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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2012	Nov. 02, 2012
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3
Entity Registrant Name	Bimini Capital Management, Inc.
Entity Central Index Key	0001275477
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Well Known Seasoned Issuer	No
Trading Symbol	BMNM
Class A Common Stock [Member]
Entity Common Stock Shares Outstanding		10,329,421
Class B Common Stock [Member]
Entity Common Stock Shares Outstanding		31,938
Class C Common Stock [Member]
Entity Common Stock Shares Outstanding		31,938

Consolidated Balance Sheets - USD ($)	Sep. 30, 2012	Dec. 31, 2011
Mortgage-backed securities, at fair value
Pledged to counterparties	$ 113,387,586	$ 73,064,201
Unpledged	12,351,390	18,078,052
Total mortgage-backed securities	125,738,976	91,142,253
Cash and cash equivalents	7,310,777	4,300,785
Restricted cash	264,969	417,000
Retained interests in securitizations	4,314,687	3,495,471
Accrued interest receivable	664,207	901,385
Property and equipment, net	3,804,647	3,884,056
Prepaid expenses and other assets, net	4,119,857	5,113,346
Total Assets	146,218,120	109,254,296
Liabilities
Repurchase agreements, net	107,121,103	69,528,000
Junior subordinated notes due to Bimini Capital Trust II	26,804,440	26,804,440
Accrued interest payable	86,814	71,829
Accounts payable, accrued expenses and other	6,826,134	7,483,459
Total Liabilities	140,838,491	103,887,728
Stockholders' Equity
Preferred Stock Value	0	0
Additional paid in capital	334,201,928	334,075,197
Accumulated deficit	(328,832,692)	(328,718,780)
Total Stockholders Equity	5,379,629	5,366,568
Total Liabilities and Stockholders Equity	146,218,120	109,254,296
Class A Common Stock [Member]
Stockholders' Equity
Common Stock, Par Value	10,329	10,087
Class B Common Stock [Member]
Stockholders' Equity
Common Stock, Par Value	32	32
Class C Common Stock [Member]
Stockholders' Equity
Common Stock, Par Value	$ 32	$ 32

Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2012	Dec. 31, 2011
Class A Common Stock [Member]
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Designated Shares	98,000,000	98,000,000
Common Shares Issued	10,329,421	10,086,854
Common Shares Outstanding	10,329,421	10,086,854
Class B Common Stock [Member]
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Designated Shares	1,000,000	1,000,000
Common Shares Issued	31,938	31,938
Common Shares Outstanding	31,938	31,938
Class C Common Stock [Member]
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Designated Shares	1,000,000	1,000,000
Common Shares Issued	31,938	31,938
Common Shares Outstanding	31,938	31,938
Preferred Stock [Member]
Preferred Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred Shares Authorized	10,000,000	10,000,000
Designated Class A Redeemable	1,800,000	1,800,000
Designated Class B Redeemable	2,000,000	2,000,000
Preferred Shares Issued	0	0
Preferred Shares Outstanding	0	0

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
Consolidated Statements of Operations - USD ($)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Portfolio Income
Interest income	$ 1,164,675	$ 1,133,540	$ 3,487,913	$ 4,046,746
Interest expense	103,676	52,714	285,315	211,519
Net interest income, before interest on junior subordinated notes	1,060,999	1,080,826	3,202,598	3,835,227
Interest expense on junior subordinated notes	265,707	250,052	791,891	749,682
Net interest income	795,292	830,774	2,410,707	3,085,545
(Losses) gains on mortgage-backed securities	318,817	(1,978,544)	(1,230,829)	(342,624)
Losses on Eurodollar futures	(337,700)	(822,300)	(763,037)	(1,177,712)
Net portfolio income	776,409	(1,970,070)	416,841	1,565,209
Other income:
Gains on retained interests in securitizations	737,567	2,450,587	4,204,994	3,891,631
Other expense	58,800	(15,013)	36,002	(51,895)
Total other income	796,367	2,435,574	4,240,996	3,839,736
Expenses
Compensation and related benefits	391,767	443,041	1,231,139	1,392,853
Directors fees and liability insurance	138,215	150,338	412,109	453,201
Audit, legal and other professional fees	1,408,722	1,432,921	2,116,029	2,710,630
Direct REIT operating expenses	136,406	131,626	408,784	403,252
Other administrative	259,348	220,786	603,688	660,286
Total expenses	2,334,458	2,378,712	4,771,749	5,620,222
Income (loss) before income taxes	(761,682)	(1,913,208)	(113,912)	(215,277)
Income taxes	0	0	0	0
Net income (loss)	$ (761,682)	$ (1,913,208)	$ (113,912)	$ (215,277)
Class A Common Stock [Member]
Basic and Diluted Net income (loss) Per Share of:
Basic	$ (0.07)	$ (0.19)	$ (0.01)	$ (0.02)
Diluted	$ (0.07)	$ (0.19)	$ (0.01)	$ (0.02)
Weighted Average Shares Outstanding
Weighted Average Number Of Basic Shares Outstanding	10,329,421	9,916,755	10,232,169	9,852,956
Weighted Average Number Of Diluted Shares Outstanding	10,329,421	9,916,755	10,232,169	9,852,956
Dividend Declared Per Common Share
Dividends Declared Per Common Share	$ 0	$ 0.0325	$ 0	$ 0.0650
Class B Common Stock [Member]
Basic and Diluted Net income (loss) Per Share of:
Basic	(0.07)	(0.19)	(0.01)	(0.02)
Diluted	$ (0.07)	$ (0.19)	$ (0.01)	$ (0.02)
Weighted Average Shares Outstanding
Weighted Average Number Of Basic Shares Outstanding	31,938	31,938	31,938	31,938
Weighted Average Number Of Diluted Shares Outstanding	31,938	31,938	31,938	31,938
Dividend Declared Per Common Share
Dividends Declared Per Common Share	$ 0	$ 0.0325	$ 0	$ 0.0650

Consolidated Statement of Stockholders' Equity - 9 months ended Sep. 30, 2012 - USD ($)	Total	Class A Common Stock [Member]	Class B Common Stock [Member]	Class C Common Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]
Beginning Balances at Dec. 31, 2011	$ 5,366,568	$ 10,087	$ 32	$ 32	$ 334,075,197	$ (328,718,780)
Increase (Decrease) in Stockholders' Equity
Net income	(113,912)					(113,912)
Cash dividends declared	0				0
Issuance of Class A common shares for board compensation and equity plan exercises	63,544	242			63,302
Class A shares repurchased and retired	0	0			0
Amortization of equity plan compensation	63,429				63,429
Ending Balances at Sep. 30, 2012	$ 5,379,629	$ 10,329	$ 32	$ 32	$ 334,201,928	$ (328,832,692)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A1, A4, A5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
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-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591552-111686

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4569616-111683

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591551-111686

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Topic 810
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-Section 50
-Paragraph 1A
-Subparagraph (a),(c)
-URI http://asc.fasb.org/extlink&oid=6921930&loc=SL4573702-111684

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.

+ References + Details

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2012	Sep. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ (113,912)	$ (215,277)
Adjustments to reconcile net income to net cash used in operating activities:
Stock based compensation and equity plan amortization	126,973	221,047
Depreciation and amortization	89,333	89,590
Losses (gains) on mortgage-backed securities	1,230,829	342,624
Gains on retained interests in securitizations	(4,204,994)	(3,891,631)
Changes in operating assets and liabilities
Accrued interest receivable	237,178	34,025
Prepaid expenses and other assets, net	978,154	1,204,684
Accrued interest payable	14,985	(49,326)
Accounts payable, accrued expenses and other	(657,325)	(935,891)
NET CASH USED IN OPERATING ACTIVITIES	(2,298,779)	(3,200,155)
From mortgage-backed securities investments
Purchases	(177,679,884)	(46,317,169)
Sales	127,708,846	73,326,473
Principal repayments	14,158,821	19,582,841
Payments received on retained interests in securitizations	3,385,778	2,876,916
Decrease in restricted cash	152,031	1,801,317
Purchases of property and equipment	(9,924)	(108,528)
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES	(32,284,332)	51,161,850
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase agreements	662,456,590	317,815,006
Principal payments on repurchase agreements	(624,863,487)	(364,010,848)
Dividends paid in cash	0	(669,077)
Stock repurchases	0	(596)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	37,593,103	(46,865,515)
NET INCREASE IN CASH AND CASH EQUIVALENTS	3,009,992	1,096,180
CASH AND CASH EQUIVALENTS, beginning of the period	4,300,785	2,830,584
CASH AND CASH EQUIVALENTS, end of the period	7,310,777	3,926,764
Cash paid during the period for:
Interest	$ 1,062,221	1,010,527
Income Taxes		$ 17,706

Organization and Significant Accounting Policies

9 Months Ended

Sep. 30, 2012

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Significant Accounting Policies

BIMINI CAPITAL MANAGEMENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

September 30, 2012

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization and Business Description

Bimini Capital Management, Inc., a Maryland corporation (“Bimini Capital”), was formed in September 2003 for the purpose of creating and managing a leveraged investment portfolio consisting of residential mortgage-backed securities (“MBS”). Bimini Capital has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, Bimini Capital is generally not subject to federal income tax on its REIT taxable income provided that it distributes to its stockholders at least 90% of its REIT taxable income on an annual basis. In addition, a REIT must meet other provisions of the Code to retain its special tax status. Bimini Capital's website is located at http://www.biminicapital.com.

On November 3, 2005, Bimini Capital acquired Opteum Financial Services, LLC (“OFS”), and at closing, OFS became a wholly-owned taxable REIT subsidiary (or “TRS”) of Bimini Capital. OFS was renamed Orchid Island TRS, LLC (“OITRS”) effective July 3, 2007 and then renamed MortCo TRS, LLC (“MortCo”) effective March 8, 2011. Hereinafter, any historical mention, discussion or references to Opteum Financial Services, LLC, Orchid Island TRS, LLC, OFS or to OITRS (such as in previously filed documents or Exhibits) now means MortCo TRS, LLC or “MortCo.”

As used in this document, discussions related to “Bimini Capital,” the parent company, the registrant, and to REIT qualifying activities or the general management of Bimini Capital's portfolio of MBS refer to Bimini Capital Management, Inc. and its wholly-owned qualified REIT subsidiary, Orchid Island Capital, Inc. (“Orchid”). Discussions related to Bimini Capital's taxable REIT subsidiaries or non-REIT eligible assets refer to Bimini Advisors, Inc. (“Bimini Advisors”) and MortCo and its consolidated subsidiaries. Discussions relating to “the Company” refer to the consolidated entity.

Liquidity

Material losses incurred by the Company in 2006 and 2007 attributable to the former mortgage origination operations of MortCo have significantly reduced Bimini Capital's equity capital base and the size of its MBS portfolio when compared to pre-2006 levels. Ongoing litigation costs stemming from both the former operations of MortCo and Bimini Capital itself have caused the Company's overhead to be high in relation to its portfolio size. The smaller capital base makes it difficult to generate sufficient net interest income to cover expenses.

In response, beginning in 2007, the Company has taken significant steps to reduce the leverage in its balance sheet, reduce its debt service costs, reduce expenses, settle various litigation matters, and alter its investment strategy for holding MBS securities. In addition, the Company has continued to evaluate capital raising opportunities for Orchid, its wholly-owned subsidiary. Attracting external capital to Orchid would allow the Company to receive fees for managing the Orchid portfolio, decrease the Company's expenses by allocating certain overhead costs to Orchid, and share in distributions, if any, paid by Orchid to its shareholders.

At September 30, 2012, Bimini Capital had cash and cash equivalents of $7.3 million, an equity capital base of $5.4 million and an MBS portfolio of $125.7 million. The Company generated cash flows of $17.9 million from principal and interest payments on its MBS portfolio and $3.4 million from retained interests in securitizations during the nine months ended September 30, 2012. However, if cash resources are, at any time, insufficient to satisfy the Company's liquidity requirements, such as when cash flow from operations are materially negative, the Company may be required to pledge additional assets to meet margin calls, liquidate assets, sell additional debt or equity securities or pursue other financing alternatives.

Basis of Presentation

The accompanying consolidated financial statements are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, all adjustments considered necessary for a fair presentation of the Company's consolidated financial position, results of operations and cash flows have been included and are of a normal and recurring nature.

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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying financial statements include the fair values of MBS, Eurodollar futures contracts, retained interests and asset valuation allowances.

Consolidation

The accompanying consolidated financial statements include the accounts of Bimini Capital and its wholly-owned subsidiaries, Orchid, Bimini Advisors and MortCo, as well as the wholly-owned subsidiaries of MortCo. All inter-company accounts and transactions have been eliminated from the consolidated financial statements.

As further described in Note 6, Bimini Capital has a common share investment in a trust used in connection with the issuance of Bimini Capital's junior subordinated notes. Pursuant to the applicable accounting guidance for variable interest entities, Bimini Capital's common share investment in the trust has not been consolidated in the financial statements of Bimini Capital, and accordingly, this investment has been accounted for on the equity method.

Statement of Comprehensive Income (Loss)

In accordance with FASB ASC Topic 220, Comprehensive Income, a statement of comprehensive income has not been included as the Company has no items of other comprehensive income. Comprehensive loss is the same as net loss for all periods presented.

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. Restricted cash represents cash held on deposit as collateral with the repurchase agreement counterparties, which may be used to make principal and interest payments on the related repurchase agreements, and cash held by a broker as margin on Eurodollar futures contracts.

Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has never experienced any losses related to these balances. All noninterest-bearing cash balances were fully insured at September 30, 2012 due to a temporary federal program in effect from December 31, 2010 through December 31, 2012. Under the program, there is no limit to the amount of insurance for eligible accounts. Beginning in 2013, insurance coverage will revert to $250,000 per depositor at each financial institution, and our noninterest-bearing cash balances may again exceed federally insured limits. Interest-bearing amounts on deposit that would have been in excess of the $250,000 federally insured limit at September 30, 2012 approximated $2.6 million.

Mortgage-Backed Securities

The Company invests primarily in mortgage pass-through (“PT”) certificates, collateralized mortgage obligations, interest only (“IO”) securities and inverse interest only (“IIO”) securities representing interest in or obligations backed by pools of mortgage loans (collectively, MBS). MBS transactions are recorded on the trade date. The Company has elected to account for its investment in MBS under the fair value option. These investments meet the requirements to be classified as available for sale under ASC 320-10-25, Debt and Equity Securities, which requires the securities to be carried at fair value on the Consolidated Balance Sheet with changes in fair value charged to Other Comprehensive Income, a component of Stockholders' Equity. Electing the fair value option allows the Company to record changes in fair value in the Statement of Operations, which, in management's view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed.

The fair value of the Company's investment in MBS is governed by FASB ASC Topic 820, Fair Value Measurement. The definition of fair value in FASB ASC Topic 820 focuses on 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 the average of third-party broker quotes received and/or independent pricing sources 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. For interest only securities, the income is accrued based on the carrying value and the effective yield. Cash received is first applied to accrued interest and then to reduce the carrying value. At each reporting date, the effective yield is adjusted prospectively from the reporting period 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.

Retained Interests

From 2005 to 2007, MortCo participated in securitization transactions as part of its mortgage origination business. Retained interests in the subordinated tranches of securities created in securitization transactions were initially recorded at their fair value when issued by MortCo. Subsequent adjustments to fair value are reflected in earnings. Quoted market prices for these assets are generally not available, so the Company estimates fair value based on the present value of expected future cash flows using management's best estimates of key assumptions, which include expected credit losses, prepayment speeds, weighted-average life, and discount rates commensurate with the inherent risks of the asset.

Derivative Financial Instruments

The Company has entered into derivative financial 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 Company has elected to not treat any of its derivative financial instruments as hedges. FASB ASC Topic 815, Derivatives and Hedging, requires that all derivative investments be carried at fair value. Changes in fair value are recorded in earnings for each period.

Financial Instruments

FASB ASC Topic 825, Financial Instruments, requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value, either in the body of the financial statements or in the accompanying notes. MBS, Eurodollar futures contracts, mortgage loans held for sale and retained interests in securitization transactions are accounted for at fair value in the consolidated balance sheets. The methods and assumptions used to estimate fair value for these instruments are presented in Note 12 of the financial statements.

The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, repurchase agreements, accrued interest payable and accounts payable and other liabilities generally approximates their carrying value as of September 30, 2012 and December 31, 2011, due to the short-term nature of these financial instruments.

It is impractical to estimate the fair value of the Company's junior subordinated notes. Currently, there is a limited market for these types of instruments and the Company is unable to ascertain what interest rates would be available to the Company for similar financial instruments. Information regarding carrying amount, effective interest rate and maturity date for these instruments is presented in Note 6 to the financial statements.

Property and Equipment, net

Property and equipment, net, consists of computer equipment with a depreciable life of 3 years, office furniture and equipment with depreciable lives of 8 to 20 years, land which has no depreciable life, and buildings and improvements with depreciable lives of 30 years. Property and equipment is recorded at acquisition cost and depreciated using the straight-line method over the estimated useful lives of the assets.

Bimini Capital's property and equipment as of September 30, 2012 and December 31, 2011, is presented net of accumulated depreciation of approximately $901,000 and $811,000, respectively. Depreciation expense was approximately $89,000 and $30,000 for the nine and three months ended September 30, 2012, respectively, and $90,000 and $29,000 for the nine and three months ended September 30, 2011, respectively.

Repurchase Agreements

The Company finances the acquisition of its PT MBS through the use of repurchase agreements. Repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, including accrued interest, as specified in the respective agreements. Although structured as a sale and repurchase obligation, a repurchase agreement operates as a financing under which securities are pledged as collateral to secure a short-term loan equal in value to a specified percentage (generally between 93 and 95 percent) of the market value of the pledged collateral. While used as collateral, the borrower retains beneficial ownership of the pledged collateral, including the right to distributions. At the maturity of a repurchase agreement, the borrower is required to repay the loan and concurrently receive the pledged collateral from the lender or, with the consent of the lender, renew such agreement at the then prevailing financing rate. Margin calls, whereby a lender requires that the Company pledge additional securities or cash as collateral to secure borrowings under its repurchase agreements with such a lender, are routinely experienced by the Company when the value of the MBS pledged as collateral declines or as a result of principal amortization or due to changes in market interest rates, spreads or other market conditions.

The Company's repurchase agreements typically have terms ranging from one month to six months at inception, with some having longer terms. Should a counterparty decide not to renew a repurchase agreement at maturity, the Company must either refinance with another lender or be in a position to satisfy the obligation. If, during the term of a repurchase agreement, a lender should file 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 accrued interest and cash posted as collateral. At September 30, 2012, the Company had outstanding balances under repurchase agreements with six lenders with a maximum amount at risk (the difference between the amount loaned to the Company, including interest payable, and the fair value of the collateral pledged by the Company, including accrued interest) of $6.5 million.

Share-Based Compensation

The Company follows the provisions of FASB ASC Topic 718, Compensation – Stock Compensation, to account for stock and stock-based awards. For stock and stock-based awards issued to employees, a compensation charge is recorded against earnings over the vesting period based on the fair value of the award. Payments pursuant to dividend equivalent rights, which are granted along with certain equity based awards, are charged to stockholders' equity when declared. The Company applies a zero forfeiture rate for its equity based awards, as such awards have been granted to a limited number of employees and historical forfeitures have been minimal. A significant forfeiture, or an indication that significant forfeitures may occur, would result in a revised forfeiture rate which would be accounted for prospectively as a change in an estimate. For transactions with non-employees in which services are performed in exchange for the Company's common stock or other equity instruments, the transactions are recorded on the basis of the fair value of the service received or the fair value of the equity instruments issued, whichever is more readily measurable at the date of issuance.

Earnings Per Share

The Company follows the provisions of FASB ASC Topic 260, Earnings Per Share, which requires companies with complex capital structures, common stock equivalents or two (or more) classes of securities that participate in the declared dividends to present both basic and diluted earnings per share (“EPS”) on the face of the consolidated statement of operations. 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 “if converted” method 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 on each share of Class A Common Stock if, as and when authorized and declared by the Board of Directors. Accordingly, shares of the Class B Common Stock are included in the computation of basic EPS using the two-class method and, consequently, are presented separately from Class A Common Stock.

The shares of Class C Common Stock are not included in the basic EPS computation as these shares do not have participation rights. The outstanding shares of Class B and Class C Common Stock are not included in the computation of diluted EPS for the Class A Common Stock as the conditions for conversion into shares of Class A Common Stock were not met.

Income Taxes

Bimini Capital, including its wholly-owned qualified REIT subsidiary, has elected to be taxed as a REIT under the Code. Bimini Capital will generally not be subject to federal income tax on its REIT taxable income to the extent that Bimini Capital distributes its REIT taxable income to its stockholders and satisfies the ongoing REIT requirements, including meeting certain asset, income and stock ownership tests. A REIT must generally distribute at least 90% of its REIT taxable income to its stockholders, of which 85% generally must be distributed within the taxable year, in order to avoid the imposition of an excise tax. The remaining balance may be distributed up to the end of the following taxable year, provided the REIT elects to treat such amount as a prior year distribution and meets certain other requirements. At September 30, 2012, management believes that the Company has complied with Code requirements and Bimini Capital and its qualified REIT subsidiary continue to qualify as a REIT. As further described in Note 10, Income Taxes, Bimini Advisors and MortCo are taxpaying entities for income tax purposes and are taxed separately from the REIT.

The Company's U.S. federal income tax returns for years ending on or after December 31, 2008 remain open for examination. Although management believes its calculations for tax returns are correct and the positions taken thereon are reasonable, the final outcome of tax audits could be materially different from the tax returns filed by the Company, and those differences could result in significant costs or benefits to the Company.

Recent Accounting Pronouncements

In July 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2012-02 Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment (“ASU 2012-02”). ASU 2012-02 permits an entity to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired before performing quantitative impairment testing. The more-likely-than-not threshold is defined as having a likelihood of greater than 50%. ASU 2012-02 is effective for fiscal years beginning after September 15, 2012, with early adoption permitted. The Company does not expect that this ASU will have any impact on its consolidated financial statements.

In December 2011, the FASB issued ASU 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05, deferring and superseding certain portions of ASU 2011-05 that relate to the presentation of reclassification adjustments to allow the FASB time to redeliberate whether to present on the face of the financial statements the effects of reclassification adjustments out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented. The provisions of this amendment are effective for annual and interim periods beginning after December 15, 2011. The adoption of this ASU had no effect on the Company's consolidated financial statements.

In December 2011, the FASB issued ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, requiring improved information about financial instruments and derivative instruments that are either (1) offset in accordance with ASC 210-20-45 or ASC 815-10-45 or (2) subject to an enforceable master netting arrangement. This information will enable users of an entity's financial statements to evaluate the effect or potential effect of netting arrangements on an entity's financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments in the scope of this ASU. The Company is required to apply the amendments for annual periods beginning on or after January 1, 2013, and interim periods within those annual periods. The disclosures required will be provided retrospectively for all comparative periods presented. We anticipate that the adoption of this ASU will have no effect on the Company's consolidated financial statements.

In June 2011, the FASB issued ASU 2011-05, Presentation of Comprehensive Income, amending the authoritative guidance to allow an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity, but does not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The provisions of this amendment require retrospective application, and are effective for annual and interim periods beginning after December 15, 2011. The adoption of this ASU had no effect on the Company's consolidated financial statements.

In May 2011, the FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, further converging U.S. GAAP and International Financial Reporting Standards (IFRS). The ASU changes the wording used to describe many of the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements to ensure consistency between GAAP and IFRSs as well as expand the disclosures for Level 3 measurements. The ASU is to be applied prospectively, and is effective for annual and interim periods beginning after December 15, 2011. The adoption of this ASU had no effect on the Company's consolidated financial statements.

In April 2011, the FASB issued ASU 2011-03, Reconsideration of Effective Control for Repurchase Agreements, which changes the assessment of whether repurchase agreement transactions should be accounted for as sales or secured financings. In a typical repurchase agreement transaction, an entity transfers financial assets to the counterparty in exchange for cash with an agreement for the counterparty to return the same or equivalent financial assets for a fixed price in the future. Prior to this ASU, one of the factors in determining whether sale treatment could be used was whether the transferor maintained effective control of the transferred assets and in order to do so, the transferor must have the ability to repurchase such assets. Based on this ASU, the FASB concluded that the assessment of effective control should focus on a transferor's contractual rights and obligations with respect to transferred financial assets, rather than whether the transferor has the practical ability to perform in accordance with those rights or obligations. Therefore, this ASU removes the transferor's ability to perform criterion from consideration of effective control. This ASU is effective for the first interim or annual period beginning on or after December 15, 2011. Since the Company records repurchase agreements as secured borrowings and not sales, the adoption of this ASU had no effect on the Company's consolidated financial statements.

- Definition

The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

+ References + Details

Mortgage Backed Securities

9 Months Ended

Sep. 30, 2012

Mortgage Backed Securities [Abstract]

Mortgage-Backed Securities

NOTE 2. MORTGAGE-BACKED SECURITIES

The following table presents the Company's MBS portfolio as of September 30, 2012 and December 31, 2011:

(in thousands)
		September 30, 2012		December 31, 2011
Pass-Through Certificates:
	Hybrid Adjustable-rate Mortgages	$	49,026	$	25,466
	Adjustable-rate Mortgages		21,603		12,181
	Fixed-rate Mortgages		42,759		35,417
	Total Pass-Through Certificates		113,388		73,064
Structured MBS Certificates:
	Interest Only Securities		3,844		7,074
	Inverse Interest Only Securities		8,507		11,004
	Total Structured Securities		12,351		18,078
Totals		$	125,739	$	91,142

The following table summarizes the Company's MBS portfolio as of September 30, 2012 and December 31, 2011, according to their contractual maturities. Actual maturities of MBS investments are generally shorter than stated contractual maturities and are affected by the contractual lives of the underlying mortgages, periodic payments of principal, and prepayments of principal.

(in thousands)
	September 30, 2012		December 31, 2011
Less than one year	$	-	$	102
Greater than one year and less than five years		168		263
Greater than five years and less than ten years		11,252		8,507
Greater than or equal to ten years		114,319		82,270
Totals	$	125,739	$	91,142

Retained Interests In Securitizations

9 Months Ended

Sep. 30, 2012

Retained Interests In Securitizations [Abstract]

Retained Interests In Securitizations

NOTE 3. RETAINED INTERESTS IN SECURITIZATIONS

The following table summarizes the estimated fair value of the Company's retained interests in asset backed securities as of September 30, 2012 and December 31, 2011:

(in thousands)
Series	Issue Date	September 30, 2012		December 31, 2011
HMAC 2004-1	March 4, 2004	$	153	$	218
HMAC 2004-2	May 10, 2004		1,186		878
HMAC 2004-3	June 30, 2004		755		865
HMAC 2004-4	August 16, 2004		900		532
HMAC 2004-5	September 28, 2004		1,321		1,002
Total		$	4,315	$	3,495

Repurchase Agreements

9 Months Ended

Sep. 30, 2012

Disclosure of Repurchase Agreements [Abstract]

Repurchase Agreements

NOTE 4. REPURCHASE AGREEMENTS

As of September 30, 2012, Bimini Capital had outstanding repurchase agreement obligations of approximately $107.1 million with a net weighted average borrowing rate of 0.43%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $113.6 million. As of December 31, 2011, Bimini Capital had outstanding repurchase agreement obligations of approximately $69.5 million with a net weighted average borrowing rate of 0.43%. These agreements were collateralized by MBS with a fair value of approximately $73.3 million.

