0001275477-22-000015 | 10-Q | XBRL Viewer | Bimini Capital Management INC

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DOCUMENT AND ENTITY INFORMATION - shares	3 Months Ended
DOCUMENT AND ENTITY INFORMATION - shares	Mar. 31, 2022	May 13, 2022
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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
Entity Interactive Data Current	Yes
Document Transition Report	false
Entity File Number	001-32171
Entity Incorporation, State Country Name	MD
Entity Tax ID Number	72-1571637
Entity Address Line 1	3305 Flamingo Drive
Entity Address City or Town	Vero Beach
Entity Address State or Province	FL
Entity Postal Zip Code	32963
City Area Code	772
Local Phone Number	231-1400
Document Quarterly Report	true
Class A Common Stock [Member]
Entity Common Stock Shares Outstanding		10,485,489
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 ($)	Mar. 31, 2022	Dec. 31, 2021
Mortgage Backed Securities At Fair Value [Abstract]
Pledged to counterparties	$ 54,663,513	$ 60,788,129
Unpledged	15,689	15,015
Total mortgage-backed securities	54,679,202	60,803,144
Cash and cash equivalents	4,619,873	8,421,410
Restricted cash	3,364,000	1,391,000
Orchid Island Capital, Inc. common stock, at fair value	8,434,910	11,679,107
Accrued interest receivable	214,550	229,942
Property and equipment, net	2,020,854	2,024,190
Deferred tax assets, net	36,258,788	35,036,312
Due From Affiliate	1,065,608	1,062,155
Other assets	1,353,093	1,437,381
Total Assets	112,010,878	122,084,641
Liabilities
Outstanding repurchase obligations	54,814,689	58,877,999
Long-term Debt, Gross	27,433,290	27,438,976
Accrued interest payable	71,797	55,610
Other Liabilities	548,134	2,712,206
Total Liabilities	82,867,910	89,084,791
Stockholders' Equity
Preferred stock	0	0
Common stock	10,578	10,766
Additional paid in capital	330,503,142	330,880,252
Accumulated deficit	(301,370,752)	(297,891,168)
Stockholders Equity	29,142,968	32,999,850
Total Liabilities and Stockholders' Equity	112,010,878	122,084,641
Class A Common Stock [Member]
Stockholders' Equity
Common stock	10,514	10,702
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) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred Stock Par Or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Shares Authorized	10,000,000	10,000,000
Preferred Stock Value	$ 0	$ 0
Common Stock Value Outstanding	$ 10,578	$ 10,766
Class A Common Stock [Member]
Class of Stock [Line Items]
Common Stock Par Or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock Shares Authorized	98,000,000	98,000,000
Common Stock Shares Issued	10,513,914	10,702,194
Common Stock Shares Outstanding	10,513,914	10,702,194
Common Stock Value Outstanding	$ 10,514	$ 10,702
Class B Common Stock [Member]
Class of Stock [Line Items]
Common Stock Par Or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock Shares Authorized	1,000,000	1,000,000
Common Stock Shares Issued	31,938	31,938
Common Stock Shares Outstanding	31,938	31,938
Common Stock Value Outstanding	$ 32	$ 32
Class C Common Stock [Member]
Class of Stock [Line Items]
Common Stock Par Or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock Shares Authorized	1,000,000	1,000,000
Common Stock Shares Issued	31,938	31,938
Common Stock Shares Outstanding	31,938	31,938
Common Stock Value Outstanding	$ 32	$ 32
Preferred Undesignated [Member]
Class of Stock [Line Items]
Preferred Stock Par Or Stated Value Per Share	$ 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	$ 0.001	$ 0.001
Preferred Shares Authorized	100,000	9,900,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Revenues
Advisory services	$ 3,075,362	$ 2,025,409
Interest income	491,389	610,618
Orchid Island Capital, Inc. dividends	402,280	506,095
Total revenues	3,969,031	3,142,122
Interest expense on repurchase agreements	31,242	39,858
Interest Expense, Long-term Debt	256,066	249,548
Net revenues	3,681,723	2,852,716
Other income:
Unrealized (losses) gains on mortgage-backed securities	(3,114,204)	(1,392,261)
Unrealized losses on Orchid Island Capital, Inc. common stock	(3,244,197)	2,050,332
(Losses) gains on derivative instruments	0	243
Other expense, net	97	86
Total other income	(6,358,304)	658,400
Expenses
Compensation and related benefits	1,343,956	1,123,530
Directors fees and liability insurance	195,898	188,020
Audit, legal and other professional fees	144,689	137,168
Administrative and other expenses	340,936	307,865
Total expenses	2,025,479	1,756,583
Net (loss) income before income tax provision (benefit)	(4,702,060)	1,754,533
Income tax provision (benefit)	(1,222,476)	464,103
Net (loss) income	$ (3,479,584)	$ 1,290,430
Class A Common Stock [Member]
Basic and Diluted Net (Loss) Income Per Share of:
Basic	$ (0.33)	$ 0.11
Diluted	$ (0.33)	$ 0.11
Weighted Average Shares Outstanding
Weighted Average Shares - Basic and Diluted	10,624,563	11,608,555
Class B Common Stock [Member]
Basic and Diluted Net (Loss) Income Per Share of:
Basic	$ (0.33)	$ 0.11
Diluted	$ (0.33)	$ 0.11
Weighted Average Shares Outstanding
Weighted Average Shares - Basic and Diluted	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, 2020	$ 34,487,849		$ 11,673	$ 332,642,758	$ (298,166,582)
Increase (Decrease) in Stockholders' Equity
Net income	1,290,430				1,290,430
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, 2021	32,999,850		10,766	330,880,252	(297,891,168)
Increase (Decrease) in Stockholders' Equity
Net income	(3,479,584)				(3,479,584)
Stock Repurchased And Retired During Period Value	(377,298)		(188)	(377,110)	0
Ending Balances at Mar. 31, 2022	$ 29,142,968		$ 10,578	$ 330,503,142	$ (301,370,752)
Common Stock Shares Outstanding, Beginning Balance at Dec. 31, 2021		10,766,070
Increase (Decrease) in Stockholders' Equity
Stock Repurchased and Retired During Period, Shares		188,280
Common Stock Shares Outstanding, Ending Balance at Mar. 31, 2022		10,577,790

