0001437749-24-014584 | 10-Q | XBRL Viewer | Bimini Capital Management INC

Equity [Text Block]

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, 2024 and 2023.

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 could 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 could be executed through various means, including, without limitation, open market transactions. The 2021 Repurchase Plan expired on September 16, 2023 and did not obligate the Company to purchase any shares. From the commencement of the 2021 Repurchase Plan, through its expiration on September 16, 2023, the Company repurchased a total of 789,024 shares at an aggregate cost of approximately $1.3 million, including commissions and fees, for a weighted average price of $1.60 per share.

On March 7, 2024, the Board authorized a share repurchase plan pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934 (the “2024 Repurchase Plan”). Pursuant to the 2024 Repurchase Plan, the Company can 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 can be executed through various means, including, without limitation, open market transactions. The 2024 Repurchase Plan does not obligate the Company to purchase any shares, and expires on March 7, 2026. The authorization for the 2024 Repurchase Plan can be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time. The Company has not repurchased any shares under the 2024 Repurchase Plan.

The Inflation Reduction Act of 2022 included a provision for an excise tax equal to 1% of the fair market value of any stock repurchased by covered corporations during a taxable year, subject to certain limits and provisions, including a $1 million threshold before the tax becomes applicable. The excise tax is effective beginning in 2023. Since the amount of stock repurchases during the three months ended March 31, 2024 and 2023 were under the $1 million threshold, no accrual for this excise tax has been recorded.

The entire disclosure for equity.

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Note 3 - Mortgage-backed Securities (Details Textual) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Structured Mortgage-backed Securities [Member]
Notional Amount of Nonderivative Instruments	$ 18.3	$ 18.9

Note 14 - Related Party Transactions	3 Months Ended
Mar. 31, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	*NOTE 14.* RELATED PARTY TRANSACTIONS** At both March 31, 2024 and December 31, 2023, the Company owned 569,071 shares of Orchid common stock, representing approximately 1.1% and 1.1%, respectively, of Orchid’s outstanding common stock on such dates. The Company received dividends on this common stock investment of approximately $0.2 million and $0.3 million during the three months ended March 31, 2024 and 2023, 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, Treasurer and member of the Board of Directors 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, who are the Company's independent directors, each own shares of common stock of Orchid.

Note 14 - Related Party Transactions

3 Months Ended

Mar. 31, 2024

NOTE 14. RELATED PARTY TRANSACTIONS

At both March 31, 2024 and December 31, 2023, the Company owned 569,071 shares of Orchid common stock, representing approximately 1.1% and 1.1%, respectively, of Orchid’s outstanding common stock on such dates. The Company received dividends on this common stock investment of approximately $0.2 million and $0.3 million during the three months ended March 31, 2024 and 2023, 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, Treasurer and member of the Board of Directors 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, who are the Company's independent directors, each own shares of common stock of Orchid.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Note 7 - Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Long-Term Debt Instruments [Table Text Block]

(in thousands)
	*March 31, 2024*		*December 31, 2023*
Junior subordinated debt	$	26,804	$	26,804
Secured note payable		584		590
Total	$	27,388	$	27,394

Schedule of Maturities of Long-Term Debt [Table Text Block]

(in thousands)
Last nine months of 2024	$	21
For the years ended:
2025		26
2026		28
2027		29
2028		30
After 2028		27,254
Total	$	27,388

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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Note 4 - Repurchase Agreements - Risks With Individual Counterparties (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Amount at risk	$ 4,800	$ 6,000
Mirae Asset Securities (USA) Inc. [Member]
Amount at risk	$ 1,129	$ 1,564
Percent of Stockholders' Equity at Risk	13.50%	19.20%
Weighted Average Maturity (Year)	79 years	18 years
DV Securities, LLC Repo [Member]
Amount at risk	$ 1,129
Percent of Stockholders' Equity at Risk	13.50%
Weighted Average Maturity (Year)	29 years
Mitsubishi UFJ Securities, Inc [Member]
Amount at risk	$ 924	$ 1,128
Percent of Stockholders' Equity at Risk	11.10%	13.90%
Weighted Average Maturity (Year)	23 years	23 years
South Street Securities, LLC [Member]
Amount at risk	$ 844	$ 922
Percent of Stockholders' Equity at Risk	10.10%	11.30%
Weighted Average Maturity (Year)	51 years	52 years
Citigroup Global Markets Inc [Member]
Amount at risk		$ 1,302
Percent of Stockholders' Equity at Risk		16.00%
Weighted Average Maturity (Year)		26 years

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Series A Preferred Stock [Member]
Preferred stock, authorized (in shares)	100,000	100,000
Preferred Undesignated [Member]
Preferred stock, authorized (in shares)	9,900,000	9,900,000
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	98,000,000	98,000,000
Common stock, issued (in shares)	10,005,457	10,005,457
Common stock, outstanding (in shares)	10,005,457	10,005,457
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	1,000,000	1,000,000
Common stock, issued (in shares)	31,938	31,938
Common stock, outstanding (in shares)	31,938	31,938
Common Class C [Member]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	1,000,000	1,000,000
Common stock, issued (in shares)	31,938	31,938
Common stock, outstanding (in shares)	31,938	31,938

Note 3 - Mortgage-backed Securities (Tables)

3 Months Ended

Mar. 31, 2024

Marketable Securities [Table Text Block]

(in thousands)
	March 31, 2024						December 31, 2023
	Par Value		Cost ⁽¹⁾		Fair Value		Par Value		Cost ⁽¹⁾		Fair Value
Fixed-rate MBS	$	85,355	$	88,144	$	86,232	$	88,807	$	91,701	$	90,181
Structured MBS ⁽²⁾		n/a		1,725		2,431		n/a		1,787		2,550
Total	$	85,355	$	89,869	$	88,663	$	88,807	$	93,488	$	92,731

Note 6 - Offsetting Assets And Liabilities

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023.

(in thousands)
*Offsetting of Liabilities*
					*Net Amount*		*Gross Amount Not Offset*
			*Gross*		*of Liabilities*		*in the*
	*Gross*		*Amount*		*Presented*		*Consolidated Balance Sheet*
	*Amount*		*Offset in the*		*in the*		*Financial*
	of		*Consolidated*		*Consolidated*		*Instruments*			*Cash*
	*Recognized*		*Balance*		*Balance*		*Posted as*			*Posted as*			*Net*
	*Liabilities*		*Sheet*		*Sheet*		*Collateral*			*Collateral*			*Amount*
March 31, 2024
Repurchase Agreements	$	84,599	$	-	$	84,599	$	(83,933	)	$	(666	)	$	-
	$	84,599	$	-	$	84,599	$	(83,933	)	$	(666	)	$	-
December 31, 2023
Repurchase Agreements	$	86,907	$	-	$	86,907	$	(86,907	)	$	-		$	-
	$	86,907	$	-	$	86,907	$	(86,907	)	$	-		$	-

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.

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Segment Reporting, Policy [Policy Text Block]

Segment Reporting

The Company’s operations are classified into two 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, Policy [Policy Text Block]

Consolidation

The accompanying condensed consolidated financial statements include the accounts of Bimini Capital and its subsidiaries, as listed above. All inter-company accounts and transactions have been eliminated.