As of September 30, 2012 and December 31, 2011, Bimini Capital'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
September 30, 2012
Fair value of securities pledged, including accrued
	interest receivable	$	-	$	113,649	$	-	$	-	$	113,649
Repurchase agreement liabilities associated with
	these securities	$	-	$	107,121	$	-	$	-	$	107,121
Net weighted average borrowing rate			-		0.43%		-		-		0.43%
December 31, 2011
Fair value of securities pledged, including accrued
	interest receivable	$	-	$	73,305	$	-	$	-	$	73,305
Repurchase agreement liabilities associated with
	these securities	$	-	$	69,528	$	-	$	-	$	69,528
Net weighted average borrowing rate			-		0.43%		-		-		0.43%

Summary information regarding the Company's amounts at risk with individual counterparties greater than 10% of the Company's equity at September 30, 2012 and December 31, 2011 is as follows:

(in thousands)
			Amount	Weighted Average Maturity of Repurchase
Repurchase Agreement Counterparties			at Risk(1)	Agreements in Days
September 30, 2012
	Citigroup Global Markets, Inc.	$	1,699	23
	CRT Capital Group LLC		1,491	18
	South Street Securities, LLC		1,026	20
	SunTrust Robinson Humphrey, Inc.		1,167	17
	KGS - Alpha Capital Markets, L.P.		651	17
December 31, 2011
	Nomura Securities International, Inc.	$	3,474	27

Equal to the fair value of securities sold, cash posted as collateral and accrued interest receivable, minus the sum of repurchase agreement liabilities and accrued interest payable.

On October 31, 2011, MF Global Holding Ltd. (“MF”) filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. As of September 30, 2011, a subsidiary of MF, MF Global, Inc. was the Company's largest repurchase agreement funding provider and the Company had approximately $2.3 million at risk under such agreements. As of December 31, 2011 and September 30, 2012, the Company had no outstanding funding arrangements in place with MF under repurchase agreements. All repurchase agreements in place at September 30, 2011, have been terminated and all pledged assets have been returned. As of November 2, 2012, one reverse-repurchase agreement with MF has yet to be fully unwound and the Company has not received funds which are owed by MF to the Company in the amount of approximately $343,000. During 2011, the Company established a reserve of $300,000 against this balance, which still exists at September 30, 2012. The Company believes it is entitled to these funds; however, given the fact that MF is in bankruptcy, it is not known if or when the funds will be received.

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2012

Derivative Financial Instruments [Abstract]

Derivative Financial Instruments

NOTE 5. DERIVATIVE FINANCIAL INSTRUMENTS

As part of its overall risk management strategy, the Company economically hedges a portion of its interest rate risk by entering into derivative financial instrument contracts. The Company does not elect hedging treatment under GAAP, and as such all gains and losses on these instruments are reflected in earnings for all periods presented.

As of September 30, 2012 and December 31, 2011, such instruments are comprised entirely of Eurodollar futures contracts. Eurodollar futures are cash settled futures contracts on an interest rate, with gains and losses credited or charged to the Company's account on a daily basis. A minimum balance, or “margin”, is required to be maintained in the account on a daily basis. The Company is exposed to the changes in value of the futures by the amount of margin held by the broker. The total amount of margin at September 30, 2012 and December 31, 2011 was approximately $265,000 and $285,000, respectively, and is reflected in restricted cash.

The Company's Eurodollar futures contracts with a notional amount ranging between $21.0 million and $26.0 million are used to attempt to achieve a fixed interest rate related to its junior subordinated notes. The junior subordinated notes had a 7.86% fixed-rate of interest until December 15, 2010, and thereafter, through maturity in 2035, the rate will float at a spread of 3.50% over the prevailing three-month LIBOR rate. The Eurodollar futures contracts serve to effectively lock in a fixed LIBOR rate for a specified period of time. As of September 30, 2012, the Company has effectively locked in a weighted-average fixed LIBOR rate of 0.55% on $26.0 million of its junior subordinated notes through March 14, 2016. The effective interest rate for the junior subordinated notes is 4.05%. For the nine and three months ended September 30, 2012 the Company recorded losses of $532,000 and $238,000, respectively, on Eurodollar futures contracts held as part of its junior subordinated notes hedging strategy, compared to losses of $746,000 and $471,000 for the nine and three months ended September 30, 2011, respectively.

The Company also used Eurodollar futures contracts with a notional amount ranging between $30.0 million and $50.0 million to attempt to achieve a fixed interest rate related to a portion of its repurchase agreement obligations. As of September 30, 2012, the Company has effectively locked in a weighted-average fixed LIBOR rate of 0.34% on a portion of its repurchase agreement obligations through December 16, 2013. For the nine and three months ended September 30, 2012 the Company recorded losses of $231,000 and $100,000, respectively, on Eurodollar futures contracts held as part of its repurchase agreement hedging strategy, compared to losses of $432,000 and $351,000 for the nine and three months ended September 30, 2011, respectively.

Trust Preferred Securities

9 Months Ended

Sep. 30, 2012

Trust Preferred Securities [Abstract]

Trust Preferred Securities

NOTE 6. TRUST PREFERRED SECURITIES

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 September 30, 2012 and December 31, 2011, the outstanding principal balance on the junior subordinated debt securities owed to BCTII was $26.8 million. The BCTII trust preferred securities and Bimini Capital's BCTII Junior Subordinated Notes have a rate of interest that floats at a spread of 3.50% over the prevailing three-month LIBOR rate. As of September 30, 2012, the interest rate was 3.89%. 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, beginning December 15, 2010. Bimini Capital's BCTII Junior Subordinated Notes are subordinate and junior in right of payment of all present and future senior indebtedness.

The trust is a variable interest entity pursuant to FASB ASC Topic 810 because the holders of the equity investment at risk do not have adequate decision making ability over the trust's activities. Since Bimini Capital's investment in the trust's common equity securities was financed directly by the applicable trust as a result of its loan of the proceeds to Bimini Capital, that investment is not considered to be an equity investment at risk. Since Bimini Capital's common share investments in BCTII are not a variable interest, Bimini Capital is not the primary beneficiary of BCTII. Therefore, Bimini Capital has not consolidated the financial statements of BCTII into its financial statements.

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

Capital Stock

9 Months Ended

Sep. 30, 2012

Capital Stock [Abstract]

Capital Stock

NOTE 7. CAPITAL STOCK

Issuances of Common Stock

The table below presents information related to the Company's Class A Common Stock issued to its independent directors for the payment of director fees and to employees pursuant to the terms of its stock incentive plan grants for the nine and three months ended September 30, 2012 and 2011.

	Nine Months Ended September 30,		Three Months Ended September 30,
Shares Issued Related To:	2012	2011	2012	2011
Directors' compensation	242,567	188,128	-	72,052
Vesting incentive plan shares	-	13,000	-	-
Total shares of Class A Common Stock issued	242,567	201,128	-	72,052

There were no issuances of the Company's Class B Common Stock and Class C Common Stock during the nine and three months ended September 30, 2012 and 2011.

Stock Incentive Plans

9 Months Ended

Sep. 30, 2012

Employee Benefits And Share Based Compensation [Abstract]

Stock incentive Plans

NOTE 8. STOCK INCENTIVE PLANS

On December 18, 2003, Bimini Capital adopted the 2003 Long Term Incentive Compensation Plan (the “2003 Plan”) to provide the Company with the flexibility to use stock options and other awards as part of an overall compensation package to provide a means of performance-based compensation to attract and retain qualified personnel. The 2003 Plan was amended and restated in March 2004. Key employees, directors and consultants are eligible to be granted stock options, restricted stock, phantom shares, dividend equivalent rights and other stock-based awards under the 2003 Plan. Subject to adjustment upon certain corporate transactions or events, a maximum of 1,448,050 shares of the Class A Common Stock (but not more than 10% of the Class A Common Stock outstanding on the date of grant) may be subject to stock options, shares of restricted stock, phantom shares and dividend equivalent rights under the 2003 Plan.

On August 12, 2011, the Company's shareholders approved the 2011 Long Term Compensation Plan (the “2011 Plan”) to assist the Company in recruiting and retaining employees, directors and other service providers by enabling them to participate in the success of the Company and to associate their interest with those of the Company and its stockholders. The plan is intended to permit the grant of stock options, stock appreciation rights (“SARs”), stock awards, performance units and other equity-based and incentive awards. The maximum aggregate number of shares of Common Stock that may be issued under the 2011 Plan pursuant to the exercise of options and SARs, the grant of stock awards or other equity-based awards and the settlement of incentive awards and performance units is equal to 4,000,000 shares. As of September 30, 2012, no awards have been made under the 2011 Plan.

Phantom share awards represent a right to receive a share of Bimini's Class A Common Stock. These awards do not have an exercise price and are valued at the fair value of Bimini Capital's Class A Common Stock at the date of the grant. The grant date value is amortized to compensation expense on a straight-line basis over the vesting period of the respective award. The phantom shares vest, based on the employees' continuing employment, following a schedule as provided in the individual grant agreements, for periods through March 15, 2015. Compensation expense recognized for phantom shares was approximately $63,000 and $21,000 for the nine and three months ended September 30, 2012, respectively, and $70,000 and $22,000 for the nine and three months ended September 30, 2011, respectively. Dividends paid on unsettled awards are charged to stockholders' equity when declared.

A summary of phantom share activity during the nine months ended September 30, 2012 and 2011 is presented below:

	Nine Months Ended September 30,
	2012			2011
			Weighted-			Weighted-
			Average			Average
			Grant-Date			Grant-Date
	Shares		Fair Value	Shares		Fair Value
Nonvested, at January 1	367,844	$	1.11	401,000	$	1.12
Vested	-		-	(13,000)		0.97
Cancellations	-		-	(20,156)		(1.37)
Nonvested, at September 30	367,844	$	1.11	367,844	$	1.11

As of September 30, 2012, there was approximately $178,000 of unrecognized compensation cost related to nonvested phantom share awards. This cost is expected to be recognized over a remaining weighted-average period of 26.9 months. The intrinsic value of the outstanding phantom shares as of September 30, 2012 and December 31, 2011 is $70,000 and $136,000, respectively. All outstanding unvested awards at September 30, 2012 were granted with dividend participation rights.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2012

Commitments And Contingencies Disclosure [Abstract]

Commitments And Contingencies

NOTE 9. COMMITMENTS AND CONTINGENCIES

Outstanding Litigation

The Company is involved in various lawsuits and claims, both actual and potential, including some that it has asserted against others, in which monetary and other damages are sought. These lawsuits and claims relate primarily to contractual disputes arising out of the ordinary course of the Company's business. The outcome of such lawsuits and claims is inherently unpredictable. However, management believes that, in the aggregate, the outcome of all lawsuits and claims involving the Company will not have a material effect on the Company's consolidated financial position or liquidity; however, any such outcome may be material to the results of operations of any particular period in which costs, if any, are recognized.

A complaint by a note-holder in Preferred Term Securities XX (“PreTSL XX”) was filed on July 16, 2010 in the Supreme Court of the State of New York, New York County, against Bimini Capital Management, Inc. (“Bimini”), the Bank of New York Mellon (“BNYM”), PreTSL XX, Ltd. and Hexagon Securities, LLC (“Hexagon”). The complaint, filed by Hildene Capital Management, LLC and Hildene Opportunities Fund, Ltd. (“Hildene”), alleges that Hildene suffered losses as a result of Bimini's repurchase of all outstanding fixed/floating rate capital securities of Bimini Capital Trust II for less than par value from PreTSL XX in October 2009. Hildene has alleged claims against BNYM for breach of the Indenture, breach of fiduciary duties and breach of covenant of good faith and fair dealing, and claims against Bimini for tortious interference with contract, aiding and abetting breach of fiduciary duty, unjust enrichment and “rescission/illegality”. Plaintiff also alleges derivative claims brought in the name of Nominal Defendant BNYM. (On May 2, 2011, Hexagon and Nominal Defendant PreTSL XX were voluntarily dismissed without prejudice by Hildene.) On May 23, 2011, Bimini and BNYM moved to dismiss Hildene's derivative claims, and Bimini also moved to dismiss Hildene's claim for “rescission/illegality.” On October 19, 2011, PreTSL XX moved to intervene as an additional plaintiff in the action, and Bimini and BNYM have opposed that motion.

On August 23, 2012, the court issued a Decision and Order granting PreTSL XX, Ltd.'s motion to intervene. Bimini and BNYM filed appeals in the Appellate Division, First Department in October 2012. It is expected that the joint appeal will be calendared for the Appellate Division's January 2013 term. Bimini and BNYM have requested that all proceedings in the trial court be stayed pending resolution of their joint appeal. That request is currently under consideration by the trial court, and all proceedings have been stayed in the interim. Bimini denies that the repurchase was improper and intends to continue to defend the suit vigorously.

On March 2, 2011, MortCo and Opteum Mortgage Acceptance Corporation (“Opteum Acceptance”) (referred to together herein as “MortCo”) received a letter dated March 1, 2011 from Massachusetts Mutual Life Insurance Company (“Mass Mutual”) enclosing a draft complaint against MortCo. In summary, Mass Mutual alleges that it purchased residential mortgage-backed securities offered by MortCo in August 2005 and the first quarter of 2006 and that MortCo made false representations and warranties in connection with the sale of the securities in violation of Mass Gen. Laws Ch. 110A § 410(a)(2) (the “Massachusetts Blue Sky Law”). In its letter, Mass Mutual claims it is entitled to damages in excess of $25 million. However, no monetary demand is contained in the draft complaint and the actual damages Mass Mutual claims to have incurred is uncertain.