- 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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- Definition

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 ($)	3 Months Ended
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ (3,479,584)	$ 1,290,430
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation	17,312	17,313
Deferred income tax provision (benefit)	(1,222,476)	464,103
Losses (gains) on mortgage-backed securities	3,114,204	1,392,261
Unrealized losses on Orchid Island Capital, Inc. common stock	(3,244,197)	2,050,332
Changes in operating assets and liabilities
Accrued interest receivable	15,392	(9,859)
Due from affiliates	3,453	79,186
Other assets	84,288	(97,358)
Accrued interest payable	16,187	(15,576)
Other liabilities	(2,164,072)	(801,855)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(378,005)	109,941
From mortgage-backed securities investments
Purchases	0	(12,367,589)
Principal repayments	3,009,738	3,297,727
Payments to Acquire Property, Plant, and Equipment	13,976	0
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	2,995,762	(9,069,862)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase agreements	102,465,690	74,799,000
Principal payments on repurchase agreements	(106,529,000)	(66,734,114)
Repayments of Long-term Debt	5,686	5,420
Payments For Repurchase Of Common Stock	377,298	0
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(4,446,294)	8,059,466
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(1,828,537)	(900,455)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	9,812,410	10,911,357
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	7,983,873	10,010,902
Cash paid during the period for:
Interest	$ 271,121	$ 304,982

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2022
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." 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 13. 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. 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 three-month periods ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The consolidated balance sheet at December 31, 2021 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, 2021. 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 and derivatives, the value of Orchid Common Stock, 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. 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 7 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. 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 March 31, 2022 and December 31, 2021. March 31, 2022 December 31, 2021 Cash and cash equivalents $ 4,619,873 $ 8,421,410 Restricted cash 3,364,000 1,391,000 Total cash, cash equivalents and restricted cash $ 7,983,873 $ 9,812,410 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 securities 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 Orchid’s common shares 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 as a gain 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. Gains and losses on derivatives, except those that result in cash receipts or payments, are included in operating activities on the statements of cash flows. Cash payments and cash receipts from settlement of derivatives, including current period net cash settlements on interest rate swaps, are classified as an investing activity on the statements of cash flows. 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 12 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 March 31, 2022 and December 31, 2021, 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 7 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 to their respective salvage values 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, 2018 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 Accounting Standards Update (“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	3 Months Ended
ADVISORY SERVICES	Mar. 31, 2022
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 1.50% 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. On April 1, 2022, pursuant to the third amendment to the management agreement entered into on November 16, 2021, the Company began providing certain repurchase agreement trading, clearing and administrative services to Orchid that had been previously provided by AVM, L.P. under an agreement terminated on March 31, 2022. In consideration for such services, Orchid will pay the following fees to the Company: ● A daily fee equal to the outstanding principal balance of repurchase agreement funding in place as of the end of such day multiplied by 1.5 basis points for the amount of aggregate outstanding principal balance less than or equal to $5 billion, and multiplied by 1.0 basis points for any amount of aggregate outstanding principal balance in excess of $5 billion, and ● A fee for the clearing and operational services provided by personnel of the Manager equal to $10,000 per month. 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, 2023 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 three months ended March 31, 2022 and 2021. (in thousands) Three Months Ended March 31, 2022 2021 Management fee $ 2,634 $ 1,621 Allocated overhead 441 404 Total $ 3,075 $ 2,025 At March 31, 2022 and December 31, 2021, the net amount due from Orchid was approximately $ 1.1 million and $ 1.1 million, respectively.

