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DOCUMENT AND ENTITY INFORMATION - USD ($)	12 Months Ended
DOCUMENT AND ENTITY INFORMATION - USD ($)	Dec. 31, 2018	Mar. 20, 2019	Jun. 30, 2018
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Entity Registrant Name	Bimini Capital Management, Inc.
Entity Central Index Key	0001275477
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Public Float			$ 20,500,000
Trading Symbol	BMNM
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
Class A Common Stock [Member]
Entity Common Stock Shares Outstanding		12,708,555
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 ($)	Dec. 31, 2018	Dec. 31, 2017
Mortgage Backed Securities At Fair Value [Abstract]
Pledged to counterparties	$ 212,349,874	$ 209,269,791
Unpledged	74,318	422,341
Total mortgage-backed securities	212,424,192	209,692,132
Cash and cash equivalents	4,947,801	6,103,250
Restricted cash	1,292,687	2,649,610
Orchid Island Capital, Inc. common stock, at fair value	9,713,030	14,105,934
Retained interests in securitizations	0	653,380
Accrued interest receivable	780,535	746,121
Property and equipment, net	3,298,067	3,359,312
Deferred tax assets, net	23,202,821	44,524,584
Other assets	3,740,543	2,754,474
Total Assets	259,399,676	284,588,797
Liabilities
Outstanding repurchase obligations	200,396,000	200,182,751
Junior subordinated notes due to Bimini Capital Trust II	26,804,440	26,804,440
Accrued interest payable	678,262	346,444
Other Liabilities	2,566,353	1,562,914
Total Liabilities	230,445,055	228,896,549
Stockholders' Equity
Preferred stock	0	0
Common stock	12,773	12,725
Additional paid in capital	334,919,265	334,878,779
Accumulated deficit	(305,977,417)	(279,199,256)
Stockholders Equity	28,954,621	55,692,248
Total Liabilities and Stockholders' Equity	259,399,676	284,588,797
Class A Common Stock [Member]
Stockholders' Equity
Common stock	12,709	12,661
Class B Common Stock [Member]
Stockholders' Equity
Common stock	32	32
Class C Common Stock [Member]
Stockholders' Equity
Common stock	$ 32	$ 32

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Preferred Stock Par Or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Shares Authorized	10,000,000	10,000,000
Preferred Shares Issued	0	0
Preferred Shares Outstanding	0	0
Preferred Stock Value	$ 0	$ 0
Common Stock Par Or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock Shares Authorized	100,000,000	100,000,000
Common Stock Value Outstanding	$ 12,773	$ 12,725
Class A Common Stock [Member]
Class of Stock [Line Items]
Common Stock Par Or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock Shares Authorized	98,000,000	98,000,000
Common Stock Shares Issued	12,709,269	12,660,627
Common Stock Shares Outstanding	12,709,269	12,660,627
Common Stock Value Outstanding	$ 12,709	$ 12,661
Class B Common Stock [Member]
Class of Stock [Line Items]
Common Stock Par Or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock Shares Authorized	1,000,000	1,000,000
Common Stock Shares Issued	31,938	31,938
Common Stock Shares Outstanding	31,938	31,938
Common Stock Value Outstanding	$ 32	$ 32
Class C Common Stock [Member]
Class of Stock [Line Items]
Common Stock Par Or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock Shares Authorized	1,000,000	1,000,000
Common Stock Shares Issued	31,938	31,938
Common Stock Shares Outstanding	31,938	31,938
Common Stock Value Outstanding	$ 32	$ 32
Preferred Undesignated [Member]
Class of Stock [Line Items]
Preferred Shares Authorized	9,900,000	9,900,000
Preferred Shares Issued	0	0
Preferred Shares Outstanding	0	0
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock Par Or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Shares Authorized	100,000	100,000
Preferred Shares Issued	0	0
Preferred Shares Outstanding	0	0

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Revenues
Advisory services	$ 7,770,761	$ 7,431,359
Interest income	8,361,808	6,054,381
Orchid Island Capital, Inc. dividends	1,626,439	2,518,660
Total revenues	17,759,008	16,004,400
Interest expense on repurchase agreements	4,029,766	1,795,753
Interest expense on junior subordinated notes	1,490,061	1,237,614
Net revenues	12,239,181	12,971,033
Other income:
Unrealized (losses) gains on mortgage-backed securities	(7,306,786)	(2,066,256)
Realized gains on mortgage-backed securities	(576,521)	(689)
Unrealized losses on Orchid Island Capital, Inc. common stock	(4,392,904)	(2,206,541)
(Losses) gains on derivative instruments	(276,209)	(46,031)
Gains on retained interests in securitizations	1,103,466	645,221
Other expense, net	1,400	1,578
Total other income	(11,447,554)	(3,672,718)
Expenses
Compensation and related benefits	4,011,255	3,851,925
Directors fees and liability insurance	642,454	658,752
Audit, legal and other professional fees	451,615	455,167
Administrative and other expenses	1,337,509	1,436,941
Total expenses	6,442,833	6,402,785
Net (loss) income before income tax provision (benefit)	(5,651,206)	2,895,530
Income tax provision (benefit)	21,126,955	19,378,150
Net (loss) income	$ (26,778,161)	$ (16,482,620)
Class A Common Stock [Member]
Basic and Diluted Net (Loss) Income Per Share of:
Basic	$ (2.1)	$ (1.3)
Diluted	$ (2.1)	$ (1.3)
Weighted Average Shares Outstanding
Weighted Average Shares - Basic and Diluted	12,711,101	12,633,216
Class B Common Stock [Member]
Basic and Diluted Net (Loss) Income Per Share of:
Basic	$ (2.1)	$ (1.3)
Diluted	$ (2.1)	$ (1.3)
Weighted Average Shares Outstanding
Weighted Average Shares - Basic and Diluted	31,938	31,938