Mass Mutual has not filed the complaint or initiated litigation. On March 14, 2011 Mass Mutual and MortCo entered into a Tolling Agreement through June 1, 2011 so that Mass Mutual could address its allegations against MortCo without incurring litigation costs. Mass Mutual has not yet contacted MortCo to schedule such discussions. The parties extended the Tolling Agreement through June 1, 2013.

MortCo denies it made false representations and warranties in connection with the sale of securities to Mass Mutual. Mass Mutual has taken no action to prosecute its claim against MortCo, and the range of loss or potential loss, if any, cannot reasonably be estimated. Should Mass Mutual initiate litigation, MortCo will defend such litigation vigorously.

Loans Sold to Investors.

Generally, MortCo was not exposed to significant credit risk on its loans sold to investors. In the normal course of business, MortCo provided certain representations and warranties during the sale of mortgage loans which obligated it to repurchase loans which are subsequently unable to be sold through the normal investor channels. The repurchased loans were secured by the related real estate properties, and can usually be sold directly to other permanent investors. There can be no assurance, however, that MortCo will be able to recover the repurchased loan value either through other investor channels or through the assumption of the secured real estate.

MortCo has recognized a liability, which is included in “Accounts payable, accrued expenses and other” in the accompanying consolidated balance sheets, for the estimated fair value of this obligation. Changes in this liability for the nine months ended September 30, 2012 and 2011 are presented in the table below:

(in thousands)
	Nine Months Ended September 30,
		2012		2011
Balance - Beginning of period	$	5,087	$	5,087
Settlements		(175)		-
Balance - End of period	$	4,912	$	5,087

Consulting Agreement

During 2011, the Company, through Bimini Advisors, entered into an agreement with a consultant pursuant to which the consultant will continue to advise the Company with respect to financing alternatives, banking relationships and external asset management arrangements in connection with the formation, capitalization and operation of Orchid. Bimini Advisors paid the consultant a $60,000 retainer in 2011. In addition, if Orchid raised at least $50 million in equity investments by June 30, 2012, Bimini Advisors would have been obligated to pay the consultant 50% of any asset management fees that Bimini Advisors received from Orchid during the twelve months following the date on which Orchid has received the equity investments. If Orchid raised at least $50 million in equity investments by June 30, 2012, then the minimum amount that would have been payable to the consultant under the management fee sharing arrangement would be $487,500 and the maximum would be $1.2 million. Orchid did not raise capital by June 30, 2012, and except for the $60,000 retainer, the fees described above were not paid.

On February 6, 2012, the consulting agreement was amended. Under the terms of the amended agreement, Bimini Advisors agreed to pay the consultant an additional $60,000 retainer fee. The additional fee was paid in six equal installments of $10,000 through June of 2012. The amended agreement also provides that the obligation to pay the consultant 50% of any asset management fees that Bimini Advisors receives from Orchid following the date on which Orchid has received equity investments of at least $50 million has been extended from June 30, 2012 to December 31, 2012. There is no longer an explicit minimum amount payable under the management fee sharing arrangement, but the maximum fee amount of $1.2 million was retained.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Income Taxes

9 Months Ended

Sep. 30, 2012

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 10. INCOME TAXES

REIT Activities

As a REIT, the Company is not subject to federal income tax on REIT taxable income distributed to its shareholders. REIT taxable income or loss, as generated by Bimini Capital's qualifying REIT activities, is computed in accordance with the Internal Revenue Code, which is different from the Company's financial statement net income or loss as computed in accordance with GAAP. Depending on the number and size of the various items or transactions being accounted for differently, the differences between the Company's REIT taxable income or loss and its financial statement net income or loss can be substantial and each item can affect several years

As of December 31, 2011, Bimini Capital had approximately $52.1 million of remaining capital loss carryforwards available to offset future capital gains and a REIT tax net operating loss carryforward of approximately $10.7 million that is immediately available to offset future REIT taxable income. The capital loss carryforwards will expire at the end of calendar year 2012 if not utilized to offset capital gains. The REIT tax net operating loss carryforwards will expire in years beginning in 2028 through 2031.

Taxable REIT Subsidiaries

As taxable REIT subsidiaries (“TRS”), Bimini Advisors and MortCo are tax paying entities for income tax purposes and are taxed separately from Bimini Capital and from each other. Therefore, Bimini Advisors and MortCo each separately report an income tax provision or benefit based on their own taxable activities. For the nine and three months ended September 30, 2012 and 2011, MortCo had no taxable income primarily due to the utilization of NOL carryforwards; Bimini Advisors has losses from its inception for income tax purposes.

The TRS income tax provisions for the nine and three months ended September 30, 2012 and 2011 differ from the amount determined by applying the statutory Federal rate of 35% to the pre-tax income or loss due primarily to the recording of, and adjustments to, the deferred tax asset valuation allowance. During the nine and three months ended September 30, 2012 and 2011, a portion of the deferred tax asset valuation allowance was reversed, as the utilization of this portion of the deferred tax asset was deemed more likely than not, due to the utilization of NOLs to offset estimated taxable income. Therefore, there are no income tax provisions for any period related to the results of operations.

As of September 30, 2012, MortCo has estimated federal NOL carryforwards of approximately $268.4 million, and estimated available Florida NOLs of approximately $40.9 million, both of which begin to expire in 2025, and are fully available to offset future federal and Florida taxable income, respectively. All other MortCo state NOLs have been abandoned. Similar items for Bimini Advisors are insignificant.

The net deferred tax assets and offsetting valuation allowances for MortCo at September 30, 2012 are both approximately $98.9 million. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income within MortCo. At September 30, 2012 and December 31, 2011, management believed that it was more likely than not that the Company will not realize the full benefits of all of the federal and Florida tax NOL carryforwards, which are the primary deferred tax assets of MortCo; therefore, an allowance for the full amount of the deferred tax assets has been recorded in both periods. Management considers the projected future taxable income or losses, and tax planning strategies in making this assessment.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

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. Following the provisions of FASB ASC 260, 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 September 30, 2012 and 2011.

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 September 30, 2012 and 2011.

The Company has dividend eligible stock incentive plan shares that were outstanding during the nine and three months ended September 30, 2012 and 2011. The basic and diluted per share computations include these unvested incentive plan shares if there is income available to Class A Common Stock, as they have dividend participation rights. The stock incentive plan shares have no contractual obligation to share in losses. Since there is no such obligation, the incentive plan shares are not included in the basic and diluted EPS computations when no income is available to Class A Common Stock even though they are considered participating securities.

The table below reconciles the numerators and denominators of the basic and diluted EPS.

(in thousands, except per-share information)
		Nine Months Ended September 30,				Three Months Ended September 30,
			2012		2011		2012		2011
Basic and diluted EPS per Class A common share:
Loss available to Class A common shares:
	Basic and diluted	$	(114)	$	(214)	$	(759)	$	(1,907)
Weighted average common shares:
	Class A common shares outstanding at the balance sheet date		10,329		9,977		10,329		9,977
	Effect of weighting		(97)		(124)		-		(60)
Weighted average shares-basic and diluted			10,232		9,853		10,329		9,917
Loss per Class A common share:
	Basic and diluted	$	(0.01)	$	(0.02)	$	(0.07)	$	(0.19)

(in thousands, except per-share information)
		Nine Months Ended September 30,				Three Months Ended September 30,
			2012		2011		2012		2011
Basic and diluted EPS per Class B common share:
Loss available to Class B common shares:
	Basic and diluted	$	-	$	(1)	$	(2)	$	(6)
Weighted average common shares:
	Class B common shares outstanding at the balance sheet date		32		32		32		32
	Effect of weighting		-		-		-		-
Weighted average shares-basic and diluted			32		32		32		32
Loss per Class B common share:
	Basic and diluted	$	(0.01)	$	(0.02)	$	(0.07)	$	(0.19)

Fair Value

9 Months Ended

Sep. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value

NOTE 12. FAIR VALUE

Authoritative accounting literature establishes a framework for using fair value to measure assets and liabilities and defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) as opposed to the price that would be paid to acquire the asset or received to assume the liability (an entry price). A fair value measure should reflect the assumptions that market participants would use in pricing the asset or liability, including the assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of non-performance. Required disclosures include stratification of balance sheet amounts measured at fair value based on inputs the Company uses to derive fair value measurements. These stratifications are:

Level 1 valuations, where the valuation is based on quoted market prices for identical assets or liabilities traded in active markets (which include exchanges and over-the-counter markets with sufficient volume),
Level 2 valuations, where the valuation is based on quoted market prices for similar instruments traded in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market, and
Level 3 valuations, where the valuation is generated from model-based techniques that use significant assumptions not observable in the market, but observable based on Company-specific data. These unobservable assumptions reflect the Company's own estimates for assumptions that market participants would use in pricing the asset or liability. Valuation techniques typically include option pricing models, discounted cash flow models and similar techniques, but may also include the use of market prices of assets or liabilities that are not directly comparable to the subject asset or liability.

Our MBS are valued using Level 2 valuations, and such valuations currently are determined by the Company based on the average of third-party broker quotes and/or by independent pricing sources when available. Because the price estimates may vary, the Company must make certain judgments and assumptions about the appropriate price to use to calculate the fair values. Alternatively, the Company could opt to have the value of all of our positions in MBS determined by either an independent third-party or do so internally.

Mortgage-backed securities, retained interests, Eurodollar futures contracts and mortgage loans held for sale were recorded at fair value on a recurring basis during 2012 and 2011. When determining fair value measurements, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset. When possible, the Company looks to active and observable markets to price identical assets. When identical assets are not traded in active markets, the Company looks to market observable data for similar assets. Fair value measurements for the retained interests are generated by a model that requires management to make a significant number of assumptions.

The following table presents financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2012 and December 31, 2011:

(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)
September 30, 2012
Mortgage-backed securities	$	125,739	$	-	$	125,739	$	-
Eurodollar futures contracts		265		265		-		-
Retained interests		4,315		-		-		4,315
December 31, 2011
Mortgage-backed securities	$	91,142	$	-	$	91,142	$	-
Eurodollar futures contracts		285		285		-		-
Mortgage loans held for sale		40		-		-		40
Retained interests		3,495		-		-		3,495

The following table illustrates a rollforward for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2012 and 2011:

(in thousands)
		2012				2011
		Retained Interests		Mortgage Loans Held For Sale		Retained Interests		Mortgage Loans Held For Sale
Balances, January 1	$	3,495	$	40	$	3,928	$	40
Gain (loss) included in earnings		4,205		(17)		3,892		-
Collections		(3,385)		(23)		(2,878)		-
Balances, September 30	$	4,315	$	-	$	4,942	$	40

During the nine months ended September 30, 2012 and 2011, there were no transfers of financial assets or liabilities between levels 1, 2 or 3.

Our retained interests are valued based on a discounted cash flow approach. These values are sensitive to changes in unobservable inputs, including: estimated prepayment speeds, default rates and loss severity, weighted-average life, and discount rates. Significant increases or decreases in any of these inputs may result in significantly different fair value measurements.

The following table summarizes the significant quantitative information about our level 3 fair value measurements as of September 30, 2012.

Retained interest fair value (in thousands)			$	4,315
Prepayment Assumption		CPR Range (Weighted Average)
Constant Prepayment Rate		10% (10%)
Default Assumptions	Probability of Default	Severity Range (Weighted Average)		Range Of Loss Timing
Real Estate Owned	100%	34.7% - 52.12% (27.8%)		Next 10 Months
Loans in Foreclosure	100%	34.7% - 52.12% (27.8%)		Month 4 - 13
Loans 90 Day Delinquent	100%	45%		Month 13 - 30
Loans 60 Day Delinquent	85%	45%		Month 13 - 30
Loans 30 Day Delinquent	75%	45%		Month 13 - 30
Current Loans	2.5% - 4.1%	45%		Month 31 and Beyond
Cash Flow Recognition	Valuation Technique	Remaining Life Range (Weighted Average)		Discount Rate Range (Weighted Average)
Nominal Cashflows	Discounted Cash flow	5.3 - 14.8 years (11.9)		27.5% (27.5%)
Discounted Cashflows	Discounted Cash flow	0.9 - 8.7 years (2.0)		27.5% (27.5%)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
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-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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+ Details

Related Party Transactions

9 Months Ended

Sep. 30, 2012

Related Party Transactions

NOTE 13. RELATED PARTY TRANSACTIONS

Frank E. Jaumot is a shareholder in an accounting firm from which the Company receives accounting and tax services. Mr. Jaumot is both a director and a shareholder of Bimini Capital. Professional fees incurred with this firm were $102,000 and $95,000 for the nine months ended September 30, 2012 and 2011, respectively.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 04
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-Name Statement of Financial Accounting Standard (FAS)
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+ Details

Subsequent Events

9 Months Ended

Sep. 30, 2012

Subsequent Events [Abstract]

Subsequent Events

NOTE 14. SUBSEQUENT EVENTS

On October 22, 2012, Orchid filed a Form S-11 Registration Statement (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”) in connection with a proposed initial public offering (the “Offering”) of its common stock (the “Shares”). The number of shares of common stock and the price range of the offering have not yet been determined. The net proceeds of the Offering are expected to be used to purchase pass-through Agency residential mortgage-backed securities and structured Agency residential mortgage-backed securities. Orchid intends to elect to be taxed as a real estate investment trust for federal income tax purposes.