MORTGAGE-BACKED SECURITIES	3 Months Ended
MORTGAGE-BACKED SECURITIES	Mar. 31, 2022
Mortgage Backed Securities [Abstract]
Mortgage-Backed Securities	NOTE 3. MORTGAGE-BACKED SECURITIES The following table presents the Company’s MBS portfolio as of March 31, 2022 and December 31, 2021: (in thousands) March 31, 2022 December 31, 2021 Fixed-rate MBS $ 51,644 $ 58,029 Interest-Only MBS 3,019 2,759 Inverse Interest-Only MBS 16 15 Total $ 54,679 $ 60,803

REPURCHASE AGREEMENTS	3 Months Ended
REPURCHASE AGREEMENTS	Mar. 31, 2022
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 March 31, 2022, the Company had met all margin call requirements. As of March 31, 2022 and December 31, 2021, 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 March 31, 2022 Fair value of securities pledged, including accrued interest receivable $ - $ 39,616 $ 15,262 $ - $ 54,878 Repurchase agreement liabilities associated with these securities $ - $ 39,761 $ 15,054 $ - $ 54,815 Net weighted average borrowing rate - 0.34% 0.35% - 0.34% December 31, 2021 Fair value of securities pledged, including accrued interest receivable $ - $ 60,859 $ 159 $ - $ 61,018 Repurchase agreement liabilities associated with these securities $ - $ 58,793 $ 85 $ - $ 58,878 Net weighted average borrowing rate - 0.14% 0.70% - 0.14% In addition, cash pledged to counterparties for repurchase agreements was approximately $ 3.4 million and $ 1.4 million as of March 31, 2022 and December 31, 2021, 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 March 31, 2022 and December 31, 2021, 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 $ 3.4 million and $ 3.5 million, respectively. As of March 31, 2022 and December 31, 2021, the Company did not have an amount at risk with any individual counterparty greater than 10% of the Company’s equity.

PLEDGED ASSETS	3 Months Ended
PLEDGED ASSETS	Mar. 31, 2022
Financial Instruments Pledged as Collateral [Abstract]
Pledged Assets [Text Block]	NOTE 5. PLEDGED ASSETS Assets Pledged to Counterparties The table below summarizes Bimini’s assets pledged as collateral under its repurchase agreements as of March 31, 2022 and December 31, 2021. ($ in thousands) March 31, 2022 December 31, 2021 PT MBS - at fair value $ 51,644 $ 58,029 Structured MBS - at fair value 3,020 2,759 Accrued interest on pledged securities 214 230 Restricted cash 3,364 1,391 Total $ 58,242 $ 62,409 Assets Pledged from Counterparties The table below summarizes cash pledged to Bimini from counterparties under repurchase agreements as of March 31, 2022 and December 31, 2021. 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 March 31, 2022 December 31, 2021 Cash $ 148 $ 106 Total $ 148 $ 106

OFFSETTING ASSETS AND LIABILITIES	3 Months Ended
OFFSETTING ASSETS AND LIABILITIES	Mar. 31, 2022
Offsetting [Abstract]
Offsetting Assets And Liabilities [Text Block]	NOTE 6. 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 March 31, 2022 and December 31, 2021. (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 March 31, 2022 Repurchase Agreements $ 54,815 $ - $ 54,815 $ (51,451) $ (3,364) $ - $ 54,815 $ - $ 54,815 $ (51,451) $ (3,364) $ - December 31, 2021 Repurchase Agreements $ 58,878 $ - $ 58,878 $ (57,487) $ (1,391) $ - $ 58,878 $ - $ 58,878 $ (57,487) $ (1,391) $ - 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 5 for a discussion of collateral posted for, or received against, repurchase obligations and derivative instruments.

CAPITAL STOCK	3 Months Ended
CAPITAL STOCK	Mar. 31, 2022
Capital Stock [Abstract]
Capital Stock	NOTE 8. 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 three months ended March 31, 2022 and 2021. Stock Repurchase Plans On March 26, 2018, the Board of Directors of the Company (the “Board”) approved a Stock Repurchase Plan (the “2018 Repurchase Plan”). Pursuant to the 2018 Repurchase Plan, the Company could 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. The 2018 Repurchase Plan was terminated on September 16, 2021. On September 16, 2021, the Board authorized a share repurchase plan pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934 (the “2021 Repurchase Plan”). Pursuant to the 2021 Repurchase Plan, the Company may purchase shares of its Class A Common Stock from time to time for an aggregate purchase price not to exceed $ 2.5 million. Share repurchases may be executed through various means, including, without limitation, open market transactions. The 2021 Repurchase Plan does not obligate the Company to purchase any shares, and it expires on September 16, 2023. The authorization for the 2021 Repurchase Plan may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time. During the three months ended March 31, 2022, the Company repurchased a total of 188,280 shares under the 2021 Repurchase Plan at an aggregate cost of approximately $ 0.4 million, including commissions and fees, for a weighted average price of $ 2.00 per share. From the inception of the 2021 Repurchase Plan through March 31, 2022, the Company repurchased a total of 280,567 shares at an aggregate cost of approximately $ 0.6 million, including commissions and fees, for a weighted average price of $ 2.03 per share.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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+ Details