Basis of Accounting, Policy [Policy Text Block]

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 period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

The consolidated balance sheet at December 31, 2023 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, 2023.

Use of Estimates, Policy [Policy Text Block]

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 significantly 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.

Consolidation, Variable Interest Entity, Policy [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. 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. The maximum exposure to loss for these VIEs is the carrying value of the mortgage-backed securities. Bimini Capital has a common share investment in a trust, Bimini Capital Trust II, ("BCTII"), used in connection with the issuance of Bimini Capital's junior subordinated notes. BCTII is a VIE, as the holders of the equity investment at risk do not have adequate decision making ability over BCTII’s activities. Bimini Capital's investment was financed directly by BCTII as a result of its loan of the proceeds to Bimini Capital, therefore that investment is not an equity investment at risk and is not a variable interest. Since Bimini Capital is not the primary beneficiary of BCTII, the Company has not consolidated the financial statements of BCTII into its consolidated financial statements, and this investment is accounted for on the equity method. See Note 7.

Cash and Cash Equivalents, Policy [Policy Text Block]

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 margin for derivative instruments. The following table presents the Company’s cash, cash equivalents and restricted cash as of March 31, 2024 and December 31, 2023.

	*March 31, 2024*		*December 31, 2023*
Cash and cash equivalents	$	3,284,617	$	3,716,386
Restricted cash		1,386,000		753,900
Total cash, cash equivalents and restricted cash	$	4,670,617	$	4,470,286

The Company maintains cash balances at several banks and excess margin with two exchange clearing members. 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 Text Block]

Advisory Services

Bimini Advisors manages and advises Orchid pursuant to the terms of a management agreement. See Note 2. 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.

Marketable Securities, Policy [Policy Text Block]

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. The Company refers to MBS and CMOs as PT MBS and 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 the Company’s 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. Realized gains and losses on sales of MBS and U.S. Treasury Notes, using the specific identification method, are reported as a separate component of net portfolio income on the statement of operations.

Investment, Policy [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 for each reporting period. 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.

Assets or Liabilities that Relate to Transferor's Continuing Involvement in Securitized or Asset-Backed Financing Assets, Policy [Policy Text Block]

Retained Interests in Securitizations

The Company holds retained interests in the subordinated tranches of securities created in securitization transactions. The carrying value of these retained interests is 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.

Derivatives, Policy [Policy Text Block]

Derivative Financial Instruments

The Company has historically used 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 are interest rate futures contracts, and “to-be-announced” (“TBA”) securities transactions. The Company accounts for TBA securities as derivative instruments. Other types of derivative instruments may be used in the future. Gains and losses associated with derivative transactions are reported in gain (loss) on derivative instruments in the accompanying consolidated statements of operations.

During the three months ended March 31, 2024 and 2023, the Company only held U.S. Treasury Note ("T-Note") and Secured Overnight Financing Rate ("SOFR") futures contracts. The Company recorded gains (losses) of approximately $1.2 million and $(0.3) million on these instruments during the three months ended March 31, 2024 and 2023, respectively.

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. The Company's derivative agreements generally contain provisions that allow for netting or setting off derivative assets and liabilities with the counterparty; however, related assets and liabilities are reported on a gross basis in the Company's consolidated balance sheets. Derivative instruments in a gain position are reported as derivative assets at fair value and derivative instruments in a loss position are reported as derivative liabilities at fair value in the consolidated balance sheets.

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. The Company’s futures contracts are exchange traded contracts that are valued based on exchange pricing with daily margin requirements. The margin requirement varies based on the market value of the open position and the equity retained in the account. Margin posted is treated as settlement of the outstanding value of the futures contract. Any margin excess or deficit outstanding is recorded as a receivable or payable as of the date of the Company’s balance sheets. The Company realizes gains and losses on these contracts upon expiration equal to the difference between the current fair value of the underlying asset and the contractual price of the futures contract.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Financial Instruments

The fair value of financial instruments 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.

Property, Plant and Equipment, Policy [Policy Text Block]

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 our building and its 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 and Resale Agreements Policy [Policy Text Block]

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, Policy [Policy Text Block]

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 Tax, Policy [Policy Text Block]

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, 2020 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 a tax examination, should it occur, 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. Bimini Capital and its includable subsidiaries, and Royal Palm and its includable subsidiaries, file their tax returns as separate tax paying entities.

The Company assesses the likelihood, based on their technical merit, that uncertain tax positions will be sustained during a tax examination based on the facts, circumstances and information available. 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 has recorded no such liabilities. The Company records income tax-related interest and penalties, if applicable, within the income tax provision.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segments.” The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis. Amendments in ASU 2023-07 include: a requirement that a public entity provide all annual disclosures about a reportable segment’s profit or loss in its interim period disclosures, disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), disclosure of amounts for other segment items by reportable segment and a description of its composition, clarification that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit or loss, requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss, and requires that a public entity that has a single reportable segment provide all the disclosures required by ASU 2023-07 as well as all existing disclosures required in Topic 280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of ASU 2023-07 on its future financial statements.

In December 2023, the FASB ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The FASB issued ASU 2023-09 to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its future income tax related disclosures.

Note 12 - Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

(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, 2024
Mortgage-backed securities	$	88,663	$	-	$	88,663	$	-
Orchid Island Capital, Inc. common stock		5,082		5,082		-		-
December 31, 2023
Mortgage-backed securities	$	92,731	$	-	$	92,731	$	-
Orchid Island Capital, Inc. common stock		4,797		4,797		-		-

Note 14 - Related Party Transactions (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Investment Income, Dividend	$ 204,866	$ 273,154
Orchid Island Capital [Member]
Investment Owned, Balance, Shares (in shares)	569,071		569,071
Equity Method Investment, Ownership Percentage	1.10%		1.10%
Investment Income, Dividend	$ 200,000	$ 300,000

Note 4 - Repurchase Agreements

3 Months Ended

Mar. 31, 2024

Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]

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, 2024, the Company had met all margin call requirements.

As of March 31, 2024 and December 31, 2023, 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, 2024
Fair value of securities pledged, including accrued interest receivable	$	-	$	49,413		$	39,558		$	-	$	88,971
Repurchase agreement liabilities associated with these securities	$	-	$	47,127		$	37,472		$	-	$	84,599
Net weighted average borrowing rate		-		5.47	%		5.45	%		-		5.46	%
December 31, 2023
Fair value of securities pledged, including accrued interest receivable	$	-	$	68,477		$	24,584		$	-	$	93,061
Repurchase agreement liabilities associated with these securities	$	-	$	63,637		$	23,270		$	-	$	86,907
Net weighted average borrowing rate		-		5.56	%		5.57	%		-		5.56	%

In addition, cash pledged to counterparties for repurchase agreements was approximately $0.7 million and $0.0 million as of March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023, 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 any cash pledged, including accrued interest on such securities) with all counterparties of approximately $4.8 million and $6.0 million, respectively. Summary information regarding amounts at risk with individual counterparties greater than 10% of equity at March 31, 2024 and December 31, 2023 is presented in the table below.