The Company, through Bimini Advisors, Inc., its taxable REIT subsidiary (the “Manager”), expects to provide management services to Orchid pursuant to the terms of a Management Agreement that is expected to be entered into by Orchid and the Manager upon completion of the Offering (the “Management Agreement”). The terms of the Management Agreement have not yet been finalized.

The Registration Statement has been filed by Orchid with the SEC but has not yet become effective. There can be no assurance that the Offering will be completed, or if completed, the terms thereof. The securities of Orchid may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. The offering of the Shares will be made only by means of a prospectus when made available by the underwriters of the Offering to potential investors.

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2012
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, all adjustments considered necessary for a fair presentation of the Company's consolidated financial position, results of operations and cash flows have been included and are of a normal and recurring nature.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying financial statements include the fair values of MBS, Eurodollar futures contracts, retained interests and asset valuation allowances.
Consolidation	Consolidation The accompanying consolidated financial statements include the accounts of Bimini Capital and its wholly-owned subsidiaries, Orchid, Bimini Advisors and MortCo, as well as the wholly-owned subsidiaries of MortCo. All inter-company accounts and transactions have been eliminated from the consolidated financial statements. As further described in Note 6, Bimini Capital has a common share investment in a trust used in connection with the issuance of Bimini Capital's junior subordinated notes. Pursuant to the applicable accounting guidance for variable interest entities, Bimini Capital's common share investment in the trust has not been consolidated in the financial statements of Bimini Capital, and accordingly, this investment has been accounted for on the equity method.
Statement of Comprehensive Income	Statement of Comprehensive Income (Loss) In accordance with FASB ASC Topic 220, Comprehensive Income, a statement of comprehensive income has not been included as the Company has no items of other comprehensive income. Comprehensive loss is the same as net loss for all periods presented.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash on deposit with financial institutions and highly liquid investments with original maturities of three months or less. Restricted cash represents cash held on deposit as collateral with the repurchase agreement counterparties, which may be used to make principal and interest payments on the related repurchase agreements, and cash held by a broker as margin on Eurodollar futures contracts. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has never experienced any losses related to these balances. All noninterest-bearing cash balances were fully insured at September 30, 2012 due to a temporary federal program in effect from December 31, 2010 through December 31, 2012. Under the program, there is no limit to the amount of insurance for eligible accounts. Beginning in 2013, insurance coverage will revert to $250,000 per depositor at each financial institution, and our noninterest-bearing cash balances may again exceed federally insured limits. Interest-bearing amounts on deposit that would have been in excess of the $250,000 federally insured limit at September 30, 2012 approximated $2.6 million.
Mortgage-Backed Securities	Mortgage-Backed Securities The Company invests primarily in mortgage pass-through (“PT”) certificates, collateralized mortgage obligations, interest only (“IO”) securities and inverse interest only (“IIO”) securities representing interest in or obligations backed by pools of mortgage loans (collectively, MBS). MBS transactions are recorded on the trade date. The Company has elected to account for its investment in MBS under the fair value option. These investments meet the requirements to be classified as available for sale under ASC 320-10-25, Debt and Equity Securities, which requires the securities to be carried at fair value on the Consolidated Balance Sheet with changes in fair value charged to Other Comprehensive Income, a component of Stockholders' Equity. Electing the fair value option allows the Company to record changes in fair value in the Statement of Operations, which, in management's view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed. The fair value of the Company's investment in MBS is governed by FASB ASC Topic 820, Fair Value Measurement. The definition of fair value in FASB ASC Topic 820 focuses on 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 the average of third-party broker quotes received and/or independent pricing sources 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. For interest only securities, the income is accrued based on the carrying value and the effective yield. Cash received is first applied to accrued interest and then to reduce the carrying value. At each reporting date, the effective yield is adjusted prospectively from the reporting period 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.
Retained Interests	Retained Interests From 2005 to 2007, MortCo participated in securitization transactions as part of its mortgage origination business. Retained interests in the subordinated tranches of securities created in securitization transactions were initially recorded at their fair value when issued by MortCo. Subsequent adjustments to fair value are reflected in earnings. Quoted market prices for these assets are generally not available, so the Company estimates fair value based on the present value of expected future cash flows using management's best estimates of key assumptions, which include expected credit losses, prepayment speeds, weighted-average life, and discount rates commensurate with the inherent risks of the asset.
Derivative Financial Instruments	Derivative Financial Instruments The Company has entered into derivative financial 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 Company has elected to not treat any of its derivative financial instruments as hedges. FASB ASC Topic 815, Derivatives and Hedging, requires that all derivative investments be carried at fair value. Changes in fair value are recorded in earnings for each period.
Financial Instruments	Financial Instruments FASB ASC Topic 825, Financial Instruments, requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value, either in the body of the financial statements or in the accompanying notes. MBS, Eurodollar futures contracts, mortgage loans held for sale and retained interests in securitization transactions are accounted for at fair value in the consolidated balance sheets. The methods and assumptions used to estimate fair value for these instruments are presented in Note 12 of the financial statements. The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, repurchase agreements, accrued interest payable and accounts payable and other liabilities generally approximates their carrying value as of September 30, 2012 and December 31, 2011, due to the short-term nature of these financial instruments. It is impractical to estimate the fair value of the Company's junior subordinated notes. Currently, there is a limited market for these types of instruments and the Company is unable to ascertain what interest rates would be available to the Company for similar financial instruments. Information regarding carrying amount, effective interest rate and maturity date for these instruments is presented in Note 6 to the financial statements.
Property and Equipment, net	Property and Equipment, net Property and equipment, net, consists of computer equipment with a depreciable life of 3 years, office furniture and equipment with depreciable lives of 8 to 20 years, land which has no depreciable life, and buildings and improvements with depreciable lives of 30 years. Property and equipment is recorded at acquisition cost and depreciated using the straight-line method over the estimated useful lives of the assets. Bimini Capital's property and equipment as of September 30, 2012 and December 31, 2011, is presented net of accumulated depreciation of approximately $901,000 and $811,000, respectively. Depreciation expense was approximately $89,000 and $30,000 for the nine and three months ended September 30, 2012, respectively, and $90,000 and $29,000 for the nine and three months ended September 30, 2011, respectively.
Repurchase Agreements	Repurchase Agreements The Company finances the acquisition of its PT MBS through the use of repurchase agreements. Repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, including accrued interest, as specified in the respective agreements. Although structured as a sale and repurchase obligation, a repurchase agreement operates as a financing under which securities are pledged as collateral to secure a short-term loan equal in value to a specified percentage (generally between 93 and 95 percent) of the market value of the pledged collateral. While used as collateral, the borrower retains beneficial ownership of the pledged collateral, including the right to distributions. At the maturity of a repurchase agreement, the borrower is required to repay the loan and concurrently receive the pledged collateral from the lender or, with the consent of the lender, renew such agreement at the then prevailing financing rate. Margin calls, whereby a lender requires that the Company pledge additional securities or cash as collateral to secure borrowings under its repurchase agreements with such a lender, are routinely experienced by the Company when the value of the MBS pledged as collateral declines or as a result of principal amortization or due to changes in market interest rates, spreads or other market conditions. The Company's repurchase agreements typically have terms ranging from one month to six months at inception, with some having longer terms. Should a counterparty decide not to renew a repurchase agreement at maturity, the Company must either refinance with another lender or be in a position to satisfy the obligation. If, during the term of a repurchase agreement, a lender should file 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 accrued interest and cash posted as collateral. At September 30, 2012, the Company had outstanding balances under repurchase agreements with six lenders with a maximum amount at risk (the difference between the amount loaned to the Company, including interest payable, and the fair value of the collateral pledged by the Company, including accrued interest) of $6.5 million.
Share-Based Compensation	Share-Based Compensation The Company follows the provisions of FASB ASC Topic 718, Compensation – Stock Compensation, to account for stock and stock-based awards. For stock and stock-based awards issued to employees, a compensation charge is recorded against earnings over the vesting period based on the fair value of the award. Payments pursuant to dividend equivalent rights, which are granted along with certain equity based awards, are charged to stockholders' equity when declared. The Company applies a zero forfeiture rate for its equity based awards, as such awards have been granted to a limited number of employees and historical forfeitures have been minimal. A significant forfeiture, or an indication that significant forfeitures may occur, would result in a revised forfeiture rate which would be accounted for prospectively as a change in an estimate. For transactions with non-employees in which services are performed in exchange for the Company's common stock or other equity instruments, the transactions are recorded on the basis of the fair value of the service received or the fair value of the equity instruments issued, whichever is more readily measurable at the date of issuance.
Earnings Per Share	Earnings Per Share The Company follows the provisions of FASB ASC Topic 260, Earnings Per Share, which requires companies with complex capital structures, common stock equivalents or two (or more) classes of securities that participate in the declared dividends to present both basic and diluted earnings per share (“EPS”) on the face of the consolidated statement of operations. 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 “if converted” method 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 on each share of Class A Common Stock if, as and when authorized and declared by the Board of Directors. Accordingly, shares of the Class B Common Stock are included in the computation of basic EPS using the two-class method and, consequently, are presented separately from Class A Common Stock. The shares of Class C Common Stock are not included in the basic EPS computation as these shares do not have participation rights. The outstanding shares of Class B and Class C Common Stock are not included in the computation of diluted EPS for the Class A Common Stock as the conditions for conversion into shares of Class A Common Stock were not met.
Income Taxes	Income Taxes Bimini Capital, including its wholly-owned qualified REIT subsidiary, has elected to be taxed as a REIT under the Code. Bimini Capital will generally not be subject to federal income tax on its REIT taxable income to the extent that Bimini Capital distributes its REIT taxable income to its stockholders and satisfies the ongoing REIT requirements, including meeting certain asset, income and stock ownership tests. A REIT must generally distribute at least 90% of its REIT taxable income to its stockholders, of which 85% generally must be distributed within the taxable year, in order to avoid the imposition of an excise tax. The remaining balance may be distributed up to the end of the following taxable year, provided the REIT elects to treat such amount as a prior year distribution and meets certain other requirements. At September 30, 2012, management believes that the Company has complied with Code requirements and Bimini Capital and its qualified REIT subsidiary continue to qualify as a REIT. As further described in Note 10, Income Taxes, Bimini Advisors and MortCo are taxpaying entities for income tax purposes and are taxed separately from the REIT. The Company's U.S. federal income tax returns for years ending on or after December 31, 2008 remain open for examination. Although management believes its calculations for tax returns are correct and the positions taken thereon are reasonable, the final outcome of tax audits could be materially different from the tax returns filed by the Company, and those differences could result in significant costs or benefits to the Company.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In July 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2012-02 Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment (“ASU 2012-02”). ASU 2012-02 permits an entity to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired before performing quantitative impairment testing. The more-likely-than-not threshold is defined as having a likelihood of greater than 50%. ASU 2012-02 is effective for fiscal years beginning after September 15, 2012, with early adoption permitted. The Company does not expect that this ASU will have any impact on its consolidated financial statements. In December 2011, the FASB issued ASU 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05, deferring and superseding certain portions of ASU 2011-05 that relate to the presentation of reclassification adjustments to allow the FASB time to redeliberate whether to present on the face of the financial statements the effects of reclassification adjustments out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented. The provisions of this amendment are effective for annual and interim periods beginning after December 15, 2011. The adoption of this ASU had no effect on the Company's consolidated financial statements. In December 2011, the FASB issued ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, requiring improved information about financial instruments and derivative instruments that are either (1) offset in accordance with ASC 210-20-45 or ASC 815-10-45 or (2) subject to an enforceable master netting arrangement. This information will enable users of an entity's financial statements to evaluate the effect or potential effect of netting arrangements on an entity's financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments in the scope of this ASU. The Company is required to apply the amendments for annual periods beginning on or after January 1, 2013, and interim periods within those annual periods. The disclosures required will be provided retrospectively for all comparative periods presented. We anticipate that the adoption of this ASU will have no effect on the Company's consolidated financial statements. In June 2011, the FASB issued ASU 2011-05, Presentation of Comprehensive Income, amending the authoritative guidance to allow an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity, but does not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The provisions of this amendment require retrospective application, and are effective for annual and interim periods beginning after December 15, 2011. The adoption of this ASU had no effect on the Company's consolidated financial statements. In May 2011, the FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, further converging U.S. GAAP and International Financial Reporting Standards (IFRS). The ASU changes the wording used to describe many of the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements to ensure consistency between GAAP and IFRSs as well as expand the disclosures for Level 3 measurements. The ASU is to be applied prospectively, and is effective for annual and interim periods beginning after December 15, 2011. The adoption of this ASU had no effect on the Company's consolidated financial statements. In April 2011, the FASB issued ASU 2011-03, Reconsideration of Effective Control for Repurchase Agreements, which changes the assessment of whether repurchase agreement transactions should be accounted for as sales or secured financings. In a typical repurchase agreement transaction, an entity transfers financial assets to the counterparty in exchange for cash with an agreement for the counterparty to return the same or equivalent financial assets for a fixed price in the future. Prior to this ASU, one of the factors in determining whether sale treatment could be used was whether the transferor maintained effective control of the transferred assets and in order to do so, the transferor must have the ability to repurchase such assets. Based on this ASU, the FASB concluded that the assessment of effective control should focus on a transferor's contractual rights and obligations with respect to transferred financial assets, rather than whether the transferor has the practical ability to perform in accordance with those rights or obligations. Therefore, this ASU removes the transferor's ability to perform criterion from consideration of effective control. This ASU is effective for the first interim or annual period beginning on or after December 15, 2011. Since the Company records repurchase agreements as secured borrowings and not sales, the adoption of this ASU had no effect on the Company's consolidated financial statements.