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments And Contingencies	NOTE 9. 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. In November 2021, Citigroup notified the Company of additional indemnity claims totaling $ 0.2 million. The demands are 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 demands vigorously. No provision or accrual has been recorded related to the Citigroup demands. Management is not aware of any other significant reported or unreported contingencies at March 31, 2022.

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 10. INCOME TAXES The total income tax (benefit) provision recorded for the three months ended March 31, 2022 and 2021 was $ (1.2) million and $ 0.5 million, respectively, on consolidated pre-tax book (loss) income of $ (4.7) million and $ 1.8 million in the three months ended March 31, 2022 and 2021, 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.

- 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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+ Details

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share (EPS)	NOTE 11. 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 March 31, 2022 and 2021. 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 March 31, 2022 and 2021. The table below reconciles the numerator and denominator of EPS for the three months ended March 31, 2022 and 2021. (in thousands, except per-share information) 2022 2021 Basic and diluted EPS per Class A common share: (Loss) income attributable to Class A common shares: Basic and diluted $ (3,470) $ 1,286 Weighted average common shares: Class A common shares outstanding at the balance sheet date 10,514 11,609 Effect of weighting 111 - Weighted average shares-basic and diluted 10,625 11,609 (Loss) income per Class A common share: Basic and diluted $ (0.33) $ 0.11 (in thousands, except per-share information) 2022 2021 Basic and diluted EPS per Class B common share: (Loss) income attributable to Class B common shares: Basic and diluted $ (10) $ 4 Weighted average common shares: Class B common shares outstanding at the balance sheet date 32 32 Effect of weighting - - Weighted average shares-basic and diluted 32 32 (Loss) income per Class B common share: Basic and diluted $ (0.33) $ 0.11

FAIR VALUE	3 Months Ended
FAIR VALUE	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value	NOTE 12. 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 three months ended March 31, 2022 and 2021. 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 March 31, 2022 and December 31, 2021. 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 March 31, 2022 and December 31, 2021: (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) March 31, 2022 Mortgage-backed securities $ 54,679 $ - $ 54,679 $ - Orchid Island Capital, Inc. common stock 8,435 8,435 - - December 31, 2021 Mortgage-backed securities $ 60,803 $ - $ 60,803 $ - Orchid Island Capital, Inc. common stock 11,679 11,679 - - During the three months ended March 31, 2022 and 2021, 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.

+ References + Details

SEGMENT INFORMATION	3 Months Ended
SEGMENT INFORMATION	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	NOTE 13. 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 three months ended March 31, 2022 and 2021, were approximately $ 3.1 million and $ 2.0 million, respectively, accounting for approximately 77 % and 64 % 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 three months ended March 31, 2022 and 2021 is as follows: (in thousands) Asset Investment Management Portfolio Corporate Eliminations Total 2022 Advisory services, external customers $ 3,075 $ - $ - $ - $ 3,075 Advisory services, other operating segments (1) 30 - - (30) - Interest and dividend income - 894 - - 894 Interest expense - (31) (256) (2) - (287) Net revenues 3,105 863 (256) (30) 3,682 Other expenses - (6,358) - - (6,358) Operating expenses (4) (1,543) (483) - - (2,026) Intercompany expenses (1) - (30) - 30 - Income (loss) before income taxes $ 1,562 $ (6,008) $ (256) $ - $ (4,702) Asset Investment Management Portfolio Corporate Eliminations Total 2021 Advisory services, external customers $ 2,025 $ - $ - $ - $ 2,025 Advisory services, other operating segments (1) 36 - - (36) - Interest and dividend income - 1,117 - - 1,117 Interest expense - (40) (250) (2) - (290) Net revenues 2,061 1,077 (250) (36) 2,852 Other income - 658 1 (3) - 659 Operating expenses (4) (1,103) (653) - - (1,756) Intercompany expenses (1) - (36) - 36 - Income (loss) before income taxes $ 958 $ 1,046 $ (249) $ - $ 1,755 Assets in each reportable segment as of March 31, 2022 and December 31, 2021 were as follows: (in thousands) Asset Investment Management Portfolio Corporate Total March 31, 2022 $ 2,063 $ 101,412 8,536 $ 112,011 December 31, 2021 1,901 111,022 9,162 122,085

- 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.

