.08)	$ 0.30	$ 0.03	$ (1.62)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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FAIR VALUE - Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	$ 68,993,630	$ 65,178,231
Orchid Island Capital, Inc. common stock, at fair value	13,469,903	13,547,764
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	0	0
Orchid Island Capital, Inc. common stock, at fair value	13,470,000	13,548,000
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	68,994,000	65,178,000
Orchid Island Capital, Inc. common stock, at fair value	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	0	0
Orchid Island Capital, Inc. common stock, at fair value	$ 0	$ 0

SEGMENT INFORMATION - Reconciliation of Segment Revenues (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Advisory services, external customers	$ 2,185,812	$ 1,615,083	$ 4,211,221	$ 3,339,680
Advisory Services Other Segments	0	0	0	0
Interest and dividend income	1,084,000	912,000	2,201,000	3,317,000
Interest expense	281,000	342,000	570,000	1,620,000
Net Segment Revenue	2,989,000	2,185,000	5,842,000	5,037,000
Other Income	(2,480,000)	4,254,000	(1,822,000)	(11,823,000)
Operating Expenses	(1,724,000)	(1,685,000)	3,481,000	3,391,000
Intercompany Expenses	0	0	0	0
Pre-tax book income	(1,215,251)	4,754,009	539,282	(10,177,314)
Assets	134,672,248		134,672,248		$ 128,700,569
Operating Segments [Member] \| Asset Management Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Advisory services, external customers	2,186,000	1,615,000	4,211,000	3,340,000
Advisory Services Other Segments	37,000	26,000	72,000	84,000
Interest and dividend income	0	0	0	0
Interest expense	0	0	0	0
Net Segment Revenue	2,223,000	1,641,000	4,283,000	3,424,000
Other Income	0	0	0	0
Operating Expenses	(1,125,000)	(1,067,000)	2,230,000	1,690,000
Intercompany Expenses	0	0	0	0
Pre-tax book income	1,098,000	574,000	2,053,000	1,734,000
Assets	1,733,000		1,733,000		1,469,000
Operating Segments [Member] \| Investment Portfolio Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Advisory services, external customers	0	0	0	0
Advisory Services Other Segments	0	0	0	0
Interest and dividend income	1,084,000	912,000	2,201,000	3,317,000
Interest expense	31,000	60,000	71,000	988,000
Net Segment Revenue	1,053,000	852,000	2,130,000	2,329,000
Other Income	(2,634,000)	4,256,000	(1,976,000)	(11,307,000)
Operating Expenses	(599,000)	(618,000)	1,251,000	1,701,000
Intercompany Expenses	(37,000)	(26,000)	72,000	84,000
Pre-tax book income	(2,217,000)	4,464,000	(1,169,000)	(10,763,000)
Assets	120,020,000		120,020,000		113,764,000
Corporate, Non-Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Advisory services, external customers	0	0	0	0
Advisory Services Other Segments	0	0	0	0
Interest and dividend income	0	0	0	0
Interest expense	250,000	282,000	499,000	632,000
Net Segment Revenue	(250,000)	(282,000)	(499,000)	(632,000)
Other Income	154,000	(2,000)	154,000	(516,000)
Operating Expenses	0	0	0	0
Intercompany Expenses	0	0	0	0
Pre-tax book income	(96,000)	(284,000)	(345,000)	(1,148,000)
Assets	12,919,000		12,919,000		$ 13,468,000
Intersegment Eliminations [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Advisory services, external customers	0	0	0	0
Advisory Services Other Segments	(37,000)	(26,000)	(72,000)	(84,000)
Interest and dividend income	0	0	0	0
Interest expense	0	0	0	0
Net Segment Revenue	(37,000)	(26,000)	(72,000)	(84,000)
Other Income	0	0	0	0
Operating Expenses	0	0	0	0
Intercompany Expenses	37,000	26,000	(72,000)	(84,000)
Pre-tax book income	$ 0	$ 0	$ 0	$ 0

SEGMENT INFORMATION - Revenue From Major Customer (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Entity Wide Revenue Major Customer [Line Items]
Revenues	$ 3,270,356	$ 2,527,079	$ 6,412,478	$ 6,656,479
Total Revenue [Member] \| Orchid Island Capital [Member]
Entity Wide Revenue Major Customer [Line Items]
Revenues			$ 4,200,000	$ 3,400,000
Percentgage of Total Sales			66.00%	50.00%

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		6 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Investment Income, Dividend	$ 506,094	$ 388,709	$ 1,012,189	$ 753,518
Orchid Island Capital [Member]
Related Party Transaction [Line Items]
Investment Owned Balance Shares	2,595,357		2,595,357		2,595,357
Equity Method Investment Ownership Percentage	2.20%		2.20%		3.40%
Investment Income, Dividend	$ 500,000	$ 400,000	$ 1,000,000.0	$ 800,000