($ in thousands)
			*% of*			*Weighted*
			*Stockholders'*			*Average*
	*Amount*		*Equity*			*Maturity*
Repurchase Agreement Counterparty	*at Risk*		*at Risk*			*(in Days)*
March 31, 2024
Mirae Asset Securities (USA) Inc.	$	1,129		13.5	%		79
DV Securities, LLC Repo		1,129		13.5	%		29
Mitsubishi UFJ Securities, Inc.		924		11.1	%		23
South Street Securities, LLC		844		10.1	%		51
December 31, 2023
Mirae Asset Securities (USA), Inc.	$	1,564		19.2	%		18
Citigroup Global Markets, Inc.		1,302		16.0	%		26
Mitsubishi UFJ Securities, Inc.		1,128		13.9	%		23
South Street Securities, LLC		922		11.3	%		52

Note 1 - Organization and Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Business Description

Bimini Capital Management, Inc., a Maryland corporation (“Bimini Capital” and collectively with its subsidiaries, the “Company”) was formed in September 2003, and 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.

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."

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 provides certain repurchase agreement trading, clearing and administrative services to Orchid that were previously provided by a third party. Bimini Advisors also manages the MBS portfolio of Royal Palm Capital, LLC.

Segment Reporting

Consolidation

Basis of Presentation

Use of Estimates

Variable Interest Entities (“VIEs”)

Cash and Cash Equivalents and Restricted Cash

	*March 31, 2024*		*December 31, 2023*
Cash and cash equivalents	$	3,284,617	$	3,716,386
Restricted cash		1,386,000		753,900
Total cash, cash equivalents and restricted cash	$	4,670,617	$	4,470,286

Advisory Services

Mortgage-Backed Securities

Orchid Island Capital, Inc. Common Stock

Retained Interests in Securitizations

Derivative Financial Instruments

Financial Instruments

Property and Equipment, net

Repurchase Agreements

Earnings Per Share

Income Taxes

Recent Accounting Pronouncements

Note 1 - Organization and Significant Accounting Policies (Details Textual)	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Number of Operating Segments	2
Number of Reportable Segments	2
Gain (Loss) on Derivative Instruments Held for Trading Purposes, Net	$ 1,171,006	$ (273,875)
Computer Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	3 years
Office Furniture and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	8 years
Office Furniture and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	20 years
Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	30 years
Treasury Note Future [Member]
Gain (Loss) on Derivative Instruments Held for Trading Purposes, Net	$ 1,200,000	$ (300,000)

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
ASSETS:
Total mortgage-backed securities	$ 88,663,324	$ 92,730,852
Cash and cash equivalents	3,284,617	3,716,386
Restricted cash	1,386,000	753,900
Orchid Island Capital, Inc. common stock, at fair value	5,081,803	4,797,269
Accrued interest receivable	469,056	488,660
Property and equipment, net	1,901,700	1,920,823
Deferred tax assets, net	18,650,904	19,047,680
Other assets	1,234,950	1,129,038
Total Assets	121,679,271	125,598,014
LIABILITIES:
Repurchase agreements	84,598,999	86,906,999
Long-term debt	27,388,264	27,394,417
Accrued interest payable	376,651	260,413
Other liabilities	974,508	2,908,444
Total Liabilities	113,338,422	117,470,273
COMMITMENTS AND CONTINGENCIES (Note 9)
STOCKHOLDERS' EQUITY:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 100,000 shares designated Series A Junior Preferred Stock, 9,900,000 shares undesignated; no shares issued and outstanding as of March 31, 2024 and December 31, 2023	0	0
Additional paid-in capital	329,815,150	329,815,150
Accumulated deficit	(321,484,370)	(321,697,478)
Total Stockholders’ Equity	8,340,849	8,127,741
Total Liabilities and Stockholders' Equity	121,679,271	125,598,014
Common Class A [Member]
STOCKHOLDERS' EQUITY:
Common stock	10,005	10,005
Common Class B [Member]
STOCKHOLDERS' EQUITY:
Common stock	32	32
Common Class C [Member]
STOCKHOLDERS' EQUITY:
Common stock	32	32
Related Party [Member]
ASSETS:
Due from affiliates	1,006,917	1,013,406
Asset Pledged as Collateral [Member]
ASSETS:
Total mortgage-backed securities	88,505,606	92,575,292
Restricted cash	1,386,000	754,000
Accrued interest receivable	465,000	486,000
Total Assets	90,357,000	93,815,000
Asset Not Pledged as Collateral [Member]
ASSETS:
Total mortgage-backed securities	$ 157,718	$ 155,560

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Revenues:

Advisory services

$ 2,929,261

$ 3,382,410

Interest income

1,394,099

557,388

Dividend income from Orchid Island Capital, Inc. common stock

204,866

273,154

Total revenues

4,528,226

4,212,952

Interest expense:

Repurchase agreements

(1,208,003)

(508,070)

Long-term debt

(607,675)

(546,135)

Gains (losses) on derivative instruments

2,712,548

3,158,747

Other income (expense):

1,171,006

(273,875)

Other income

Other income, net

926,731

515,192

Expenses:

Compensation and related benefits

1,863,434

1,363,696

Direct advisory services costs

349,144

453,046

Directors' fees and liability insurance

209,139

206,498

Audit, legal and other professional fees

240,920

129,230

Administrative and other expenses

366,758

176,387

Total expenses

3,029,395

2,328,857

Net income before income tax provision

^[1]

609,884

1,345,082

Income tax provision

396,776

339,609

Net income

$ 213,108

$ 1,005,473

Common Class A [Member]

Basic and Diluted Net Income Per Share of:

Basic and Diluted (in dollars per share)

$ 0.02

$ 0.1

Weighted Average Shares Outstanding:

Basic and Diluted (in shares)

10,005,457

10,019,888

Common Class B [Member]

Basic and Diluted Net Income Per Share of:

Basic and Diluted (in dollars per share)

$ 0.02

$ 0.1

Weighted Average Shares Outstanding:

Basic and Diluted (in shares)

31,938

Orchid Island Capital [Member]

Revenues:

Dividend income from Orchid Island Capital, Inc. common stock

$ 200,000

$ 300,000

Other income (expense):

Unrealized (losses) gains on mortgage-backed securities

284,534

130,884

Collateralized Mortgage-Backed Securities [Member]

Other income (expense):

Unrealized (losses) gains on mortgage-backed securities

$ (528,838)

$ 658,119

[1]	Totals in the table above may not foot due to rounding differences.

Note 12 - Fair Value - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Mortgage-backed securities	$ 88,663,324	$ 92,730,852
Fair Value, Recurring [Member]
Mortgage-backed securities	88,663,000	92,731,000
Orchid Island Capital, Inc. common stock	5,082,000	4,797,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Mortgage-backed securities	0	0
Orchid Island Capital, Inc. common stock	5,082,000	4,797,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Mortgage-backed securities	88,663,000	92,731,000
Orchid Island Capital, Inc. common stock	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Mortgage-backed securities	0	0
Orchid Island Capital, Inc. common stock	$ 0	$ 0

Note 13 - Segment Information

3 Months Ended

Mar. 31, 2024

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, 2024 were approximately $2.9 million accounting for approximately 65% of consolidated revenues. Total revenues received under this management agreement for the three months ended March 31, 2023 were approximately $3.4 million accounting for approximately 80% of consolidated revenues.