Mortgage-Backed Securities (Tables)

9 Months Ended

Sep. 30, 2012

Mortgage Backed Securities Tables [Abstract]

Schedule of Mortgage-Backed Securities Reconciliation

The following table presents the Company's MBS portfolio as of September 30, 2012 and December 31, 2011:

(in thousands)
		September 30, 2012		December 31, 2011
Pass-Through Certificates:
	Hybrid Adjustable-rate Mortgages	$	49,026	$	25,466
	Adjustable-rate Mortgages		21,603		12,181
	Fixed-rate Mortgages		42,759		35,417
	Total Pass-Through Certificates		113,388		73,064
Structured MBS Certificates:
	Interest Only Securities		3,844		7,074
	Inverse Interest Only Securities		8,507		11,004
	Total Structured Securities		12,351		18,078
Totals		$	125,739	$	91,142

Schedule Of Mortgage-Backed Securities by Contractual Maturity

(in thousands)
	September 30, 2012		December 31, 2011
Less than one year	$	-	$	102
Greater than one year and less than five years		168		263
Greater than five years and less than ten years		11,252		8,507
Greater than or equal to ten years		114,319		82,270
Totals	$	125,739	$	91,142

Retained Interests In Securitizations (Tables)

9 Months Ended

Sep. 30, 2012

Retained Interests In Securitizations Tables [Abstract]

Schedule of Retained Interests In Securitizations

The following table summarizes the estimated fair value of the Company's retained interests in asset backed securities as of September 30, 2012 and December 31, 2011:

(in thousands)
Series	Issue Date	September 30, 2012		December 31, 2011
HMAC 2004-1	March 4, 2004	$	153	$	218
HMAC 2004-2	May 10, 2004		1,186		878
HMAC 2004-3	June 30, 2004		755		865
HMAC 2004-4	August 16, 2004		900		532
HMAC 2004-5	September 28, 2004		1,321		1,002
Total		$	4,315	$	3,495

Repurchase Agreements (Tables)

9 Months Ended

Sep. 30, 2012

Disclosure of Repurchase Agreements [Abstract]

Schedule of Repurchase Agreements

As of September 30, 2012 and December 31, 2011, Bimini Capital'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
September 30, 2012
Fair value of securities pledged, including accrued
	interest receivable	$	-	$	113,649	$	-	$	-	$	113,649
Repurchase agreement liabilities associated with
	these securities	$	-	$	107,121	$	-	$	-	$	107,121
Net weighted average borrowing rate			-		0.43%		-		-		0.43%
December 31, 2011
Fair value of securities pledged, including accrued
	interest receivable	$	-	$	73,305	$	-	$	-	$	73,305
Repurchase agreement liabilities associated with
	these securities	$	-	$	69,528	$	-	$	-	$	69,528
Net weighted average borrowing rate			-		0.43%		-		-		0.43%

Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets

Summary information regarding the Company's amounts at risk with individual counterparties greater than 10% of the Company's equity at September 30, 2012 and December 31, 2011 is as follows:

(in thousands)
			Amount	Weighted Average Maturity of Repurchase
Repurchase Agreement Counterparties			at Risk(1)	Agreements in Days
September 30, 2012
	Citigroup Global Markets, Inc.	$	1,699	23
	CRT Capital Group LLC		1,491	18
	South Street Securities, LLC		1,026	20
	SunTrust Robinson Humphrey, Inc.		1,167	17
	KGS - Alpha Capital Markets, L.P.		651	17
December 31, 2011
	Nomura Securities International, Inc.	$	3,474	27

Equal to the fair value of securities sold, cash posted as collateral and accrued interest receivable, minus the sum of repurchase agreement liabilities and accrued interest payable.

Capital Stock (Tables)

9 Months Ended

Sep. 30, 2012

Capital Stock Tables [Abstract]

Issuances of Common Stock

	Nine Months Ended September 30,		Three Months Ended September 30,
Shares Issued Related To:	2012	2011	2012	2011
Directors' compensation	242,567	188,128	-	72,052
Vesting incentive plan shares	-	13,000	-	-
Total shares of Class A Common Stock issued	242,567	201,128	-	72,052

Stock Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2012

Share-based Arrangements with Employees and Nonemployees [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

A summary of phantom share activity during the nine months ended September 30, 2012 and 2011 is presented below:

	Nine Months Ended September 30,
	2012			2011
			Weighted-			Weighted-
			Average			Average
			Grant-Date			Grant-Date
	Shares		Fair Value	Shares		Fair Value
Nonvested, at January 1	367,844	$	1.11	401,000	$	1.12
Vested	-		-	(13,000)		0.97
Cancellations	-		-	(20,156)		(1.37)
Nonvested, at September 30	367,844	$	1.11	367,844	$	1.11

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

+ References + Details

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2012

Loan Repurchase Demands [Abstract]

Tabular Disclosure Of Liability For Loan Repurchase Demands

Loans Sold to Investors.

(in thousands)
	Nine Months Ended September 30,
		2012		2011
Balance - Beginning of period	$	5,087	$	5,087
Settlements		(175)		-
Balance - End of period	$	4,912	$	5,087

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2012

Earnings Per Share Discosure Tables [Abstract]

Earnings Per Share

The table below reconciles the numerators and denominators of the basic and diluted EPS.

(in thousands, except per-share information)
		Nine Months Ended September 30,				Three Months Ended September 30,
			2012		2011		2012		2011
Basic and diluted EPS per Class A common share:
Loss available to Class A common shares:
	Basic and diluted	$	(114)	$	(214)	$	(759)	$	(1,907)
Weighted average common shares:
	Class A common shares outstanding at the balance sheet date		10,329		9,977		10,329		9,977
	Effect of weighting		(97)		(124)		-		(60)
Weighted average shares-basic and diluted			10,232		9,853		10,329		9,917
Loss per Class A common share:
	Basic and diluted	$	(0.01)	$	(0.02)	$	(0.07)	$	(0.19)

(in thousands, except per-share information)
		Nine Months Ended September 30,				Three Months Ended September 30,
			2012		2011		2012		2011
Basic and diluted EPS per Class B common share:
Loss available to Class B common shares:
	Basic and diluted	$	-	$	(1)	$	(2)	$	(6)
Weighted average common shares:
	Class B common shares outstanding at the balance sheet date		32		32		32		32
	Effect of weighting		-		-		-		-
Weighted average shares-basic and diluted			32		32		32		32
Loss per Class B common share:
	Basic and diluted	$	(0.01)	$	(0.02)	$	(0.07)	$	(0.19)

Fair Value (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Tables [Abstract]

Assets Measured at Fair Value on Recurring Basis

The following table presents financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2012 and December 31, 2011:

(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)
September 30, 2012
Mortgage-backed securities	$	125,739	$	-	$	125,739	$	-
Eurodollar futures contracts		265		265		-		-
Retained interests		4,315		-		-		4,315
December 31, 2011
Mortgage-backed securities	$	91,142	$	-	$	91,142	$	-
Eurodollar futures contracts		285		285		-		-
Mortgage loans held for sale		40		-		-		40
Retained interests		3,495		-		-		3,495

Changes is Level 3 Assets Measured at Fair Value on a Recurring Basis

(in thousands)
		2012				2011
		Retained Interests		Mortgage Loans Held For Sale		Retained Interests		Mortgage Loans Held For Sale
Balances, January 1	$	3,495	$	40	$	3,928	$	40
Gain (loss) included in earnings		4,205		(17)		3,892		-
Collections		(3,385)		(23)		(2,878)		-
Balances, September 30	$	4,315	$	-	$	4,942	$	40

Quantitative Information About Level 3 Fair Value Measurements

The following table summarizes the significant quantitative information about our level 3 fair value measurements as of September 30, 2012.

Retained interest fair value (in thousands)			$	4,315
Prepayment Assumption		CPR Range (Weighted Average)
Constant Prepayment Rate		10% (10%)
Default Assumptions	Probability of Default	Severity Range (Weighted Average)		Range Of Loss Timing
Real Estate Owned	100%	34.7% - 52.12% (27.8%)		Next 10 Months
Loans in Foreclosure	100%	34.7% - 52.12% (27.8%)		Month 4 - 13
Loans 90 Day Delinquent	100%	45%		Month 13 - 30
Loans 60 Day Delinquent	85%	45%		Month 13 - 30
Loans 30 Day Delinquent	75%	45%		Month 13 - 30
Current Loans	2.5% - 4.1%	45%		Month 31 and Beyond
Cash Flow Recognition	Valuation Technique	Remaining Life Range (Weighted Average)		Discount Rate Range (Weighted Average)
Nominal Cashflows	Discounted Cash flow	5.3 - 14.8 years (11.9)		27.5% (27.5%)
Discounted Cashflows	Discounted Cash flow	0.9 - 8.7 years (2.0)		27.5% (27.5%)

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Significant Accounting Policies (Details)	3 Months Ended		9 Months Ended
Significant Accounting Policies (Details)	Sep. 30, 2012 USD ($) number	Sep. 30, 2011 USD ($)	Sep. 30, 2012 USD ($) number	Sep. 30, 2011 USD ($)	Dec. 31, 2011 USD ($)
Significant Accounting Policies [Abstract]
Commentary - Cash and Cash Equivalents Balances That Are Insured by the FDIC			Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has never experienced any losses related to these balances. All noninterest-bearing cash balances were fully insured at September 30, 2012 due to a temporary federal program in effect from December 31, 2010 through December 31, 2012. Under the program, there is no limit to the amount of insurance for eligible accounts. Beginning in 2013, insurance coverage will revert to $250,000 per depositor at each financial institution, and our noninterest-bearing cash balances may again exceed federally insured limits. Interest-bearing amounts on deposit that would have been in excess of the $250,000 federally insured limit at September 30, 2012 approximated $2.6 million.
Accumulated Depreciation at Period End	$ 901,000		$ 901,000		$ 811,000
Depreciation Expense Recorded During the Period	$ 30,000	$ 29,000	$ 89,000	$ 90,000
Repurchase Agreement Counterparties At Period End \| number	6		6
Repurchase Agreement Amount At Risk	$ 6,500,000		$ 6,500,000
Discussion of the distribution requirements for REIT compliance			A REIT must generally distribute at least 90% of its REIT taxable income to its stockholders, of which 85% generally must be distributed within the taxable year, in order to avoid the imposition of an excise tax. The remaining balance may be distributed up to the end of the following taxable year, provided the REIT elects to treat such amount as a prior year distribution and meets certain other requirements.
Earliest Tax Year Open to Examination			2008

Significang Accounting Policies - Property and Equipment (Details)	9 Months Ended
	Sep. 30, 2012
Computer Equipment [Member] \| Minimum [Member]
Significant Accounting Policies Property and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	3
Computer Equipment [Member] \| Maximum [Member]
Significant Accounting Policies Property and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	3
Office Furniture and Equipment \| Minimum [Member]
Significant Accounting Policies Property and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	8
Office Furniture and Equipment \| Maximum [Member]
Significant Accounting Policies Property and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	20
Building and Building Improvements [Member] \| Minimum [Member]
Significant Accounting Policies Property and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	30
Building and Building Improvements [Member] \| Maximum [Member]
Significant Accounting Policies Property and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	30

Significant Accounting Policies - Repurchase Agreements (Details)	Sep. 30, 2012
Minimum [Member]
Significant Accounting Policies Repurchase Agreements [Line Items]
Repurchase Advance Amount as a Percentage of Collateral	93.00%
Maximum [Member]
Significant Accounting Policies Repurchase Agreements [Line Items]
Repurchase Advance Amount as a Percentage of Collateral	95.00%

Mortgage-Backed Securities - By Type (Details) - USD ($)	Sep. 30, 2012	Dec. 31, 2011
Mortgage Backed Securities [Line Items]
Fair Value	$ 125,738,976	$ 91,142,253
Total Pass Through Certificates [Member]
Mortgage Backed Securities [Line Items]
Fair Value	113,388,000	73,064,000
Total Strucutured Certificates [Member]
Mortgage Backed Securities [Line Items]
Fair Value	12,351,000	18,078,000
Hybrid Adjustable Rate Mortgages [Member] \| Total Pass Through Certificates [Member]
Mortgage Backed Securities [Line Items]
Fair Value	49,026,000	25,466,000
Adjustable-rate Mortgages [Member] \| Total Pass Through Certificates [Member]
Mortgage Backed Securities [Line Items]
Fair Value	21,603,000	12,181,000
Fixed-rate Mortgages [Member] \| Total Pass Through Certificates [Member]
Mortgage Backed Securities [Line Items]
Fair Value	42,759,000	35,417,000
Interest Only Securities [Member] \| Total Strucutured Certificates [Member]
Mortgage Backed Securities [Line Items]
Fair Value	3,844,000	7,074,000
Inverse Interest Only Securities [Member] \| Total Strucutured Certificates [Member]
Mortgage Backed Securities [Line Items]
Fair Value	$ 8,507,000	$ 11,004,000

Mortgage-Backed Securities - By Maturity (Details) - USD ($)	Sep. 30, 2012	Dec. 31, 2011
Mortgage Backed Securities By Maturity [Abstract]
Less than one year	$ 0	$ 102,000
Greater than one year and less than five years	168,000	263,000
Greater than five years and less than ten years	11,252,000	8,507,000
Greater than or equal to ten years	114,319,000	82,270,000
Total mortgage-backed securities	$ 125,738,976	$ 91,142,253

Retained Interests In Securitizations (Details) - USD ($)	Sep. 30, 2012	Dec. 31, 2011
Retained Interestes Securitzations [Line Items]
Retained interests in securitizations	$ 4,314,687	$ 3,495,471
HMAC 2004-1 [Member]
Retained Interestes Securitzations [Line Items]
Issue Date	March 4, 2004
Retained interests in securitizations	$ 153,000	218,000
HMAC 2004-2 [Member]
Retained Interestes Securitzations [Line Items]
Issue Date	May 10, 2004
Retained interests in securitizations	$ 1,186,000	878,000
HMAC 2004-3 [Member]
Retained Interestes Securitzations [Line Items]
Issue Date	June 30, 2004
Retained interests in securitizations	$ 755,000	865,000
HMAC 2004-4 [Member]
Retained Interestes Securitzations [Line Items]
Issue Date	August 16, 2004
Retained interests in securitizations	$ 900,000	532,000
HMAC 2004-5 [Member]
Retained Interestes Securitzations [Line Items]
Issue Date	September 28, 2004
Retained interests in securitizations	$ 1,321,000	$ 1,002,000

Repurchase Agreements - Narrative (Details) - USD ($)	Sep. 30, 2012	Dec. 31, 2011
Disclosure of Repurchase Agreements [Abstract]
Repurchase agreements, net	$ 107,121,103	$ 69,528,000
Repurchase Agreements Weighted Average Borrowing Rates	0.43%	0.43%
Fair Value of securities pledged, including accrued interest receivable	$ 113,649,000	$ 73,305,000

- Definition

The carrying value as of the balance sheet date of securities that an institution sells and agrees to repurchase (the identical or substantially the same securities) as a seller-borrower at a specified date for a specified price, also known as a repurchase agreement, or repo. Most repos involve obligations of the federal government or its agencies, but other financial instruments, such as commercial paper, banker's acceptances, and negotiable certificates of deposit, are sometimes used in repos.