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+ Details

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 14. RELATED PARTY TRANSACTIONS Relationships with Orchid At both March 31, 2022 and December 31, 2021, the Company owned 2,595,357 shares of Orchid common stock, representing approximately 1.5 % and 1.5 %, respectively, of Orchid’s outstanding common stock on such dates. The Company received dividends on this common stock investment of approximately $ 0.4 million and $ 0.5 million during the three months ended March 31, 2022 and 2021, 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, is eligible to receive 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)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 31, 2022
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 7 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 three-month periods ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The consolidated balance sheet at December 31, 2021 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, 2021.
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 and derivatives, the value of Orchid Common Stock, 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 13.
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 March 31, 2022 and December 31, 2021. March 31, 2022 December 31, 2021 Cash and cash equivalents $ 4,619,873 $ 8,421,410 Restricted cash 3,364,000 1,391,000 Total cash, cash equivalents and restricted cash $ 7,983,873 $ 9,812,410 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 securities 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 Orchid’s common shares 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	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 as a gain 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. Gains and losses on derivatives, except those that result in cash receipts or payments, are included in operating activities on the statements of cash flows. Cash payments and cash receipts from settlement of derivatives, including current period net cash settlements on interest rate swaps, are classified as an investing activity on the statements of cash flows. 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 12 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 March 31, 2022 and December 31, 2021, 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 7 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 to their respective salvage values 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	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, 2018 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 Accounting Standards Update (“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)	3 Months Ended
CASH AND CASH EQUIVALENTS (Tables)	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of reconciliation of cash, 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 March 31, 2022 and December 31, 2021. March 31, 2022 December 31, 2021 Cash and cash equivalents $ 4,619,873 $ 8,421,410 Restricted cash 3,364,000 1,391,000 Total cash, cash equivalents and restricted cash $ 7,983,873 $ 9,812,410

ADVISORY SERVICES (Tables)	3 Months Ended
ADVISORY SERVICES (Tables)	Mar. 31, 2022
Advisory Services [Abstract]
Schedule of Advisory Fee Income [Table Text Block]	The following table summarizes the advisory services revenue from Orchid for the three months ended March 31, 2022 and 2021. (in thousands) Three Months Ended March 31, 2022 2021 Management fee $ 2,634 $ 1,621 Allocated overhead 441 404 Total $ 3,075 $ 2,025

MORTGAGE-BACKED SECURITIES (Tables)	3 Months Ended
MORTGAGE-BACKED SECURITIES (Tables)	Mar. 31, 2022
Mortgage Backed Securities [Abstract]
Schedule of Mortgage-Backed Securities Reconciliation	The following table presents the Company’s MBS portfolio as of March 31, 2022 and December 31, 2021: (in thousands) March 31, 2022 December 31, 2021 Fixed-rate MBS $ 51,644 $ 58,029 Interest-Only MBS 3,019 2,759 Inverse Interest-Only MBS 16 15 Total $ 54,679 $ 60,803

REPURCHASE AGREEMENTS (Tables)	3 Months Ended
REPURCHASE AGREEMENTS (Tables)	Mar. 31, 2022
Disclosure of Repurchase Agreements [Abstract]
Schedule of repurchase agreements and remaining maturities	As of March 31, 2022 and December 31, 2021, 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 March 31, 2022 Fair value of securities pledged, including accrued interest receivable $ - $ 39,616 $ 15,262 $ - $ 54,878 Repurchase agreement liabilities associated with these securities $ - $ 39,761 $ 15,054 $ - $ 54,815 Net weighted average borrowing rate - 0.34% 0.35% - 0.34% December 31, 2021 Fair value of securities pledged, including accrued interest receivable $ - $ 60,859 $ 159 $ - $ 61,018 Repurchase agreement liabilities associated with these securities $ - $ 58,793 $ 85 $ - $ 58,878 Net weighted average borrowing rate - 0.14% 0.70% - 0.14%

PLEDGED ASSETS (Tables)	3 Months Ended
PLEDGED ASSETS (Tables)	Mar. 31, 2022
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 as of March 31, 2022 and December 31, 2021. ($ in thousands) March 31, 2022 December 31, 2021 PT MBS - at fair value $ 51,644 $ 58,029 Structured MBS - at fair value 3,020 2,759 Accrued interest on pledged securities 214 230 Restricted cash 3,364 1,391 Total $ 58,242 $ 62,409
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 as of March 31, 2022 and December 31, 2021. 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 March 31, 2022 December 31, 2021 Cash $ 148 $ 106 Total $ 148 $ 106

OFFSETTING ASSETS AND LIABILITIES (Tables)	3 Months Ended
OFFSETTING ASSETS AND LIABILITIES (Tables)	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021. (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 March 31, 2022 Repurchase Agreements $ 54,815 $ - $ 54,815 $ (51,451) $ (3,364) $ - $ 54,815 $ - $ 54,815 $ (51,451) $ (3,364) $ - December 31, 2021 Repurchase Agreements $ 58,878 $ - $ 58,878 $ (57,487) $ (1,391) $ - $ 58,878 $ - $ 58,878 $ (57,487) $ (1,391) $ - 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 5 for a discussion of collateral posted for, or received against, repurchase obligations and derivative instruments.