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]
Beginning Balances at Dec. 31, 2016	$ 72,146,898	$ 12,696	$ 334,850,838	$ (262,716,636)
Increase (Decrease) in Stockholders' Equity
Net income	(16,482,620)	0	0	(16,482,620)
Stock Issued During Period Value Share Based Compensation	0	29	(29)	0
Amortization of stock based compensation	27,970	0	27,970	0
Ending Balances at Dec. 31, 2017	55,692,248	12,725	334,878,779	(279,199,256)
Increase (Decrease) in Stockholders' Equity
Net income	(26,778,161)	0	0	(26,778,161)
Stock Issued During Period Value Share Based Compensation	0	35	(35)	0
Class A common shares sold directly to employees	199,997	83	199,914	0
Stock Repurchased And Retired During Period Value	(165,423)	(70)	(165,353)	0
Amortization of stock based compensation	5,960	0	5,960	0
Ending Balances at Dec. 31, 2018	$ 28,954,621	$ 12,773	$ 334,919,265	$ (305,977,417)

- Definition

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

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+ Details

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ (26,778,161)	$ (16,482,620)
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Stock based compensation	5,960	27,970
Depreciation	76,637	77,107
Deferred income tax provision (benefit)	21,321,763	19,308,479
Losses (gains) on mortgage-backed securities	7,883,307	2,066,945
Gains on retained interests in securitizations	(1,103,466)	(645,221)
Unrealized losses on Orchid Island Capital, Inc. common stock	(4,392,904)	(2,206,541)
Realized and unrealized losses on TBA securities	(1,193,984)	0
Changes in operating assets and liabilities
Accrued interest receivable	(34,414)	(233,361)
Other assets	(986,069)	187,665
Accrued interest payable	331,818	232,245
Other liabilities	65,939	(414,367)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	6,370,202	6,331,383
From mortgage-backed securities investments
Purchases	(94,517,053)	(95,585,190)
Sales	60,431,192	1,654,834
Principal repayments	23,470,494	12,473,268
Payments received on retained interests in securitizations	426,414	1,105,577
Proceeds From Termination of Retained Interests	4,968,740	0
Costs Associated With the Termination of Retained Interests	3,638,308	0
Purchases of property and equipment	(15,392)	(29,379)
Net setlement of forward settling TBA contracts	256,484	0
Purchases of Orchid Island Capital Inc., common stock	0	1,204,235
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(9,130,397)	(81,585,125)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase agreements	1,557,896,426	1,028,157,893
Principal payments on repurchase agreements	(1,557,683,177)	(949,802,728)
Payments For Repurchase Of Common Stock	165,423	0
Class A common shares sold directly to employees	199,997	0
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	247,823	78,355,165
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(2,512,372)	3,101,423
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	8,752,860	5,651,437
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	6,240,488	8,752,860
Cash paid during the period for:
Interest	5,188,009	2,801,122
Income Taxes	955,128	295,943
TBA Contracts [Member]
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Realized and unrealized losses on TBA securities	(1,193,984)	0
From mortgage-backed securities investments
Net setlement of forward settling TBA contracts	$ (256,484)	$ 0

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Organization and Significant Accounting Policies

BIMINI CAPITAL MANAGEMENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Business Description

Bimini Capital Management, Inc., a Maryland corporation (“Bimini Capital” or the “Company”) formed in September 2003, is a holding company. The Company’s principal operating subsidiaries are Bimini Advisors Holdings, LLC (formerly known as Bimini Advisors, Inc.) and Royal Palm Capital, LLC (formerly known as MortCo TRS, LLC).

Bimini Advisors Holdings, LLC and its wholly-owned subsidiary, Bimini Advisors, LLC (a registered investment advisor), are collectively referred to as "Bimini Advisors." Bimini Advisors manages a residential mortgage-backed securities (“MBS”) portfolio for Orchid Island Capital, Inc. ("Orchid") and receives fees for providing these services. Bimini Advisors also manages the MBS portfolio of Royal Palm Capital, LLC.

Royal Palm Capital, LLC maintains an investment portfolio, consisting primarily of MBS investments, for its own benefit. Royal Palm Capital, LLC and its wholly-owned subsidiaries are collectively referred to as "Royal Palm."

Consolidation

The accompanying consolidated financial statements include the accounts of Bimini Capital, Bimini Advisors and Royal Palm. All inter-company accounts and transactions have been eliminated from the consolidated financial statements.