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, 2024 and 2023 is as follows:

(in thousands)
	*Asset*			*Investment*
	*Management*			*Portfolio*			*Corporate*			*Eliminations*			*Total*
2024
Advisory services, external customers	$	2,929		$	-		$	-		$	-		$	2,929
Advisory services, other operating segments⁽¹⁾		31			-			-			(31	)		-
Interest and dividend income		-			1,598			1			-			1,599
Interest expense⁽²⁾		-			(1,208	)		(607	)		-			(1,815	)
Net revenues		2,960			390			(606	)		(31	)		2,713
Other revenue		-			927			-			-			927
Operating expenses⁽³⁾		(1,799	)		(1,230	)		(1	)		-			(3,030	)
Intercompany expenses⁽¹⁾		-			(31	)		-			31			-
Income (loss) before income taxes⁽⁴⁾	$	1,161		$	56		$	(607	)	$	-		$	610

	*Asset*			*Investment*
	*Management*			*Portfolio*			*Corporate*			*Eliminations*			*Total*
2023
Advisory services, external customers	$	3,382		$	-		$	-		$	-		$	3,382
Advisory services, other operating segments⁽¹⁾		27			-			-			(27	)		-
Interest and dividend income		-			831			-			-			831
Interest expense⁽²⁾		-			(508	)		(546	)		-			(1,054	)
Net revenues		3,409			323			(546	)		(27	)		3,159
Other revenue		-			515			-			-			515
Operating expenses⁽³⁾		(1,837	)		(492	)		-			-			(2,329	)
Intercompany expenses⁽¹⁾		-			(27	)		-			27			-
Income (loss) before income taxes⁽⁴⁾	$	1,572		$	319		$	(546	)	$	-		$	1,345

(1)	Includes fees paid by Royal Palm to Bimini Advisors for advisory services.
(2)	Includes interest on repurchase agreements in the Investment Portfolio column and long-term debt in the Corporate column.
(3)	Operating expenses are allocated based on each segment’s proportional share of total revenues.
(4)	Totals in the table above may not foot due to rounding differences.

Assets in each reportable segment as of March 31, 2024 and December 31, 2023 were as follows:

(in thousands)
	*Asset*		*Investment*
	*Management*		*Portfolio*		*Corporate*		*Total*
March 31, 2024	$	2,001	$	113,272		6,406	$	121,679
December 31, 2023		1,853		117,012		6,733		125,598

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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Note 13 - Segment Information (Details Textual)	3 Months Ended
Note 13 - Segment Information (Details Textual)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Number of Reportable Segments	2
Revenues	$ 4,528,226	$ 4,212,952
Orchid Island Capital [Member]
Revenues	$ 2,900,000	$ 3,400,000
Orchid Island Capital [Member] \| Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Concentration Risk, Percentage	65.00%	80.00%

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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Note 3 - Mortgage-backed Securities

3 Months Ended

Mar. 31, 2024

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 3. MORTGAGE-BACKED SECURITIES

The following table presents the Company’s MBS portfolio as of March 31, 2024 and December 31, 2023:

(in thousands)
	March 31, 2024						December 31, 2023
	Par Value		Cost ⁽¹⁾		Fair Value		Par Value		Cost ⁽¹⁾		Fair Value
Fixed-rate MBS	$	85,355	$	88,144	$	86,232	$	88,807	$	91,701	$	90,181
Structured MBS ⁽²⁾		n/a		1,725		2,431		n/a		1,787		2,550
Total	$	85,355	$	89,869	$	88,663	$	88,807	$	93,488	$	92,731

(1)	The cost information in the table above represents the aggregate current par value, multiplied by the purchase price of each security in the portfolio.
(2)	The notional balance for the structured MBS portfolio was $18.3 million and $18.9 million as of March 31, 2024 and December 31, 2023, respectively.

The Company did not sell any MBS during the three months ended March 31, 2024 and 2023.

Note 6 - Offsetting Assets And Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Offsetting Liabilities [Table Text Block]

(in thousands)
*Offsetting of Liabilities*
					*Net Amount*		*Gross Amount Not Offset*
			*Gross*		*of Liabilities*		*in the*
	*Gross*		*Amount*		*Presented*		*Consolidated Balance Sheet*
	*Amount*		*Offset in the*		*in the*		*Financial*
	of		*Consolidated*		*Consolidated*		*Instruments*			*Cash*
	*Recognized*		*Balance*		*Balance*		*Posted as*			*Posted as*			*Net*
	*Liabilities*		*Sheet*		*Sheet*		*Collateral*			*Collateral*			*Amount*
March 31, 2024
Repurchase Agreements	$	84,599	$	-	$	84,599	$	(83,933	)	$	(666	)	$	-
	$	84,599	$	-	$	84,599	$	(83,933	)	$	(666	)	$	-
December 31, 2023
Repurchase Agreements	$	86,907	$	-	$	86,907	$	(86,907	)	$	-		$	-
	$	86,907	$	-	$	86,907	$	(86,907	)	$	-		$	-

Note 12 - Fair Value

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Text Block]

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 presentation of balance sheet amounts measured at fair value based on inputs the Company uses to derive fair value measurements. These inputs 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.

The Company's MBS, Orchid common stock, retained interests and TBA securities were all recorded at fair value on a recurring basis as of March 31, 2024 and December 31, 2023. 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.

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. 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. Retained interests have a recorded fair value of zero as of March 31, 2024 and December 31, 2023, as the prospect of future cash flows is uncertain based on a Level 3 valuation analysis. Any cash received from the retained interests is reflected as a gain in the consolidated statements of operations.

The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, other assets, due from affiliates, repurchase agreements, accrued interest payable and other liabilities generally approximates their carrying values due to the short-term nature of these financial instruments. The Company estimates the fair value of the cash and cash equivalents and restricted cash using Level 1 inputs, and the accrued interest receivable, other assets, due from affiliates, repurchase agreements, accrued interest payable and other liabilities using Level 2 inputs. The fair value of the Company’s junior subordinated debt approximates its carrying value. The carrying value is a reasonable estimate of fair value since the instrument carries a floating rate that resets frequently. Further information regarding this instrument is presented in Note 7.

The following table presents financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023:

(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, 2024
Mortgage-backed securities	$	88,663	$	-	$	88,663	$	-
Orchid Island Capital, Inc. common stock		5,082		5,082		-		-
December 31, 2023
Mortgage-backed securities	$	92,731	$	-	$	92,731	$	-
Orchid Island Capital, Inc. common stock		4,797		4,797		-		-

During the three months ended March 31, 2024 and 2023, there were no transfers of financial assets or liabilities between Levels 1, 2 or 3.

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.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Fixed Rate Mortgages [Member]

Note 3 - Mortgage-backed Securities - MBS Portfolio (Details) - USD ($)
$ in Thousands

Mar. 31, 2024

Dec. 31, 2023

Par value

$ 85,355

$ 88,807

Cost

88,144

^[1]

91,701

Fair value

86,232

90,181

Structured Mortgage-backed Securities [Member]

Cost

^[2]

1,725

^[1]

1,787

Fair value

^[2]

2,431

2,550

Collateralized Mortgage-Backed Securities [Member]

Par value

85,355

88,807

Cost

89,869

^[1]

93,488

Fair value

$ 88,663

$ 92,731

[1]	The cost information in the table above represents the aggregate current par value, multiplied by the purchase price of each security in the portfolio.
[2]	The notional balance for the structured MBS portfolio was $18.3 million and $18.9 million as of March 31, 2024 and December 31, 2023, respectively.