LONG-TERM DEBT (Tables)	3 Months Ended
LONG-TERM DEBT (Tables)	Mar. 31, 2022
Debt Instruments [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	Long-term debt at March 31, 2022 and December 31, 2021 is summarized as follows: (in thousands) March 31, 2022 December 31, 2021 Junior subordinated debt $ 26,804 $ 26,804 Secured note payable 629 635 Total $ 27,433 $ 27,439
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 nine months of 2022 $ 17 2023 24 2024 25 2025 26 2026 28 After 2026 27,313 Total $ 27,433

- 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.

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+ Details

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Mar. 31, 2022
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 three months ended March 31, 2022 and 2021. (in thousands, except per-share information) 2022 2021 Basic and diluted EPS per Class A common share: (Loss) income attributable to Class A common shares: Basic and diluted $ (3,470) $ 1,286 Weighted average common shares: Class A common shares outstanding at the balance sheet date 10,514 11,609 Effect of weighting 111 - Weighted average shares-basic and diluted 10,625 11,609 (Loss) income per Class A common share: Basic and diluted $ (0.33) $ 0.11 (in thousands, except per-share information) 2022 2021 Basic and diluted EPS per Class B common share: (Loss) income attributable to Class B common shares: Basic and diluted $ (10) $ 4 Weighted average common shares: Class B common shares outstanding at the balance sheet date 32 32 Effect of weighting - - Weighted average shares-basic and diluted 32 32 (Loss) income per Class B common share: Basic and diluted $ (0.33) $ 0.11

FAIR VALUE (Tables)	3 Months Ended
FAIR VALUE (Tables)	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021: (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) March 31, 2022 Mortgage-backed securities $ 54,679 $ - $ 54,679 $ - Orchid Island Capital, Inc. common stock 8,435 8,435 - - December 31, 2021 Mortgage-backed securities $ 60,803 $ - $ 60,803 $ - Orchid Island Capital, Inc. common stock 11,679 11,679 - -

SEGMENT INFORMATION (Tables)	3 Months Ended
SEGMENT INFORMATION (Tables)	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule Of Segment Reporting Information By Segment [Text Block]	Segment information for the three months ended March 31, 2022 and 2021 is as follows: (in thousands) Asset Investment Management Portfolio Corporate Eliminations Total 2022 Advisory services, external customers $ 3,075 $ - $ - $ - $ 3,075 Advisory services, other operating segments (1) 30 - - (30) - Interest and dividend income - 894 - - 894 Interest expense - (31) (256) (2) - (287) Net revenues 3,105 863 (256) (30) 3,682 Other expenses - (6,358) - - (6,358) Operating expenses (4) (1,543) (483) - - (2,026) Intercompany expenses (1) - (30) - 30 - Income (loss) before income taxes $ 1,562 $ (6,008) $ (256) $ - $ (4,702) Asset Investment Management Portfolio Corporate Eliminations Total 2021 Advisory services, external customers $ 2,025 $ - $ - $ - $ 2,025 Advisory services, other operating segments (1) 36 - - (36) - Interest and dividend income - 1,117 - - 1,117 Interest expense - (40) (250) (2) - (290) Net revenues 2,061 1,077 (250) (36) 2,852 Other income - 658 1 (3) - 659 Operating expenses (4) (1,103) (653) - - (1,756) Intercompany expenses (1) - (36) - 36 - Income (loss) before income taxes $ 958 $ 1,046 $ (249) $ - $ 1,755 Assets in each reportable segment as of March 31, 2022 and December 31, 2021 were as follows: (in thousands) Asset Investment Management Portfolio Corporate Total March 31, 2022 $ 2,063 $ 101,412 8,536 $ 112,011 December 31, 2021 1,901 111,022 9,162 122,085

SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 4,619,873	$ 8,421,410
Restricted cash	3,364,000	1,391,000
Cash Cash Equivalents And Restricted Cash	$ 7,983,873	$ 9,812,410	$ 10,010,902	$ 10,911,357

ADVISORY SERVICES (Details) - USD ($)	3 Months Ended
ADVISORY SERVICES (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Advisory Services [Line Items]
Advisory services	$ 3,075,362	$ 2,025,409
Due From Affiliate	1,065,608		$ 1,062,155
Orchid Island Capital [Member]
Advisory Services [Line Items]
Advisory services	3,075,000	2,025,000
Orchid Island Capital [Member] \| Management Fees [Member]
Advisory Services [Line Items]
Advisory services	2,634,000	1,621,000
Orchid Island Capital [Member] \| Overhead Allocation [Member]
Advisory Services [Line Items]
Advisory services	$ 441,000	$ 404,000

- 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.