Financial Accounting Standards Board (the "FASB") Accounting Standards Codification ("ASC") Topic 810, Consolidation, requires the consolidation of a variable interest entity ("VIE") by an enterprise if it is deemed the primary beneficiary of the VIE. Bimini Capital has a common share investment in a trust used in connection with the issuance of Bimini Capital's junior subordinated notes. See Note 11 for a description of the accounting used for this VIE.

Variable Interest Entities (VIEs)

We obtain interests in VIEs through our investments in mortgage-backed securities. Our interests in these VIEs are passive in nature and are not expected to result in us obtaining a controlling financial interest in these VIEs in the future. As a result, we do not consolidate these VIEs and we account for our interests in these VIEs as mortgage-backed securities. See Note 3 for additional information regarding our investments in mortgage-backed securities. Our maximum exposure to loss for these VIEs is the carrying value of the mortgage-backed securities.

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 consolidated financial statements include determining the fair values of MBS, investment in Orchid common shares, derivatives and retained interests, determining the amounts of asset valuation allowances, and the computation of the income tax provision or benefit and the deferred tax asset allowances recorded for each accounting period.

Statement of Comprehensive Income

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

Segment Reporting

The Company’s operations are classified into two principal reportable segments: the asset management segment and the investment portfolio segment. These segments are evaluated by management in deciding how to allocate resources and in assessing performance. The accounting policies of the operating segments are the same as the Company’s accounting policies described in this note with the exception that inter-segment revenues and expenses are included in the presentation of segment results. For further information see Note 18.

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents include cash on deposit with financial institutions and highly liquid investments with original maturities of three months or less at the time of purchase. Restricted cash includes cash pledged as collateral for repurchase agreements and derivative instruments. The following table presents the Company’s cash, cash equivalents and restricted cash as of December 31, 2018 and 2017.

(in thousands)
	2018		2017
Cash and cash equivalents	$	4,947,801	$	6,103,250
Restricted cash		1,292,687		2,649,610
Total cash, cash equivalents and restricted cash	$	6,240,488	$	8,752,860

The Company maintains cash balances at several banks, and, at times, these balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. The Federal Deposit Insurance Corporation insures eligible accounts up to $250,000 per depositor at each financial institution. At December 31, 2018, the Company’s cash deposits exceeded federally insured limits by approximately $4.3 million. Restricted cash balances are uninsured, but are held in separate accounts that are segregated from the general funds of the counterparty. The Company limits uninsured balances to only large, well-known banks and exchange clearing members and believes that it is not exposed to significant credit risk on cash and cash equivalents or restricted cash balances.

Advisory Services

Orchid is externally managed and advised by Bimini Advisors pursuant to the terms of a management agreement. Under the terms of the management agreement, Orchid is obligated to pay Bimini Advisors a monthly management fee and a pro rata portion of certain overhead costs and to reimburse the Company for any direct expenses incurred on its behalf. Revenue from management fees is recognized over the period of time in which the service is performed.

Mortgage-Backed Securities

The Company invests primarily in mortgage pass-through (“PT”) certificates, collateralized mortgage obligations, and interest-only (“IO”) securities and inverse interest-only (“IIO”) securities representing interest in or obligations backed by pools of mortgage-backed loans. The Company has elected to account for its investment in MBS under the fair value option. Electing the fair value option requires the Company to record changes in fair value in the consolidated statement of operations, which, in management’s view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed.

The Company records MBS transactions on the trade date. Security purchases that have not settled as of the balance sheet date are included in the MBS balance with an offsetting liability recorded, whereas securities sold that have not settled as of the balance sheet date are removed from the MBS balance with an offsetting receivable recorded.

The fair value of the Company’s investment in MBS is governed by ASC Topic 820, Fair Value Measurement. The definition of fair value in 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 independent pricing sources and/or third-party broker quotes, when available.

Income on PT MBS is based on the stated interest rate of the security. Premiums or discounts present at the date of purchase are not amortized. Premium lost and discount accretion resulting from monthly principal repayments are reflected in unrealized gains (losses) on MBS in the consolidated statements of operations. For IO securities, the income is accrued based on the carrying value and the effective yield. The difference between income accrued and the interest received on the security is characterized as a return of investment and serves to reduce the asset’s carrying value. At each reporting date, the effective yield is adjusted prospectively for future reporting periods based on the new estimate of prepayments and the contractual terms of the security. For IIO securities, effective yield and income recognition calculations also take into account the index value applicable to the security. Changes in fair value of MBS during each reporting period are recorded in earnings and reported as unrealized gains or losses on mortgage-backed securities in the accompanying consolidated statements of operations. The amount reported as unrealized gains or losses on mortgage backed securities thus captures the net effect of changes in the fair market value of securities caused by market developments and any premium or discount lost as a result of principal repayments during the period.