Note 9 - Commitments and Contingencies (Details Textual) - Threatened Litigation [Member] - Breach Of Representations And Warranties [Member] - USD ($) $ in Thousands		3 Months Ended
	Apr. 22, 2020	Mar. 31, 2024
Loss Contingency Accrual, Provision		$ 0
Citigroup Demand For Payment [Member]
Loss Contingency, Damages Sought, Value	$ 33,300

Note 4 - Repurchase Agreements (Details Textual) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalents, Current	$ 1,386,000	$ 753,900
Repurchase Agreement Counterparty, Amount at Risk	4,800,000	6,000,000
Asset Pledged as Collateral [Member]
Restricted Cash and Cash Equivalents, Current	1,386,000	754,000
Securities Sold under Agreements to Repurchase [Member] \| Asset Pledged as Collateral [Member]
Restricted Cash and Cash Equivalents, Current	$ 666,000	$ 0

Note 13 - Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

(in thousands)
	*Asset*			*Investment*
	*Management*			*Portfolio*			*Corporate*			*Eliminations*			*Total*
2024
Advisory services, external customers	$	2,929		$	-		$	-		$	-		$	2,929
Advisory services, other operating segments⁽¹⁾		31			-			-			(31	)		-
Interest and dividend income		-			1,598			1			-			1,599
Interest expense⁽²⁾		-			(1,208	)		(607	)		-			(1,815	)
Net revenues		2,960			390			(606	)		(31	)		2,713
Other revenue		-			927			-			-			927
Operating expenses⁽³⁾		(1,799	)		(1,230	)		(1	)		-			(3,030	)
Intercompany expenses⁽¹⁾		-			(31	)		-			31			-
Income (loss) before income taxes⁽⁴⁾	$	1,161		$	56		$	(607	)	$	-		$	610

	*Asset*			*Investment*
	*Management*			*Portfolio*			*Corporate*			*Eliminations*			*Total*
2023
Advisory services, external customers	$	3,382		$	-		$	-		$	-		$	3,382
Advisory services, other operating segments⁽¹⁾		27			-			-			(27	)		-
Interest and dividend income		-			831			-			-			831
Interest expense⁽²⁾		-			(508	)		(546	)		-			(1,054	)
Net revenues		3,409			323			(546	)		(27	)		3,159
Other revenue		-			515			-			-			515
Operating expenses⁽³⁾		(1,837	)		(492	)		-			-			(2,329	)
Intercompany expenses⁽¹⁾		-			(27	)		-			27			-
Income (loss) before income taxes⁽⁴⁾	$	1,572		$	319		$	(546	)	$	-		$	1,345

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

(in thousands)
	*Asset*		*Investment*
	*Management*		*Portfolio*		*Corporate*		*Total*
March 31, 2024	$	2,001	$	113,272		6,406	$	121,679
December 31, 2023		1,853		117,012		6,733		125,598

Note 4 - Repurchase Agreements (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Repurchase Agreements [Table Text Block]

($ in thousands)
	*OVERNIGHT*		*BETWEEN 2*			*BETWEEN 31*			*GREATER*
	*(1 DAY OR*		*AND*			*AND*			*THAN*
	*LESS)*		*30 DAYS*			*90 DAYS*			*90 DAYS*		*TOTAL*
March 31, 2024
Fair value of securities pledged, including accrued interest receivable	$	-	$	49,413		$	39,558		$	-	$	88,971
Repurchase agreement liabilities associated with these securities	$	-	$	47,127		$	37,472		$	-	$	84,599
Net weighted average borrowing rate		-		5.47	%		5.45	%		-		5.46	%
December 31, 2023
Fair value of securities pledged, including accrued interest receivable	$	-	$	68,477		$	24,584		$	-	$	93,061
Repurchase agreement liabilities associated with these securities	$	-	$	63,637		$	23,270		$	-	$	86,907
Net weighted average borrowing rate		-		5.56	%		5.57	%		-		5.56	%

Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity [Table Text Block]

($ in thousands)
			*% of*			*Weighted*
			*Stockholders'*			*Average*
	*Amount*		*Equity*			*Maturity*
Repurchase Agreement Counterparty	*at Risk*		*at Risk*			*(in Days)*
March 31, 2024
Mirae Asset Securities (USA) Inc.	$	1,129		13.5	%		79
DV Securities, LLC Repo		1,129		13.5	%		29
Mitsubishi UFJ Securities, Inc.		924		11.1	%		23
South Street Securities, LLC		844		10.1	%		51
December 31, 2023
Mirae Asset Securities (USA), Inc.	$	1,564		19.2	%		18
Citigroup Global Markets, Inc.		1,302		16.0	%		26
Mitsubishi UFJ Securities, Inc.		1,128		13.9	%		23
South Street Securities, LLC		922		11.3	%		52

Note 8 - Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		39 Months Ended
	Mar. 07, 2024	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Sep. 16, 2021	Mar. 26, 2018
The 2018 Repurchase Plan [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares)						500,000
The 2021 Repurchase Plan [Member]
Share Repurchase Program, Authorized, Amount					$ 2.5
Treasury Stock, Shares, Acquired (in shares)				789,024
Treasury Stock, Value, Acquired, Cost Method				$ 1.3
Shares Acquired, Average Cost Per Share (in dollars per share)				$ 1.6
The 2024 Share Repurchase Plan [Member]
Share Repurchase Program, Authorized, Amount	$ 2.5
Treasury Stock, Shares, Acquired (in shares)	0
Common Class A [Member]
Stock Issued During Period, Shares, New Issues (in shares)		0	0
Common Class B [Member]
Stock Issued During Period, Shares, New Issues (in shares)		0	0
Common Class C [Member]
Stock Issued During Period, Shares, New Issues (in shares)		0	0

Note 4 - Repurchase Agreements - Schedule of Repurchase Agreements (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair value of securities pledged, including accrued interest receivable	$ 88,971	$ 93,061
Repurchase agreement liabilities associated with these securities	$ 84,599	$ 86,907
Net weighted average borrowing rate	5.46%	5.56%
Maturity Overnight [Member]
Fair value of securities pledged, including accrued interest receivable	$ 0	$ 0
Repurchase agreement liabilities associated with these securities	$ 0	$ 0
Net weighted average borrowing rate	0.00%	0.00%
Maturity Less than 30 Days [Member]
Fair value of securities pledged, including accrued interest receivable	$ 49,413	$ 68,477
Repurchase agreement liabilities associated with these securities	$ 47,127	$ 63,637
Net weighted average borrowing rate	5.47%	5.56%
Maturity 30 to 90 Days [Member]
Fair value of securities pledged, including accrued interest receivable	$ 39,558	$ 24,584
Repurchase agreement liabilities associated with these securities	$ 37,472	$ 23,270
Net weighted average borrowing rate	5.45%	5.57%
Maturity Greater than 90 Days [Member]
Fair value of securities pledged, including accrued interest receivable	$ 0	$ 0
Repurchase agreement liabilities associated with these securities	$ 0	$ 0
Net weighted average borrowing rate	0.00%	0.00%

Note 9 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Text Block]

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.