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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

MORTGAGE-BACKED SECURITIES - MBS Portfolio (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	$ 54,679,202	$ 60,803,144
Fixed Rate Mortgages [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	51,644,000	58,029,000
Interest Only Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	3,019,000	2,759,000
Inverse Interest Only [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	$ 16,000	$ 15,000

REPURCHASE AGREEMENTS - Narrative (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Restricted Cash And Cash Equivalents At Carrying Value	$ 3,364,000	$ 1,391,000
Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Restricted Cash And Cash Equivalents At Carrying Value	3,364,000	1,391,000
Aggregate amount at risk will all counterparties	$ 3,400,000	$ 3,500,000

REPURCHASE AGREEMENTS - Maturities (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 54,878,000	$ 61,018,000
Outstanding repurchase obligations	$ 54,814,689	$ 58,877,999
Net weighted average borrowing rate	0.34%	0.14%
Overnight (1 Day or Less) [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]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 39,616,000	$ 60,859,000
Outstanding repurchase obligations	$ 39,761,000	$ 58,793,000
Net weighted average borrowing rate	0.34%	0.14%
Between 31 and 90 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 15,262,000	$ 159,000
Outstanding repurchase obligations	$ 15,054,000	$ 85,000
Net weighted average borrowing rate	0.35%	0.70%
Greater Than 90 days [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%

PLEDGED ASSETS - Assets Pledged to Counterparties (Details) - Repurchase Agreements [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	$ 58,242	$ 62,409
Interest Receivable	214	230
Restricted Cash And Cash Equivalents At Carrying Value	3,364	1,391
Residential Mortgage Backed Securities [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	51,644	58,029
Residential Mortgage Backed Securities [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	$ 3,020	$ 2,759

PLEDGED ASSETS - Assets Pledged from Counterparties (Details) - Repurchase Agreements [Member] - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Financial Instruments Owned and Pledged as Collateral [Line Items]
Cash Pledged By Counterparties	$ 148,000	$ 106,000
Total Assets Pledged By Counterparties	$ 148,000	$ 106,000

OFFSETTING ASSETS AND LIABILITIES - Offsetting of Liabilties (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	$ 54,815	$ 58,878
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	54,815	58,878
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	(51,451)	(57,487)
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(3,364)	(1,391)
Net Amount Of Liabilities	0	0
Repurchase Agreements [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	54,815	58,878
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	54,815	58,878
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	(51,451)	(57,487)
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(3,364)	(1,391)
Net Amount Of Liabilities	$ 0	$ 0

LONG-TERM DEBT- Narrative (Details) - USD ($)	3 Months Ended
LONG-TERM DEBT- Narrative (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 27,433,290	$ 27,438,976
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	4.33%
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	$ 5,000

LONG-TERM DEBT - Outstanding Balances (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 27,433,290	$ 27,438,976
Junior Subordinated Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	26,804,000	26,804,000
Note Payable
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 629,000	$ 635,000

LONG-TERM DEBT - Scheduled Principal Balances (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Scheduled Principal Payments	$ 27,433
Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Scheduled Principal Payments	17
Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Scheduled Principal Payments	24
Debt Instrument, Redemption, Period Three [Member]
Debt Instrument [Line Items]
Scheduled Principal Payments	25
Debt Instrument, Redemption, Period Four [Member]
Debt Instrument [Line Items]
Scheduled Principal Payments	26
Debt Instrument, Redemption, Period Five [Member]
Debt Instrument [Line Items]
Scheduled Principal Payments	28
Debt Instrument, Redemption, Thereafter [Member]
Debt Instrument [Line Items]
Scheduled Principal Payments	$ 27,313

CAPITAL STOCK - Stock Repurchase Plan (Details) - Class A Common Stock [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	7 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Sep. 16, 2021	Mar. 26, 2018
March 2018 Stock Repurchase Plan [Member]
Share Repurchase Program [Line Items]
Authorized Shares				500,000
Aggregate Repurchase Cost	$ 0.4
Shares Acquired	188,280
Average Cost Per Share	$ 2.00
September 2021 Stock Repurchase Plan [Member]
Share Repurchase Program [Line Items]
Aggregate Repurchase Cost		$ 0.6
Shares Acquired		280,567
Average Cost Per Share		$ 2.03
Stock Repurchase Program, Authorized Amount			$ 2.5