+ References + Details

Repurchase Agreements - Maturities (Details) - USD ($)	Sep. 30, 2012	Dec. 31, 2011
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 113,649,000	$ 73,305,000
Repurchase agreements, net	$ 107,121,103	$ 69,528,000
Net weighted average borrowing rate	0.43%	0.43%
Overnight (1 Day or Less) [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 0	$ 0
Repurchase agreements, net	$ 0	$ 0
Net weighted average borrowing rate	0.00%	0.00%
Between 2 and 30 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 113,649,000	$ 73,305,000
Repurchase agreements, net	$ 107,121,000	$ 69,528,000
Net weighted average borrowing rate	0.43%	0.43%
Between 31 and 90 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 0	$ 0
Repurchase agreements, net	$ 0	$ 0
Net weighted average borrowing rate	0.00%	0.00%
Greater Than 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 0	$ 0
Repurchase agreements, net	$ 0	$ 0
Net weighted average borrowing rate	0.00%	0.00%

- Definition

+ References + Details

Repurchase Agreements - Amounts At Risk (Details)	Sep. 30, 2012 USD ($) number	Dec. 31, 2011 USD ($) number
Repurchase Agreement Counterparty [Line Items]
Threshold percent of stockholders' equity at risk with single counterparty to repurchase agreements (as a percent)	10.00%
Nomura Securities International, Inc.
Repurchase Agreement Counterparty [Line Items]
Amount At Risk	$ 0	$ 3,474,000
Weighted Average Maturity of Repurchase Agreement in Days \| number	0	27
Citigroup Global Markets, Inc.
Repurchase Agreement Counterparty [Line Items]
Amount At Risk	$ 1,699,000
Weighted Average Maturity of Repurchase Agreement in Days \| number	23
CRT Capital Group, LLC
Repurchase Agreement Counterparty [Line Items]
Amount At Risk	$ 1,491,000
Weighted Average Maturity of Repurchase Agreement in Days	18
South Street Securities, LLC
Repurchase Agreement Counterparty [Line Items]
Amount At Risk	$ 1,026,000
Weighted Average Maturity of Repurchase Agreement in Days	20
KGS - Alpha Capital Markets, L.P.
Repurchase Agreement Counterparty [Line Items]
Amount At Risk	$ 651,000
Weighted Average Maturity of Repurchase Agreement in Days	17
SunTrust Robinson Humphrey, Inc.
Repurchase Agreement Counterparty [Line Items]
Amount At Risk	$ 1,167,000
Weighted Average Maturity of Repurchase Agreement in Days \| number	17

Repurchase Agreements - MF Global Exposure (Details) - USD ($)	9 Months Ended
	Sep. 30, 2012	Nov. 02, 2012	Dec. 31, 2011	Sep. 30, 2011
Repurchase Agreement MF Global Bankrupcy Exposure [Abstract]
Description of MF Global Exposure	On October 31, 2011, MF Global Holding Ltd. (“MF”) filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. As of September 30, 2011, a subsidiary of MF, MF Global, Inc. was the Company’s largest repurchase agreement funding provider and the Company had approximately $2.3 million at risk under such agreements. As of December 31, 2011 and September 30, 2012, the Company had no outstanding funding arrangements in place with MF under repurchase agreements. All repurchase agreements in place at September 30, 2011, have been terminated and all pledged assets have been returned. As of November 2, 2012, one reverse-repurchase agreement with MF has yet to be fully unwound and the Company has not received funds which are owed by MF to the Company in the amount of approximately $343,000. During 2011, the Company established a reserve of $300,000 against this balance, which still exists at September 30, 2012. The Company believes it is entitled to these funds; however, given the fact that MF is in bankruptcy, it is not known if or when the funds will be received.
Amount At Risk				$ 2,300,000
Outstanding Repurchase Agreement Balance	$ 0		$ 0
Reverse Repurchase Agreement Balance Outstanding		$ 343,000
Reserve Established Against Outstanding Balance			$ 300,000

Derivative Financial Instruments - Narrative (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2012	Dec. 31, 2011
Derivitive Financial Instruments [Line Items]
Margin Balance	$ 264,969	$ 285,000
Type of Derivative Instrument	Eurodollar Futures Contract	Eurodollar Futures Contract
Underlying Risk	Interest Rate Risk	Interest Rate Risk
Junior Subordinated Notes [Member]
Derivitive Financial Instruments [Line Items]
Description of Objective	The Company’s Eurodollar futures contracts with a notional amount ranging between $21.0 million and $26.0 million are used to attempt to achieve a fixed interest rate related to its junior subordinated notes. The junior subordinated notes had a 7.86% fixed-rate of interest until December 15, 2010, and thereafter, through maturity in 2035, the rate will float at a spread of 3.50% over the prevailing three-month LIBOR rate. The Eurodollar futures contracts serve to effectively lock in a fixed LIBOR rate for a specified period of time.
Locked-In LIBOR Rate	0.55%
Effective Rate of Hedged Item	4.05%
Longest Remaining Contract	March 14, 2016
Repurchase Agreements [Member]
Derivitive Financial Instruments [Line Items]
Description of Objective	The Company also used Eurodollar futures contracts with a notional amount ranging between $30.0 million and $50.0 million to attempt to achieve a fixed interest rate related to a portion of its repurchase agreement obligations.
Locked-In LIBOR Rate	0.34%
Longest Remaining Contract	December 16, 2013

Derivative Financial Instruments - Narrative - Notional Amounts (Details)	Sep. 30, 2012 USD ($)
Junior Subordinated Notes [Member] \| Minimum [Member]
Derivitive Financial Instruments [Line Items]
Notional Amount	$ 21,000,000
Junior Subordinated Notes [Member] \| Maximum [Member]
Derivitive Financial Instruments [Line Items]
Notional Amount	26,000,000
Repurchase Agreements Hedged [Member] \| Minimum [Member]
Derivitive Financial Instruments [Line Items]
Notional Amount	30,000,000
Repurchase Agreements Hedged [Member] \| Maximum [Member]
Derivitive Financial Instruments [Line Items]
Notional Amount	$ 50,000,000

Derivative Financial Instruments - Income Statement Effect (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Junior Subordinated Notes [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains / (Losses) Recognized in Income	$ (237,950)	$ (471,175)	$ (532,288)	$ (745,588)
Repurchase Agreements Hedged [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains / (Losses) Recognized in Income	$ (99,750)	$ (351,125)	$ (230,750)	$ (432,125)

Trust Preferred Securities - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2012	Dec. 31, 2011
Debt Instruments [Abstract]
Description of Trust Preferred Securities	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.
Issuer	Bimini Capital Trust II
Outstanding Principal Balance	$ 26,804,440	$ 26,804,440
Variable Rate Basis	Three Month LIBOR
Basis Spread on Variable Rate	3.50%
Interest Rate at Period End	3.89%

- Definition

Identification of the lender and information about a contractual promise to repay a short-term or long-term obligation, which includes borrowings under lines of credit, notes payable, commercial paper, bonds payable, debentures, and other contractual obligations for payment. This may include rationale for entering into the arrangement, significant terms of the arrangement, which may include amount, repayment terms, priority, collateral required, debt covenants, borrowing capacity, call features, participation rights, conversion provisions, sinking-fund requirements, voting rights, basis for conversion if convertible and remarketing provisions. The description may be provided for individual debt instruments, rational groupings of debt instruments, or by debt in total.

+ References + Details

Capital Stock - Issuances of Common Stock (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Class A Common Stock [Member]
Shares Issued Related To [Line Items]
Directors Compensation	0	72,052	242,567	188,128
Vesting Incentive Plan Shares	0	0	0	13,000
Total Shares Issued During Period	0	72,052	242,567	201,128
Class B Common Stock [Member]
Shares Issued Related To [Line Items]
Total Shares Issued During Period	0	0	0	0
Class C Common Stock [Member]
Shares Issued Related To [Line Items]
Total Shares Issued During Period	0	0	0	0

Stock Incentive Plans - Descriptions of Plans (Details)	9 Months Ended
Stock Incentive Plans - Descriptions of Plans (Details)	Sep. 30, 2012 shares
2003 Long Term Incentive Compensation Plan [Member]
Share Based Compensation Plans [Line Items]
Description of Plan	Phantom share awards represent a right to receive a share of Bimini's Class A Common Stock. These awards do not have an exercise price and are valued at the fair value of Bimini Capital’s Class A Common Stock at the date of the grant. The grant date value is amortized to compensation expense on a straight-line basis over the vesting period of the respective award. The phantom shares vest, based on the employees’ continuing employment, following a schedule as provided in the individual grant agreements
Maximum Number of Shares to Be Issued the Plan	1,448,050
Percentage of Outstanding Stock Limitation	10.00%
2011 Long term Compensation Plan [Member]
Share Based Compensation Plans [Line Items]
Description of Plan	On August 12, 2011, the Company’s shareholders approved the 2011 Long Term Compensation Plan (the “2011 Plan”) to assist the Company in recruiting and retaining employees, directors and other service providers by enabling them to participate in the success of the Company and to associate their interest with those of the Company and its stockholders. The plan is intended to permit the grant of stock options, stock appreciation rights (“SARs”), stock awards, performance units and other equity-based and incentive awards. The maximum aggregate number of shares of Common Stock that may be issued under the 2011 Plan pursuant to the exercise of options and SARs, the grant of stock awards or other equity-based awards and the settlement of incentive awards and performance units is equal to 4,000,000 shares. As of September 30, 2012, no awards have been made under the 2011 Plan.
Maximum Number of Shares to Be Issued the Plan	4,000,000
Percentage of Outstanding Stock Limitation	10.00%

- Definition

General descriptive information regarding an arrangement under which employees and directors receive: (a) awards of equity shares, equity share options, or other equity instruments; or (b) the entity incurs liabilities to them: (1) in amounts based, at least in part, on the price of the entity's shares or other equity instruments; or (2) that require or may require settlement by issuance of the entity's shares. Such an arrangement is usually provided to employees and directors to compensate them, provide performance incentives to them, and to attract or retain their services. May also include pertinent information particular to a plan that is not elsewhere specified in the taxonomy.