Orchid Island Capital, Inc. Common Stock

The Company has elected the fair value option for its investment in Orchid common shares. The change in the fair value of this investment and dividends received on this investment are reflected in the consolidated statements of operations. We estimate the fair value of our investment in Orchid on a market approach using “Level 1” inputs based on the quoted market price of Orchid’s common stock on a national stock exchange. Electing the fair value option requires the Company to record changes in fair value in the consolidated statements of operations, which, in management’s view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with how the investment is managed.

Retained Interests in Securitizations

Retained interests in the subordinated tranches of securities created in securitization transactions were initially recorded at their fair value when issued by Royal Palm. Subsequent adjustments to fair value were reflected in the consolidated statements of operations.

Derivative Financial Instruments

The Company uses derivative instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may continue to do so in the future. The principal instruments that the Company has used to date are Treasury Note (“T-Note”) and Eurodollar futures contracts, and “to-be-announced” (“TBA”) securities, but it may enter into other derivatives in the future.

The Company accounts for TBA securities as derivative instruments if either the TBA securities do not settle in the shortest period of time possible or if the Company cannot assert that it is probable at inception of the TBA transaction, or throughout its term, that it will take physical delivery of the MBS for a long position, or make delivery of the MBS for a short position, upon settlement of the trade. Gains and losses associated with TBA securities transactions are reported in gain (loss) on derivative instruments in the accompanying consolidated statements of operations.

FASB ASC Topic 815, Derivatives and Hedging, requires that all derivative instruments be carried at fair value. Changes in fair value are recorded in the consolidated statements of operations for each period. The Company does not designate any of its derivative financial instruments as hedges in order to align the accounting treatment of its derivative instruments with the treatment of its portfolio assets under the fair value option election.

Holding derivatives creates exposure to credit risk related to the potential for failure by counterparties to honor their commitments. In addition, the Company may be required to post collateral based on any declines in the market value of the derivatives. In the event of default by a counterparty, the Company may have difficulty recovering its collateral and may not receive payments provided for under the terms of the agreement. To mitigate this risk, the Company uses only well-established commercial banks as counterparties.

Financial Instruments

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, Orchid common stock, derivative assets and liabilities, interest rate swaptions 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 17 of the consolidated financial statements.

The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, other assets, repurchase agreements, accrued interest payable and other liabilities generally approximates their carrying value due to the short-term nature of these financial instruments.

It is impractical to estimate the fair value of the Company’s junior subordinated notes. Currently, there is a limited market for these types of instruments and the Company is unable to ascertain what interest rates would be available to the Company for similar financial instruments. Further information regarding these instruments is presented in Note 11 to the consolidated financial statements.

Property and Equipment, net

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

Repurchase Agreements

The Company finances the acquisition of the majority of its PT MBS through the use of repurchase agreements under master repurchase agreements. Pursuant to ASC Topic 860, Transfers and Servicing, the Company accounts for repurchase transactions as collateralized financing transactions, which are carried at their contractual amounts, including accrued interest, as specified in the respective agreements.

Share-Based Compensation

The Company follows the provisions of 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. 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 the issuance of the common stock.

Earnings Per Share

The Company follows the provisions of 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 dividend distributions 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 treasury stock or two-class method, as applicable for common stock equivalents. However, the common stock equivalents are not included in computing diluted EPS if the result is anti-dilutive.

Outstanding shares of Class B Common Stock, participating and convertible into Class A Common Stock, are entitled to receive dividends in an amount equal to the dividends declared, if any, on each share of Class A Common Stock. Accordingly, shares of the Class B Common Stock are included in the computation of basic EPS using the two-class method and, consequently, are presented separately from Class A Common Stock.

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

Income Taxes

Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities represent the differences between the financial statement and income tax bases of assets and liabilities using enacted tax rates. The measurement of net deferred tax assets is adjusted by a valuation allowance if, based on the Company’s evaluation, it is more likely than not that they will not be realized.

The Company’s U.S. federal income tax returns for years ended on or after December 31, 2015 remain open for examination. Although management believes its calculations for tax returns are correct and the positions taken thereon are reasonable, the final outcome of tax audits could be materially different from the tax returns filed by the Company, and those differences could result in significant costs or benefits to the Company. For tax filing purposes, Bimini Capital and Bimini Advisors are consolidated as a single tax paying entity. Royal Palm files as a separate tax paying entity.

The Company measures, recognizes and presents its uncertain tax positions in accordance with ASC Topic 740, Income Taxes. Under that guidance, the Company assesses the likelihood, based on their technical merit, that tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. The measurement of uncertain tax positions is adjusted when new information is available, or when an event occurs that requires a change. The Company recognizes tax positions in the financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The difference between the benefit recognized and the tax benefit claimed on a tax return is referred to as an unrecognized tax benefit and is recorded as a liability in the consolidated balance sheets. The Company records income tax-related interest and penalties, if applicable, within the income tax provision.

On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed into law by President Trump. The Tax Reform Act significantly revised the U.S. corporate income tax code by, among other things, lowering the U.S. corporate tax rate from 35% to 21%, effective January 1, 2018. GAAP requires that the effects of a change in tax rate on the value of deferred tax assets and deferred tax liabilities be recognized upon enactment. See Note 15 for further details of the impact of the Tax Reform Act on the Company.