In April 2020 and November 2021, the Company received demands for payment from Citigroup, Inc. in the total amount of $33.3 million related to the indemnification provisions of various mortgage loan purchase agreements entered into prior to the date Royal Palm’s mortgage origination operations ceased in 2007. The Company believes the demands are without merit and intends to defend against the demands vigorously if pursued by Citigroup. 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, 2024.

Note 2 - Advisory Services (Details Textual) - Orchid Island Capital [Member]	3 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Monthly Management Fee, Calculation, Multiplier to Percentage of Equity	0.0833
Monthly Management Fee, Percentage of Equity, First 250 Million	1.50%
Monthly Management Fee, Percentage of Equity, Between 250 and 500 Million	1.25%
Monthly Management Fee, Percentage of Equity, Over 500 Million	1.00%
Daily Fee, Rate Multiplied By Repurchase Agreements Balance if Less than Five Billion	0.015%
Daily Fee, Rate Multiplied By Repurchase Agreements Balance if More than Five Billion	0.01%
Clearing and Operational Services Fee Per Month	$ 10,000
Management Agreement, Extension Period (Year)	1 year
Management Agreement, Termination Fee, Multiplied by Average Management Fee	3
Accounts Receivable, after Allowance for Credit Loss	$ 1,000,000	$ 1,000,000

Note 1 - Organization and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Cash and Cash Equivalents [Table Text Block]

	*March 31, 2024*		*December 31, 2023*
Cash and cash equivalents	$	3,284,617	$	3,716,386
Restricted cash		1,386,000		753,900
Total cash, cash equivalents and restricted cash	$	4,670,617	$	4,470,286

Note 5 - Pledged Assets - Schedule of Financial Instruments Owned and Pledged as Collateral (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Investments, fair value	$ 5,081,803	$ 4,797,269
Accrued interest on pledged securities	469,056	488,660
Restricted cash	1,386,000	753,900
Total	121,679,271	125,598,014
Asset Pledged as Collateral [Member]
Accrued interest on pledged securities	465,000	486,000
Restricted cash	1,386,000	754,000
Total	90,357,000	93,815,000
Asset Pledged as Collateral [Member] \| Securities Sold under Agreements to Repurchase [Member]
Accrued interest on pledged securities	465,000	486,000
Restricted cash	666,000	0
Total	89,637,000	93,061,000
Asset Pledged as Collateral [Member] \| Derivative [Member]
Accrued interest on pledged securities	0	0
Restricted cash	720,000	754,000
Total	720,000	754,000
Asset Pledged as Collateral [Member] \| Collateralized Mortgage-Backed Securities [Member] \| Pass Through Certificate [Member]
Investments, fair value	86,232,000	90,180,000
Asset Pledged as Collateral [Member] \| Collateralized Mortgage-Backed Securities [Member] \| Pass Through Certificate [Member] \| Securities Sold under Agreements to Repurchase [Member]
Investments, fair value	86,232,000	90,180,000
Asset Pledged as Collateral [Member] \| Collateralized Mortgage-Backed Securities [Member] \| Pass Through Certificate [Member] \| Derivative [Member]
Investments, fair value	0	0
Asset Pledged as Collateral [Member] \| Collateralized Mortgage-Backed Securities [Member] \| Structured Finance [Member]
Investments, fair value	2,274,000	2,395,000
Asset Pledged as Collateral [Member] \| Collateralized Mortgage-Backed Securities [Member] \| Structured Finance [Member] \| Securities Sold under Agreements to Repurchase [Member]
Investments, fair value	2,274,000	2,395,000
Asset Pledged as Collateral [Member] \| Collateralized Mortgage-Backed Securities [Member] \| Structured Finance [Member] \| Derivative [Member]
Investments, fair value	$ 0	$ 0

Note 2 - Advisory Services - Advisory Service Revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Advisory services	$ 2,929,261	$ 3,382,410
Orchid Island Capital [Member]
Advisory services	2,929,000	3,382,000
Management Service [Member] \| Orchid Island Capital [Member]
Advisory services	2,161,000	2,641,000
Allocated Overhead [Member] \| Orchid Island Capital [Member]
Advisory services	598,000	576,000
Repurchase, Clearing and Administrative Fee [Member] \| Orchid Island Capital [Member]
Advisory services	$ 170,000	$ 165,000

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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Note 2 - Advisory Services

3 Months Ended

Mar. 31, 2024

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.

The Company also provides certain repurchase agreement trading, clearing and administrative services to Orchid. In consideration for such services, Orchid pays 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 point 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. Orchid is required to pay Bimini Advisors by the 15th day of the month following the month the services are performed. The management agreement has been renewed through February 20, 2025 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 applicable renewal term.

The following table summarizes the advisory services revenue from Orchid for the three months ended March 31, 2024 and 2023.

(in thousands)
	*Three Months Ended March 31,*
	*2024*		*2023*
Management fee	$	2,161	$	2,641
Allocated overhead		598		576
Repurchase, clearing and administrative Fee		170		165
Total	$	2,929	$	3,382

At March 31, 2024 and December 31, 2023, the net amount due from Orchid was approximately $1.0 million and $1.0 million, respectively.

Note 11 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Common Class A [Member]
Basic and diluted	$ 212	$ 1,002
Common shares outstanding at the balance sheet date (in shares)	10,005,000	10,020,000
Effect of weighting (in shares)	0	0
Weighted average shares-basic and diluted (in shares)	10,005,457	10,019,888
Basic and diluted (in dollars per share)	$ 0.02	$ 0.1
Common Class B [Member]
Basic and diluted	$ 1	$ 3
Common shares outstanding at the balance sheet date (in shares)	32,000	32,000
Weighted average shares-basic and diluted (in shares)	31,938	31,938
Basic and diluted (in dollars per share)	$ 0.02	$ 0.1

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

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

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Income Tax Expense (Benefit)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 213,108	$ 1,005,473
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	19,123	19,122
Deferred income tax provision	396,776	339,609
Changes in operating assets and liabilities:
Accrued interest receivable	19,604	4,316
Due from affiliates	123,796	(98,544)
Other assets	(223,219)	(144,254)
Accrued interest payable	116,238	7,396
Other liabilities	(1,933,936)	(2,208,730)
NET CASH USED IN OPERATING ACTIVITIES	(1,024,206)	(1,864,615)
CASH FLOWS FROM INVESTING ACTIVITIES:
NET CASH PROVIDED BY INVESTING ACTIVITIES	3,538,690	911,623
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from repurchase agreements	177,010,000	102,283,000
Principal repayments on repurchase agreements	(179,318,000)	(103,009,000)
Principal repayments on long-term debt	(6,153)	(5,965)
NET CASH USED IN FINANCING ACTIVITIES	(2,314,153)	(731,965)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	200,331	(1,684,957)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period	4,470,286	6,773,799
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period	4,670,617	5,088,842
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest expense	1,699,440	1,046,809
Orchid Island Capital [Member]
Adjustments to reconcile net income to net cash used in operating activities:
Unrealized losses (gains) on investments	(284,534)	(130,884)
Collateralized Mortgage-Backed Securities [Member]
Adjustments to reconcile net income to net cash used in operating activities:
Unrealized losses (gains) on investments	528,838	(658,119)
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal repayments	$ 3,538,690	$ 911,623

Note 10 - Income Taxes (Details Textual) - USD ($)

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

$ 396,776

$ 339,609

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

^[1]

$ 609,884

$ 1,345,082

[1]	Totals in the table above may not foot due to rounding differences.