+ References + Details

Stock Incentive Plans - Phantom Share Awards (Details)	3 Months Ended		9 Months Ended
Stock Incentive Plans - Phantom Share Awards (Details)	Sep. 30, 2012 USD ($) number	Sep. 30, 2011 USD ($)	Sep. 30, 2012 USD ($) number	Sep. 30, 2011 USD ($)	Dec. 31, 2011 USD ($)
Phantom Shares [Abstract]
Phantom Share Award Desciption			Phantom share awards represent a right to receive a share of Bimini's Class A Common Stock. These awards do not have an exercise price and are valued at the fair value of Bimini Capital’s Class A Common Stock at the date of the grant. The grant date value is amortized to compensation expense on a straight-line basis over the vesting period of the respective award. The phantom shares vest, based on the employees’ continuing employment, following a schedule as provided in the individual grant agreements
Latest Vesting Date	3/15/2015		3/15/2015
Phantom Share Expense	$ 21,000	$ 22,000	$ 63,000	$ 70,000
Unrecognized Compensation Cost	$ 178,000		$ 178,000
Remaining Weighted Average Vesting Period (in months) \| number	26.9		26.9
Intrinsic Value	$ 70,000		$ 70,000		$ 136,000

Stock Incentive Plans - Phantom Share Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Phantom Share Activity, Shares
Nonvested - Beginning Balance	367,844	401,000
Granted	0	0
Vested	0	(13,000)
Forfeited		(20,156)
Nonvested - Ending Balance	367,844	367,844
Phantom Share Activity Weighted Average Grant Date Fair Value
Nonvested - Beginning Balance	$ 1.11	$ 1.12
Granted	0	0
Vested	0	0.97
Forfeited		(1.37)
Nonvested - Ending Balance	$ 1.11	$ 1.11

Commitments and Contingencies - Outstanding Litigation (Details)	9 Months Ended
	Sep. 30, 2012
Loss Contingencies [Line Items]
Loss Contingency, Lawsuit Filing Date	July 16, 2010
Loss Contingency, Name of Defendant	Bimini Capital Management, Inc.
Loss Contingency, Domicile of Litigation	Supreme Court of the State of New York, New York County
Preferred Term Securities XX Matter [Member]
Loss Contingencies [Line Items]
Litigation Description	A complaint by a note-holder in Preferred Term Securities XX (“PreTSL XX”) was filed on July 16, 2010 in the Supreme Court of the State of New York, New York County, against Bimini Capital Management, Inc. (“Bimini”), the Bank of New York Mellon (“BNYM”), PreTSL XX, Ltd. and Hexagon Securities, LLC (“Hexagon”). The complaint, filed by Hildene Capital Management, LLC and Hildene Opportunities Fund, Ltd. (“Hildene”), alleges that Hildene suffered losses as a result of Bimini’s repurchase of all outstanding fixed/floating rate capital securities of Bimini Capital Trust II for less than par value from PreTSL XX in October 2009. Hildene has alleged claims against BNYM for breach of the Indenture, breach of fiduciary duties and breach of covenant of good faith and fair dealing, and claims against Bimini for tortious interference with contract, aiding and abetting breach of fiduciary duty, unjust enrichment and “rescission/illegality”. Plaintiff also alleges derivative claims brought in the name of Nominal Defendant BNYM. (On May 2, 2011, Hexagon and Nominal Defendant PreTSL XX were voluntarily dismissed without prejudice by Hildene.) On May 23, 2011, Bimini and BNYM moved to dismiss Hildene’s derivative claims, and Bimini also moved to dismiss Hildene’s claim for “rescission/illegality.” On October 19, 2011, PreTSL XX moved to intervene as an additional plaintiff in the action, and Bimini and BNYM have opposed that motion.
Loss Contingency, Name of Plaintiff	Hildene Capital Management, LLC and Hildene Opportunities Fund, Ltd.
Massachusetts Mutual Life Insurance Company Matter [Member]
Loss Contingencies [Line Items]
Litigation Description	On March 2, 2011, MortCo and Opteum Mortgage Acceptance Corporation (“Opteum Acceptance”) (referred to together herein as “MortCo”) received a letter dated March 1, 2011 from Massachusetts Mutual Life Insurance Company (“Mass Mutual”) enclosing a draft complaint against MortCo. In summary, Mass Mutual alleges that it purchased residential mortgage-backed securities offered by MortCo in August 2005 and the first quarter of 2006 and that MortCo made false representations and warranties in connection with the sale of the securities in violation of Mass Gen. Laws Ch. 110A § 410(a)(2) (the “Massachusetts Blue Sky Law”). In its letter, Mass Mutual claims it is entitled to damages in excess of $25 million. However, no monetary demand is contained in the draft complaint and the actual damages Mass Mutual claims to have incurred is uncertain.
Loss Contingency, Name of Defendant	MortCo and Opteum Mortgage Acceptance Corporation
Loss Contingency, Name of Plaintiff	Massachusetts Mutual Life Insurance Company
Managment Position	MortCo denies it made false representations and warranties in connection with the sale of securities to Mass Mutual. Mass Mutual has taken no action to prosecute its claim against MortCo, and the range of loss or potential loss, if any, cannot reasonably be estimated. Should Mass Mutual initiate litigation, MortCo will defend such litigation vigorously.

Commitments and Contingencies - Loans Sold to Investors (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Loan Repurchase Demand Liability Rollforward [Abstract]
Beginning Balance	$ 5,087	$ 5,087
Settlements	(175)	0
Ending Balance	$ 4,912	$ 5,087

Income Taxes - REIT Activities (Details) $ in Millions	12 Months Ended
Income Taxes - REIT Activities (Details) $ in Millions	Dec. 31, 2011 USD ($)
Real Estate Investment Trust Activities [Abstract]
REIT Capital Loss Carryforwards	$ 52.1
REIT Capital Loss Carryforwards Expiring Year	2012
REIT Tax Net Operating Loss Carryforward	$ 10.7
REIT Net Operating Loss Carryover Expiration	2028 through 2031

Income Taxes - Taxable REIT Subsidiaries (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
MortCo TRS, LLC [Member]
Income Taxes [Line Items]
Taxable Income (Loss)	$ 0.0	$ 0.0
Operating Loss Carryforwards, Expiration Dates	2025
Net Deferred Tax Assets	$ 98.9
Valuation Allowance	98.9
MortCo TRS, LLC [Member] \| Federal
Income Taxes [Line Items]
Net Operating Loss Carryforwards	268.4
MortCo TRS, LLC [Member] \| Florida
Income Taxes [Line Items]
Net Operating Loss Carryforwards	40.9
Bimini Advisorsinc [Member]
Income Taxes [Line Items]
Taxable Income (Loss)	$ 0.0	$ 0.0

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Class A Common Stock [Member]
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net Income (Loss) Available to Common Stockholders, Basic	$ (759)	$ (1,907)	$ (114)	$ (214)
Net Income (Loss) Available to Common Stockholders, Diluted	$ (759)	$ (1,907)	$ (114)	$ (214)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Shares Outstanding at the Balance Sheet Date	10,329	9,977	10,329	9,977
Unvested Dividend Eligible Shares Outstanding at the Balance Sheet Date	0	0	0	0
Effect of Weighting	0	(60)	(97)	(124)
Weighted Average Shares - Basic	10,329	9,917	10,232	9,853
Weighted Average Shares - Diluted	10,329	9,917	10,232	9,853
Income (Loss) Per Share - Basic	$ (0.07)	$ (0.19)	$ (0.01)	$ (0.02)
Income (Loss) Pe Share - Diluted	$ (0.07)	$ (0.19)	$ (0.01)	$ (0.02)
Class B Common Stock [Member]
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net Income (Loss) Available to Common Stockholders, Basic	$ (2)	$ (6)	$ 0	$ (1)
Net Income (Loss) Available to Common Stockholders, Diluted	$ (2)	$ (6)	$ 0	$ (1)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Shares Outstanding at the Balance Sheet Date	32	32	32	32
Effect of Weighting	0	0	0	0
Weighted Average Shares - Basic	32	32	32	32
Weighted Average Shares - Diluted	32	32	32	32
Income (Loss) Per Share - Basic	$ (0.07)	$ (0.19)	$ (0.01)	$ (0.02)
Income (Loss) Pe Share - Diluted	$ (0.07)	$ (0.19)	$ (0.01)	$ (0.02)

Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2012	Sep. 30, 2011
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	$ 125,739	$ 91,142
Eurodollar Futures Contracts	265	285
Mortgage Loans Held For Sale		40
Retained Interests	4,315	3,495
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	0	0
Eurodollar Futures Contracts	265	285
Mortgage Loans Held For Sale		0
Retained Interests	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	125,739	91,142
Eurodollar Futures Contracts	0	0
Mortgage Loans Held For Sale		0
Retained Interests	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	0	0
Eurodollar Futures Contracts	0	0
Mortgage Loans Held For Sale		40
Retained Interests	$ 4,315	$ 3,495

Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Retained Interest [Member]
Changes in Fair Value [Line Items]
Beginning Balance	$ 3,495	$ 3,928
Gain (loss) Included in Earnings	4,205	3,892
Collections	(3,385)	(2,878)
Ending Balance	4,315	4,942
Mortgage Loans Held For Sale [Member]
Changes in Fair Value [Line Items]
Beginning Balance	40	40
Gain (loss) Included in Earnings	(17)	0
Collections	(23)	0
Ending Balance	$ 0	$ 40

Quantitative Information About Level 3 Fair Value Measurements - Prepayment Assumptions (Details)	9 Months Ended
	Sep. 30, 2012
Ranges [Domain]
Prepayment Assumption [Line Items]
Prepayment Method	Constant Prepayment Rate
Maximum [Member]
Prepayment Assumption [Line Items]
Prepayment Range	10.00%
Minimum [Member]
Prepayment Assumption [Line Items]
Prepayment Range	10.00%
Weighted Average [Member]
Prepayment Assumption [Line Items]
Prepayment Range	10.00%

Quantitative Information About Level 3 Fair Value Measurements - Default Assumptions (Details)	9 Months Ended
	Sep. 30, 2012
Real Estate Owned [Member] \| Ranges [Domain]
Default Assumptions [Line Items]
Probability of Default	100%
Range Of Loss Timining	Next 10 Months
Real Estate Owned [Member] \| Maximum [Member]
Default Assumptions [Line Items]
Loss Severity Range	52.12%
Real Estate Owned [Member] \| Minimum [Member]
Default Assumptions [Line Items]
Loss Severity Range	34.70%
Real Estate Owned [Member] \| Weighted Average [Member]
Default Assumptions [Line Items]
Loss Severity Range	27.80%
Loans In Foreclosure [Member] \| Ranges [Domain]
Default Assumptions [Line Items]
Probability of Default	100%
Range Of Loss Timining	Month 4 - 13
Loans In Foreclosure [Member] \| Maximum [Member]
Default Assumptions [Line Items]
Loss Severity Range	52.10%
Loans In Foreclosure [Member] \| Minimum [Member]
Default Assumptions [Line Items]
Loss Severity Range	34.70%
Loans In Foreclosure [Member] \| Weighted Average [Member]
Default Assumptions [Line Items]
Loss Severity Range	27.80%
Loans 90 Days Delinquent [Member] \| Ranges [Domain]
Default Assumptions [Line Items]
Probability of Default	100%
Range Of Loss Timining	Month 13 - 30
Loans 90 Days Delinquent [Member] \| Maximum [Member]
Default Assumptions [Line Items]
Loss Severity Range	45.00%
Loans 90 Days Delinquent [Member] \| Minimum [Member]
Default Assumptions [Line Items]
Loss Severity Range	45.00%
Loans 90 Days Delinquent [Member] \| Weighted Average [Member]
Default Assumptions [Line Items]
Loss Severity Range	45.00%
Loans 60 Days Delinquent [Member] \| Ranges [Domain]
Default Assumptions [Line Items]
Probability of Default	85%
Range Of Loss Timining	Month 13 - 30
Loans 60 Days Delinquent [Member] \| Maximum [Member]
Default Assumptions [Line Items]
Loss Severity Range	45.00%
Loans 60 Days Delinquent [Member] \| Minimum [Member]
Default Assumptions [Line Items]
Loss Severity Range	45.00%
Loans 60 Days Delinquent [Member] \| Weighted Average [Member]
Default Assumptions [Line Items]
Loss Severity Range	45.00%
Loans 30 Days Delinquent [Member] \| Ranges [Domain]
Default Assumptions [Line Items]
Probability of Default	75%
Range Of Loss Timining	Month 13 - 30
Loans 30 Days Delinquent [Member] \| Maximum [Member]
Default Assumptions [Line Items]
Loss Severity Range	45.00%
Loans 30 Days Delinquent [Member] \| Minimum [Member]
Default Assumptions [Line Items]
Loss Severity Range	45.00%
Loans 30 Days Delinquent [Member] \| Weighted Average [Member]
Default Assumptions [Line Items]
Loss Severity Range	45.00%
Current Loans [Member] \| Ranges [Domain]
Default Assumptions [Line Items]
Probability of Default	2.5% - 4.1%
Range Of Loss Timining	Month 31 and Beyond
Current Loans [Member] \| Maximum [Member]
Default Assumptions [Line Items]
Loss Severity Range	45.00%
Current Loans [Member] \| Minimum [Member]
Default Assumptions [Line Items]
Loss Severity Range	45.00%
Current Loans [Member] \| Weighted Average [Member]
Default Assumptions [Line Items]
Loss Severity Range	45.00%

Quantitative Information About Level 3 Fair Value Measurements - Cash Flow Recognition (Details)	9 Months Ended
	Sep. 30, 2012 number
Maximum [Member] \| Nominal Cashflows [Member]
Discounted Cash Flow Valuation Technique
Remaining Life Range	14.80
Fair Value Inputs Discount Rate	27.50%
Maximum [Member] \| Discounted Cashflows [Member]
Discounted Cash Flow Valuation Technique
Remaining Life Range	8.70
Fair Value Inputs Discount Rate	27.50%
Minimum [Member] \| Nominal Cashflows [Member]
Discounted Cash Flow Valuation Technique
Remaining Life Range	5.30
Fair Value Inputs Discount Rate	27.50%
Minimum [Member] \| Discounted Cashflows [Member]
Discounted Cash Flow Valuation Technique
Remaining Life Range	0.90
Fair Value Inputs Discount Rate	27.50%
Weighted Average [Member] \| Nominal Cashflows [Member]
Discounted Cash Flow Valuation Technique
Remaining Life Range	11.9
Fair Value Inputs Discount Rate	27.50%
Weighted Average [Member] \| Discounted Cashflows [Member]
Discounted Cash Flow Valuation Technique
Remaining Life Range	2.0
Fair Value Inputs Discount Rate	27.50%

Related Party Transactions (Details) - USD ($)	9 Months Ended
Related Party Transactions (Details) - USD ($)	Sep. 30, 2012	Sep. 30, 2011
Related Party Transaction [Line Items]
Description of Transaction	Frank E. Jaumot is a shareholder in an accounting firm from which the Company receives accounting and tax services. Mr. Jaumot is both a director and a shareholder of Bimini Capital.
Frank E. Jaumot [Member]
Related Party Transaction [Line Items]
Professional Fees Paid	$ 102,000	$ 95,000

- Definition

A description of the related party transaction, including transactions to which no amounts or nominal amounts were ascribed and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements. Examples of common related party transactions are, sales, purchases and transfers of realty and personal property, services received or furnished, loans and leases to and from top management and affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 13
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 04
-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k
-Subparagraph 2

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 2
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 10, 11, 23
-Article 5

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6452652&loc=d3e36975-112693

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.10,11,23)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

+ Details