Recent Accounting Pronouncements

In November 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows – (Topic 230): Restricted Cash. ASU 2016-18 requires that restricted cash and restricted cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. ASU 2016-18 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017. Early application is permitted. The Company adopted the ASU beginning with the first quarter of 2017.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows – (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU 2016-15 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017. Early application is permitted. The Company’s adoption of this ASU did not have a material impact on its consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). ASU 2016-13 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2019. Early application is permitted for fiscal periods beginning after December 15, 2018. The Company does not believe the adoption of this ASU will have a material impact on its consolidated financial statements.

In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 provides guidance for the recognition, measurement, presentation and disclosure of financial assets and financial liabilities. ASU 2016-01 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017 and, for most provisions, is effective using the cumulative-effect transition approach. Early application is permitted for certain provisions. The Company’s adoption of this ASU did not have a material impact on its consolidated financial statements.

ADVISORY SERVICES

12 Months Ended

Dec. 31, 2018

Advisory Services [Abstract]

Advisory Services [Text Block]

NOTE 2. ADVISORY SERVICES

Bimini Advisors serves as the manager and advisor for Orchid pursuant to the terms of a management agreement. As Manager, Bimini Advisors is responsible for administering Orchid's business activities and day-to-day operations. Pursuant to the terms of the management agreement, Bimini Advisors provides Orchid with its management team, including its officers, along with appropriate support personnel. Bimini Advisors is at all times subject to the supervision and oversight of Orchid's board of directors and has only such functions and authority as delegated to it. Bimini Advisors receives a monthly management fee in the amount of:

One-twelfth of 1.5% of the first $250 million of the Orchid’s month-end equity, as defined in the management agreement,
One-twelfth of 1.25% of the Orchid’s month-end equity that is greater than $250 million and less than or equal to $500 million, and
One-twelfth of 1.00% of the Orchid’s month-end equity that is greater than $500 million.

Orchid is obligated to reimburse Bimini Advisors for any direct expenses incurred on its behalf and to pay to Bimini Advisors an amount equal to Orchid's pro rata portion of certain overhead costs set forth in the management agreement. The management agreement has been renewed through February 20, 2020 and provides for automatic one-year extension options thereafter. Should Orchid terminate the management agreement without cause, it will pay to Bimini Advisors a termination fee equal to three times the average annual management fee, as defined in the management agreement, before or on the last day of the automatic renewal term.

The following table summarizes the advisory services revenue from Orchid for the years ended December 31, 2018 and 2017.

(in thousands)
		2018		2017
Management fee	$	6,204	$	5,855
Allocated overhead		1,567		1,576
Total	$	7,771	$	7,431

At December 31, 2018 and 2017, the net amount due from Orchid was approximately $0.7 million and $0.8 million, respectively. These amounts are included in “other assets” in the consolidated balance sheets.

MORTGAGE-BACKED SECURITIES

12 Months Ended

Dec. 31, 2018

Mortgage Backed Securities [Abstract]

Mortgage-Backed Securities

NOTE 3. MORTGAGE-BACKED SECURITIES

The following table presents the Company’s MBS portfolio as of December 31, 2018 and 2017:

(in thousands)
	2018		2017
Fixed-rate Mortgages	$	209,675	$	207,179
Interest-Only Securities		2,021		1,476
Inverse Interest-Only Securities		728		1,037
Total	$	212,424	$	209,692

At December 31, 2018 and 2017, the portfolio consisted entirely of securities with contractual maturities in excess of ten years. 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.

RETAINED INTERESTS IN SECURITIZATIONS

12 Months Ended

Dec. 31, 2018

Retained Interests In Securitizations [Abstract]

Retained Interests In Securitizations

NOTE 4. RETAINED INTERESTS IN SECURITIZATIONS

The following table summarizes the estimated fair value of the Company’s retained interests in asset backed securities as of December 31, 2018 and 2017. The 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.

(in thousands)
Series	Issue Date	2018		2017
HMAC 2004-3	June 30, 2004	$	-	$	177
HMAC 2004-4	August 16, 2004		-		386
HMAC 2004-5	September 28, 2004		-		90
Total		$	-	$	653

During the year ended December 31, 2018, the Company exercised its optional early termination rights and received net distributions of approximately $1.4 million. That distribution, along with the cash flow of approximately $0.4 million received prior to the exercise, resulted in a gain of $1.1 million for the year that was recorded in gains on retained interests in securitizations on the Consolidated Statements of Operations.

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2018

Property Plant And Equipment [Abstract]

Property And Equipment [Text Block]

NOTE 5. PROPERTY AND EQUIPMENT, NET

The composition of property and equipment at December 31, 2018 and 2017 follows:

(in thousands)
		2018		2017
Land	$	2,247	$	2,247
Buildings and improvements		1,827		1,827
Computer equipment and software		181		165
Office furniture and equipment		198		198
Total cost		4,453		4,437
Less accumulated depreciation and amortization		1,155		1,078
Property and equipment, net	$	3,298	$	3,359

Depreciation of property and equipment totaled approximately $77,000 and $77,000 for the years ended December 31, 2018 and 2017, respectively.