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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Note 2 - Advisory Services (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Advisory Fee Income [Table Text Block]

(in thousands)
	*Three Months Ended March 31,*
	*2024*		*2023*
Management fee	$	2,161	$	2,641
Allocated overhead		598		576
Repurchase, clearing and administrative Fee		170		165
Total	$	2,929	$	3,382

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balances (in shares) at Dec. 31, 2022	10,083,764
Balances at Dec. 31, 2022	$ 10,084	$ 329,828,268	$ (317,714,273)	$ 12,124,079
Net income	$ 0	0	1,005,473	1,005,473
Balances (in shares) at Mar. 31, 2023	10,083,764
Balances at Mar. 31, 2023	$ 10,084	329,828,268	(316,708,800)	13,129,552
Balances (in shares) at Dec. 31, 2023	10,069,333
Balances at Dec. 31, 2023	$ 10,069	329,815,150	(321,697,478)	8,127,741
Net income	$ 0	0	213,108	213,108
Balances (in shares) at Mar. 31, 2024	10,069,333
Balances at Mar. 31, 2024	$ 10,069	$ 329,815,150	$ (321,484,370)	$ 8,340,849

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Note 6 - Offsetting Assets And Liabilities - Offsetting of Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Repurchase Agreements [Member]
Gross amount of liabilities		$ 86,907
Gross amount offset		0
Net amount of balance sheet liabilities		86,907
Securities posted as collateral		(86,907)
Cash posted as collateral		0
Net amount		0
Gross Amount Of Recognized Liabilties [Member]
Gross amount of liabilities	$ 84,599	86,907
Gross Amount Of Recognized Liabilties [Member] \| Repurchase Agreements [Member]
Gross amount of liabilities	84,599
Gross Amount Of Liabilties Offset In The Balance Sheet [Member]
Gross amount offset	0	0
Gross Amount Of Liabilties Offset In The Balance Sheet [Member] \| Repurchase Agreements [Member]
Gross amount offset	0
Net Amount Of Liabilities Presented In The Balance Sheet [Member]
Net amount of balance sheet liabilities	84,599	86,907
Net Amount Of Liabilities Presented In The Balance Sheet [Member] \| Repurchase Agreements [Member]
Net amount of balance sheet liabilities	84,599
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet [Member]
Securities posted as collateral	(83,933)	(86,907)
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet [Member] \| Repurchase Agreements [Member]
Securities posted as collateral	(83,933)
Gross Amounts Of Cash Posted Not Offset In Balance Sheet [Member]
Cash posted as collateral	(666)	0
Gross Amounts Of Cash Posted Not Offset In Balance Sheet [Member] \| Repurchase Agreements [Member]
Cash posted as collateral	(666)
Net Amount Of Liabilities [Member]
Net amount	0	$ 0
Net Amount Of Liabilities [Member] \| Repurchase Agreements [Member]
Net amount	$ 0

Note 5 - Pledged Assets

3 Months Ended

Mar. 31, 2024

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 and derivative agreements as of March 31, 2024 and December 31, 2023.

($ in thousands)
	*March 31, 2024*						*December 31, 2023*
	*Repurchase*		*Derivative*				*Repurchase*		*Derivative*
	*Agreements*		*Agreements*		*Total*		*Agreements*		*Agreements*		*Total*
PT MBS - at fair value	$	86,232	$	-	$	86,232	$	90,180	$	-	$	90,180
Structured MBS - at fair value		2,274		-		2,274		2,395		-		2,395
Accrued interest on pledged securities		465		-		465		486		-		486
Restricted cash		666		720		1,386		-		754		754
Total	$	89,637	$	720	$	90,357	$	93,061	$	754	$	93,815

Note 10 - Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Text Block]

NOTE 10. INCOME TAXES

The total income tax provision recorded for the three months ended March 31, 2024 and 2023 was $0.4 million and $0.3 million, respectively, on consolidated pre-tax book income of $0.6 million and $1.3 million, respectively. The Company is unable to reliably estimate an annual effective tax rate; therefore, it uses the discrete-period computation method for determining its income tax provision. The Company's income tax provision could be affected by numerous factors, including the projected utilization of net operating loss carryovers and changes in its deferred tax assets and liabilities and their valuations. The Company’s tax provisions are based on estimated annual tax rates 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 deferred tax assets generated by 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, and the amount of, the valuation allowance at each reporting date.

The entire disclosure for income tax.

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Note 7 - Long-term Debt - Schedule of Debt (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Long-term debt	$ 27,388,264	$ 27,394,417
Junior Subordinated Debt [Member]
Long-term debt	26,804,000	26,804,000
Notes Payable to Banks [Member]
Long-term debt	$ 584,000	$ 590,000

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Note 7 - Long-term Debt - Future Scheduled Principal Payments on Long-term Debt (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Last nine months of 2024	$ 21,000
2025	26,000
2026	28,000
2027	29,000
2028	30,000
After 2028	27,254,000
Total	$ 27,388,264	$ 27,394,417

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Note 13 - Segment Information - Assets in Each Reportable Segment (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
March 31, 2024	$ 121,679,271	$ 125,598,014
Operating Segments [Member] \| Asset Management [Member]
March 31, 2024	2,001,000	1,853,000
Operating Segments [Member] \| Investment Portfolio [Member]
March 31, 2024	113,272,000	117,012,000
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
March 31, 2024	$ 6,406,000	$ 6,733,000

Amount of asset recognized for present right to economic benefit.

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Reference 28: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 30: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Note 5 - Pledged Assets (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]

($ in thousands)
	*March 31, 2024*						*December 31, 2023*
	*Repurchase*		*Derivative*				*Repurchase*		*Derivative*
	*Agreements*		*Agreements*		*Total*		*Agreements*		*Agreements*		*Total*
PT MBS - at fair value	$	86,232	$	-	$	86,232	$	90,180	$	-	$	90,180
Structured MBS - at fair value		2,274		-		2,274		2,395		-		2,395
Accrued interest on pledged securities		465		-		465		486		-		486
Restricted cash		666		720		1,386		-		754		754
Total	$	89,637	$	720	$	90,357	$	93,061	$	754	$	93,815