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - Threatened Litigation [Member] - Breach Of Representations and Warranties [Member] $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Citigroup Demand For Payment [Member]
Loss Contingencies [Line Items]
Demand For Payment Date	April 22, 2020
Loss Contingency, Damages Sought, Value	$ 33.1
Citigroup Additional Indemnity Claim [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	$ 0.2

INCOME TAXES - Narrative (Details) - USD ($)	3 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ (1,222,476)	$ 464,103
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest	$ (4,702,060)	$ 1,754,533

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- 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
	Mar. 31, 2022	Mar. 31, 2021
Class A Common Stock [Member]
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net Income (Loss) Available to Common Stockholders, Basic	$ (3,470)	$ 1,286
Net Income (Loss) Available to Common Stockholders, Diluted	$ (3,470)	$ 1,286
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Common Shares Outstanding	10,514,000	11,609,000
Effect of Weighting	111,000	0
Weighted Average Shares - Basic and Diluted	10,624,563	11,608,555
Income (Loss) Per Share - Basic	$ (0.33)	$ 0.11
Income (Loss) Pe Share - Diluted	$ (0.33)	$ 0.11
Class B Common Stock [Member]
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net Income (Loss) Available to Common Stockholders, Basic	$ (10)	$ 4
Net Income (Loss) Available to Common Stockholders, Diluted	$ (10)	$ 4
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Common Shares Outstanding	32,000	32,000
Effect of Weighting	0	0
Weighted Average Shares - Basic and Diluted	31,938	31,938
Income (Loss) Per Share - Basic	$ (0.33)	$ 0.11
Income (Loss) Pe Share - Diluted	$ (0.33)	$ 0.11

FAIR VALUE - Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	$ 54,679,202	$ 60,803,144
Orchid Island Capital, Inc. common stock, at fair value	8,434,910	11,679,107
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	8,435,000	11,679,000
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	54,679,000	60,803,000
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
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]
Advisory services, external customers	$ 3,075,362	$ 2,025,409
Advisory Services Other Segments	0	0
Interest and dividend income	894,000	1,117,000
Interest expense	287,000	290,000
Net Segment Revenue	3,682,000	2,852,000
Other Income	(6,358,000)	659,000
Operating Expenses	2,026,000	1,756,000
Intercompany Expenses	0	0
Pre-tax book income	(4,702,060)	1,754,533
Assets	112,010,878		$ 122,084,641
Operating Segments [Member] \| Asset Management Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Advisory services, external customers	3,075,000	2,025,000
Advisory Services Other Segments	30,000	36,000
Interest and dividend income	0	0
Interest expense	0	0
Net Segment Revenue	3,105,000	2,061,000
Other Income	0	0
Operating Expenses	1,543,000	1,103,000
Intercompany Expenses	0	0
Pre-tax book income	1,562,000	958,000
Assets	2,063,000		1,901,000
Operating Segments [Member] \| Investment Portfolio Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Advisory services, external customers	0	0
Advisory Services Other Segments	0	0
Interest and dividend income	894,000	1,117,000
Interest expense	31,000	40,000
Net Segment Revenue	863,000	1,077,000
Other Income	(6,358,000)	658,000
Operating Expenses	483,000	653,000
Intercompany Expenses	30,000	36,000
Pre-tax book income	(6,008,000)	1,046,000
Assets	101,412,000		111,022,000
Corporate, Non-Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Advisory services, external customers	0	0
Advisory Services Other Segments	0	0
Interest and dividend income	0	0
Interest expense	256,000	250,000
Net Segment Revenue	(256,000)	(250,000)
Other Income	0	1,000
Operating Expenses	0	0
Intercompany Expenses	0	0
Pre-tax book income	(256,000)	(249,000)
Assets	8,536,000		$ 9,162,000
Intersegment Eliminations [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Advisory services, external customers	0	0
Advisory Services Other Segments	(30,000)	(36,000)
Interest and dividend income	0	0
Interest expense	0	0
Net Segment Revenue	(30,000)	(36,000)
Other Income	0	0
Operating Expenses	0	0
Intercompany Expenses	(30,000)	(36,000)
Pre-tax book income	$ 0	$ 0

SEGMENT INFORMATION - Revenue From Major Customer (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Entity Wide Revenue Major Customer [Line Items]
Revenues	$ 3,969,031	$ 3,142,122
Orchid Island Capital [Member]
Entity Wide Revenue Major Customer [Line Items]
Revenues	$ 3,100,000	$ 2,000,000.0
Percentgage of Total Sales	77.00%	64.00%

- 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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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Investment Income, Dividend	$ 402,280	$ 506,095
Orchid Island Capital [Member]
Related Party Transaction [Line Items]
Investment Owned Balance Shares	2,595,357		2,595,357
Equity Method Investment Ownership Percentage	1.50%		1.50%
Investment Income, Dividend	$ 400,000	$ 500,000