OTHER ASSETS

12 Months Ended

Dec. 31, 2018

Other Assets [Abstract]

Other Current Assets [TextBlock]

NOTE 6. OTHER ASSETS

The composition of other assets at December 31, 2018 and 2017 follows:

(in thousands)
		2018		2017
Prepaid expenses	$	299	$	468
Refundable income taxes withheld		1,430		-
Servicing advances		207		243
Servicing sale receivable, including accrued interest		223		222
Investment in Bimini Capital Trust II		804		804
Due from affiliates		654		797
Other		124		220
Total other assets	$	3,741	$	2,754

Receivables are carried at their estimated collectible amounts. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of the counterparty to make required payments, if any. Management considers the following factors when determining the collectability of specific accounts: past transaction activity, current economic conditions and changes in payment terms. Amounts that the Company determines are no longer collectible are written off. As of December 31, 2018 and 2017, management determined that no allowance for doubtful accounts was necessary. Collections on amounts previously written off are included in income as received.

REPURCHASE AGREEMENTS

12 Months Ended

Dec. 31, 2018

Disclosure of Repurchase Agreements [Abstract]

Repurchase Agreements

NOTE 7. REPURCHASE AGREEMENTS

As of December 31, 2018, the Company had outstanding repurchase agreement obligations of approximately $200.4 million with a net weighted average borrowing rate of 2.56%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $213.1 million, and cash pledged to counterparty of approximately $0.2 million. As of December 31, 2017, the Company had outstanding repurchase agreement obligations of approximately $200.2 million with a net weighted average borrowing rate of 1.52%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $210.0 million, and cash pledged to counterparty of approximately $2.2 million.

As of December 31, 2018 and December 31, 2017, the Company’s repurchase agreements had remaining maturities as summarized below:

($ in thousands)
		OVERNIGHT		BETWEEN 2		BETWEEN 31			GREATER
		(1 DAY OR		AND		AND			THAN
		LESS)		30 DAYS		90 DAYS			90 DAYS		TOTAL
December 31, 2018
Fair value of securities pledged, including accrued
	interest receivable	$	-	$	107,876	$	105,251	$	-	$	213,127
Repurchase agreement liabilities associated with
	these securities	$	-	$	101,327	$	99,069	$	-	$	200,396
Net weighted average borrowing rate			-		2.56%		2.56%		-		2.56%
December 31, 2017
Fair value of securities pledged, including accrued
	interest receivable	$	-	$	94,649	$	115,350	$	-	$	209,999
Repurchase agreement liabilities associated with
	these securities	$	-	$	90,686	$	109,497	$	-	$	200,183
Net weighted average borrowing rate			-		1.47%		1.56%		-		1.52%

If, during the term of a repurchase agreement, a lender files for bankruptcy, the Company might experience difficulty recovering its pledged assets, which could result in an unsecured claim against the lender for the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged to such lender, including the accrued interest receivable, and cash posted by the Company as collateral, if any. At December 31, 2018 and December 31, 2017, the Company had an aggregate amount at risk (the difference between the amount loaned to the Company, including interest payable, and the fair value of securities and cash pledged (if any), including accrued interest on such securities) with all counterparties of approximately $12.4 million and $11.7 million, respectively. Summary information regarding amounts at risk with individual counterparties greater than 10% of equity at December 31, 2018 is presented in the table below. The Company did not have an amount at risk with any individual counterparty greater than 10% of the Company’s equity at December 31, 2017.

($ in thousands)
			% of	Weighted
			Stockholders'	Average
		Amount	Equity	Maturity
Repurchase Agreement Counterparties		at Risk	at Risk	(in Days)
ED&F Man Capital Markets Inc.	$	4,037	13.9%	17
Mirae Asset Securities (USA) Inc.		3,506	12.1%	40

DERIVATIVE FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

NOTE 8. DERIVATIVE FINANCIAL INSTRUMENTS

In connection with its interest rate risk management strategy, the Company economically hedges a portion of the cost of its repurchase agreement funding and junior subordinated notes by entering into derivatives and other hedging contracts. To date, the Company has entered into Eurodollar and T-Note futures contracts, but may enter into other contracts in the future. The Company has not elected hedging treatment under GAAP, and as such all gains or losses (realized and unrealized) on these instruments are reflected in earnings for all periods presented.

In addition, the Company utilizes TBA securities as a means of investing in and financing MBS or as a means of reducing its exposure to MBS. The Company accounts for TBA securities as derivative instruments if either the TBA securities do not settle in the shortest period of time possible or if the Company cannot assert that it is probable at inception and throughout the term of the TBA securities that it will take physical delivery of the MBS for a long position, or make delivery of the MBS for a short position, upon settlement of the trade.

Derivative Assets (Liabilities), at Fair Value

The table below summarizes fair value information about our derivative assets and liabilities as of September 30, 2018 and December 31, 2017.