Note 12 - Fair Value (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Retained Interest, Fair Value Disclosure	$ 0	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	ITEM 5. OTHER INFORMATION None.
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Note 7 - Long-term Debt (Details Textual) - USD ($)				6 Months Ended
Note 7 - Long-term Debt (Details Textual) - USD ($)	Oct. 31, 2024	Jun. 30, 2023	Oct. 30, 2019	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023
Junior Subordinated Debt Securities [Member] \| Bimini Capital Trust II (“BCTII”) [Member] \| Bimini Capital Trust Junior Subordinated Note [Member]
Long-Term Debt, Gross					$ 26,800,000	$ 26,800,000
Debt Instrument, Interest Rate, Effective Percentage					9.09%
Junior Subordinated Debt Securities [Member] \| Bimini Capital Trust II (“BCTII”) [Member] \| Bimini Capital Trust Junior Subordinated Note [Member] \| London Interbank Offered Rate (LIBOR) 1 [Member]
Debt Instrument, Basis Spread on Variable Rate				3.50%
Junior Subordinated Debt Securities [Member] \| Bimini Capital Trust II (“BCTII”) [Member] \| Bimini Capital Trust Junior Subordinated Note [Member] \| CME Term SOFR [Member]
Debt Instrument, Basis Spread on Variable Rate		0.26161%
Debt Instrument, Coupon Spread on Variable Rate		3.50%
Notes Payable to Banks [Member]
Debt Instrument, Face Amount			$ 680,000
Debt Instrument, Periodic Payment, Total			$ 5,000
Debt Instrument, Interest Rate, Stated Percentage			4.89%
Notes Payable to Banks [Member] \| US Treasury Securities Interest Rate [Member] \| Forecast [Member]
Debt Instrument, Basis Spread on Variable Rate	3.25%
Bimini Capital Trust II (“BCTII”) [Member]
Noncontrolling Interest, Ownership Percentage by Parent					100.00%

Note 11 - Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Text Block]

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, 2024 and 2023.

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, 2024 and 2023.

The table below reconciles the numerator and denominator of EPS for the three months ended March 31, 2024 and 2023.

(in thousands, except per-share information)
	*Three Months Ended March 31,*
	*2024*		*2023*
Basic and diluted EPS per Class A common share:
Income attributable to Class A common shares:
Basic and diluted	$	212	$	1,002
Weighted average common shares:
Class A common shares outstanding at the balance sheet date		10,005		10,020
Effect of weighting		-		-
Weighted average shares-basic and diluted		10,005		10,020
Income per Class A common share:
Basic and diluted	$	0.02	$	0.10

(in thousands, except per-share information)
	*Three Months Ended March 31,*
	*2024*		*2023*
Basic and diluted EPS per Class B common share:
Income attributable to Class B common shares:
Basic and diluted	$	1	$	3
Weighted average common shares:
Class B common shares outstanding at the balance sheet date		32		32
Weighted average shares-basic and diluted		32		32
Income per Class B common share:
Basic and diluted	$	0.02	$	0.10

Note 1 - Organization and Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Cash and cash equivalents	$ 3,284,617	$ 3,716,386
Restricted cash	1,386,000	753,900
Total cash, cash equivalents and restricted cash	$ 4,670,617	$ 4,470,286

Note 7 - Long-term Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Text Block]

NOTE 7. LONG-TERM DEBT

Long-term debt at March 31, 2024 and December 31, 2023 is summarized as follows:

(in thousands)
	*March 31, 2024*		*December 31, 2023*
Junior subordinated debt	$	26,804	$	26,804
Secured note payable		584		590
Total	$	27,388	$	27,394

Junior Subordinated Debt

During 2005, Bimini Capital sponsored the formation of a statutory trust, known as Bimini Capital Trust II (“BCTII”) of which 100% of the common equity is owned by Bimini Capital. It was formed for the purpose of issuing trust preferred capital securities to third-party investors and investing the proceeds from the sale of such capital securities solely in junior subordinated debt securities of Bimini Capital. The debt securities held by BCTII are the sole assets of BCTII.

As of March 31, 2024 and December 31, 2023, the outstanding principal balance on the junior subordinated debt securities owed to BCTII was $26.8 million. Through June 30, 2023, the BCTII trust preferred securities and Bimini Capital's BCTII Junior Subordinated Notes had a rate of interest that floated at a spread of 3.50% over the prevailing three-month LIBOR rate. Starting June 30, 2023, the underlying index converted from three-month LIBOR to CME 3-month Term SOFR plus a tenor spread adjustment of 0.26161%. The interest rate for subsequent accrual periods will be CME Term SOFR on the applicable reset date plus the tenor spread adjustment of 0.26161% plus the coupon spread of 3.50%. The CME Term SOFR index is in effect for all interest rate resets after July 3, 2023. As of March 31, 2024, the interest rate was 9.09%. The BCTII trust preferred securities and Bimini Capital's BCTII Junior Subordinated Notes require quarterly interest distributions and are redeemable at Bimini Capital's option, in whole or in part and without penalty. Bimini Capital's BCTII Junior Subordinated Notes are subordinate and junior in right of payment to all present and future senior indebtedness.

The Company's included consolidated financial statements present Bimini Capital's BCTII Junior Subordinated Notes issued to BCTII as a liability and Bimini Capital's investment in the common equity securities of BCTII as an asset (included in other assets). For financial statement purposes, Bimini Capital records payments of interest on the Junior Subordinated Notes issued to BCTII as interest expense.

Secured Note Payable

On October 30, 2019, the Company borrowed $680,000 from a bank. The note is payable in equal monthly principal and interest installments of approximately $5,000 through October 30, 2039. Interest accrues at 4.89% through October 30, 2024. Thereafter, interest accrues based on the weekly average yield to the United States Treasury securities adjusted to a constant maturity of 5 years, plus 3.25%. The note is secured by a mortgage on the Company’s office building.

The table below presents the future scheduled principal payments on the Company’s long-term debt.

(in thousands)
Last nine months of 2024	$	21
For the years ended:
2025		26
2026		28
2027		29
2028		30
After 2028		27,254
Total	$	27,388

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2024	May 02, 2024
Document Information [Line Items]
Entity Central Index Key	0001275477
Entity Registrant Name	BIMINI CAPITAL MANAGEMENT, INC.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-32171
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	72-1571637
Entity Address, Address Line One	3305 Flamingo Drive
Entity Address, City or Town	Vero Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32963
City Area Code	772
Local Phone Number	231-1400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Class C [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		31,938
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		31,938
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,005,457

Note 13 - Segment Information - Schedule of Segment Information (Details) - USD ($)

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

$ 2,929,261

$ 3,382,410

^[1]

1,599,000

831,000

^[2]

(1,815,000)

(1,054,000)

2,713,000

3,159,000

926,731

515,192

^[3]

(3,030,000)

(2,329,000)

^[1]

Operating Segments [Member] | Asset Management [Member]

^[4]

609,884

1,345,082

2,929,000

3,382,000

^[1]

31,000

27,000

^[2]

2,960,000

3,409,000

^[3]

(1,799,000)

(1,837,000)

^[1]

Operating Segments [Member] | Investment Portfolio [Member]

^[4]

1,161,000

1,572,000

^[1]

1,598,000

831,000

^[2]

(1,208,000)

(508,000)

390,000

323,000

927,000

515,000

^[3]

(1,230,000)

(492,000)

^[1]

(31,000)

(27,000)

Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]

^[4]

56,000

319,000

^[1]

1,000

^[2]

(607,000)

(546,000)

(606,000)

(546,000)

^[3]

(1,000)

^[1]

Intersegment Eliminations [Member]

^[4]

(607,000)

(546,000)

^[1]

(31,000)

(27,000)

^[2]

(31,000)

(27,000)

^[3]

^[1]

31,000

27,000