(in thousands)
Derivative Instruments and Related Accounts	Balance Sheet Location	December 31, 2018		December 31, 2017
Liabilities
TBA Securities	Other liabilities	$	938	$	-
Total derivative liabilities, at fair value		$	938	$	-

Margin Balances Posted to (from) Counterparties
Futures contracts	Restricted cash	$	520	$	442
TBA securities	Restricted cash		543		-
Total margin balances on derivative contracts		$	1,063	$	442

Eurodollar and T-Note futures are cash settled futures contracts on an interest rate, with gains and losses credited or charged to the Company’s cash accounts on a daily basis. A minimum balance, or “margin”, is required to be maintained in the account on a daily basis. The tables below present information related to the Company’s Eurodollar futures positions at December 31, 2018 and December 31, 2017.

($ in thousands)
As of December 31, 2018
		Repurchase Agreement Funding Hedges
		Average	Weighted	Weighted
		Contract	Average	Average
		Notional	Entry	LIBOR		Open
Expiration Year		Amount	Rate	Rate		Equity⁽¹⁾
2019	$	125,000	2.56%	2.67%	$	139
2020		150,000	2.84%	2.49%		(523)
2021		100,000	2.80%	2.46%		(346)
Total / Weighted Average	$	125,000	2.74%	2.54%	$	(730)

($ in thousands)
As of December 31, 2018
		Junior Subordinated Debt Funding Hedges
		Average	Weighted	Weighted
		Contract	Average	Average
		Notional	Entry	LIBOR		Open
Expiration Year		Amount	Rate	Rate		Equity⁽¹⁾
2019	$	26,000	1.63%	2.68%	$	271
2020		26,000	1.95%	2.49%		142
2021		26,000	2.22%	2.46%		61
Total / Weighted Average	$	26,000	1.93%	2.54%	$	474

($ in thousands)
As of December 31, 2017
		Repurchase Agreement Funding Hedges
		Average	Weighted	Weighted
		Contract	Average	Average
		Notional	Entry	LIBOR		Open
Expiration Year		Amount	Rate	Rate		Equity⁽¹⁾
2018	$	60,000	1.90%	1.97%	$	41
2019		60,000	2.32%	2.27%		(31)
2020		60,000	2.60%	2.36%		(145)
2021		60,000	2.80%	2.42%		(230)
Total / Weighted Average	$	60,000	2.41%	2.25%	$	(365)

($ in thousands)
As of December 31, 2017
		Junior Subordinated Debt Funding Hedges
		Average	Weighted	Weighted
		Contract	Average	Average
		Notional	Entry	LIBOR		Open
Expiration Year		Amount	Rate	Rate		Equity⁽¹⁾
2018	$	26,000	1.84%	1.97%	$	33
2019		26,000	1.63%	2.27%		166
2020		26,000	1.95%	2.36%		107
2021		26,000	2.22%	2.42%		51
Total / Weighted Average	$	26,000	1.91%	2.25%	$	357

Open equity represents the cumulative gains (losses) recorded on open futures positions from inception.

The following table summarizes our contracts to purchase and sell TBA securities as of December 31, 2018.

($ in thousands)
			Notional						Net
			Amount		Cost		Market		Carrying
			Long (Short)⁽¹⁾		Basis⁽²⁾		Value⁽³⁾		Value⁽⁴⁾
December 31, 2018
30-Year TBA Securities:
	3.0%	$	(50,000)	$	(47,844)	$	(48,782)	$	(938)

(1) Notional amount represents the par value (or principal balance) of the underlying Agency MBS.

(2) Cost basis represents the forward price to be paid (received) for the underlying Agency MBS.

(3) Market value represents the current market value of the TBA securities (or of the underlying Agency MBS) as of period-end.

(4) Net carrying value represents the difference between the market value and the cost basis of the TBA securities as of period-end and is reported in derivative assets (liabilities), at fair value in our consolidated balance sheets.

Losses From Derivative Instruments, Net

The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the years ended December 31, 2018 and 2017.

(in thousands)
			2018		2017
Eurodollar futures contracts (short positions)
	Repurchase agreement funding hedges	$	(82)	$	(32)
	Junior subordinated debt funding hedges		241		(14)
T-Note futures contracts (short positions)
	Repurchase agreement funding hedges		759		-
Net TBA securities			(1,194)		-
Losses on derivative instruments		$	(276)	$	(46)

Credit Risk-Related Contingent Features

The use of derivatives creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the contracts. The Company attempts to minimize this risk in several ways. For instruments which are not centrally cleared on a registered exchange, the Company limits it counterparties to major financial institutions with acceptable credit ratings, and by monitoring positions with individual counterparties. In addition, the Company may be required to pledge assets as collateral for its derivatives, whose amounts vary over time based on the market value, notional amount and remaining term of the derivative contract. In the event of a default by a counterparty, the Company may not receive payments provided for under the terms of its derivative agreements, and may have difficulty recovering its assets pledged as collateral for its derivatives. The cash and cash equivalents pledged as collateral for the Company’s derivative instruments are included in restricted cash on the consolidated balance sheets.

PLEDGED ASSETS

12 Months Ended

Dec. 31, 2018

Financial Instruments Pledged as Collateral [Abstract]

Pledged Assets [Text Block]

NOTE 9. PLEDGED ASSETS

Assets Pledged to Counterparties

The table below summarizes Bimini’s assets pledged as collateral under its repurchase agreements and derivative agreements as of December 31, 2018 and 2017.

($ in thousands)
	December 31, 2018						December 31, 2017
		Repurchase		Derivative				Repurchase		Derivative
Assets Pledged to Counterparties		Agreements		Agreements		Total		Agreements		Agreements		Total
PT MBS - at fair value	$	209,675	$	-	$	209,675	$	207,179	$	-	$	207,179
Structured MBS - at fair value		2,675		-		2,675		2,091		-		2,091
Accrued interest on pledged securities		777		-		777		730		-		730
Cash		230		1,063		1,293		2,208		442		2,650
Total	$	213,357	$	1,063	$	214,420	$	212,208	$	442	$	212,650

Assets Pledged from Counterparties

The table below summarizes assets pledged to Bimini from counterparties under repurchase agreements as of December 31, 2018 and 2017.

($ in thousands)
Assets Pledged to Bimini	December 31, 2018		December 31, 2017
Cash	$	371	$	-
Total	$	371	$	-

Cash received as margin is recognized in cash and cash equivalents with a corresponding amount recognized as an increase in repurchase agreements in the consolidated balance sheets.

OFFSETTING ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2018

Offsetting [Abstract]

Offsetting Assets And Liabilities [Text Block]

NOTE 10. OFFSETTING ASSETS AND LIABILITIES

The Company’s repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of offset in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its assets and liabilities subject to these arrangements on a gross basis. The following table presents information regarding those assets and liabilities subject to such arrangements as if the Company had presented them on a net basis as of December 31, 2018 and 2017.

(in thousands)
Offsetting of Liabilities
					Net Amount		Gross Amount Not Offset in the
					of Liabilities		Consolidated Balance Sheet
			Gross Amount		Presented		Financial
	Gross Amount		Offset in the		in the		Instruments		Cash
	of Recognized		Consolidated		Consolidated		Posted as		Posted as		Net
	Liabilities		Balance Sheet		Balance Sheet		Collateral		Collateral		Amount
December 31, 2018
Repurchase Agreements	$	200,396	$	-	$	200,396	$	(200,166)	$	(230)	$	-
TBA securities		938		-		938		-		(543)		395
	$	201,334	$	-	$	201,334	$	(200,166)	$	(773)	$	395
December 31, 2017
Repurchase Agreements	$	200,183	$	-	$	200,183	$	(197,975)	$	(2,208)	$	-

The amounts disclosed for collateral received by or posted to the same counterparty are limited to the amount sufficient to reduce the asset or liability presented in the consolidated balance sheet to zero in accordance with ASC 210-20-50. The fair value of the actual collateral received by or posted to the same counterparty typically exceeds the amounts presented. See Note 9 for a discussion of collateral posted for, or received against, repurchase obligations and derivative instruments.

TRUST PREFERRED SECURITIES	12 Months Ended
TRUST PREFERRED SECURITIES	Dec. 31, 2018
Trust Preferred Securities [Abstract]
Trust Preferred Securities	NOTE 11. 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 December 31, 2018 and 2017, 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 December 31, 2018, the interest rate was 6.29%. The BCTII trust preferred securities and Bimini Capital's BCTII Junior Subordinated Notes require quarterly interest distributions and are redeemable at Bimini Capital's option, in whole or in part and without penalty. Bimini Capital's BCTII Junior Subordinated Notes are subordinate and junior in right of payment to all present and future senior indebtedness. BCTII is a VIE because the holders of the equity investment at risk do not have adequate decision making ability over BCTII’s activities. Since Bimini Capital's investment in BCTII's common equity securities was financed directly by BCTII as a result of its loan of the proceeds to Bimini Capital, that investment is not considered to be an equity investment at risk. Since Bimini Capital's common share investment in BCTII is not a variable interest, Bimini Capital is not the primary beneficiary of BCTII. Therefore, Bimini Capital has not consolidated the financial statements of BCTII into its consolidated financial statements and this investment is accounted for on the equity method. The accompanying consolidated financial statements present Bimini Capital's BCTII Junior Subordinated Notes issued to BCTII as a liability and Bimini Capital's investment in the common equity securities of BCTII as an asset (included in other assets). For financial statement purposes, Bimini Capital records payments of interest on the Junior Subordinated Notes issued to BCTII as interest expense.

CAPITAL STOCK

12 Months Ended

Dec. 31, 2018

Capital Stock [Abstract]

Capital Stock

NOTE 12. CAPITAL STOCK

Authorized Shares

The total number of shares of capital stock which the Company has the authority to issue is 110,000,000 shares, classified as 100,000,000 shares of common stock, and 10,000,000 shares of preferred stock. The Board of Directors has the authority to classify any unissued shares by setting or changing in any one or more respects the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications or terms or conditions of redemption of such shares.

Common Stock

Of the 100,000,000 authorized shares of common stock, 98,000,000 shares were designated as Class A common stock, 1,000,000 shares were designated as Class B common stock and 1,000,000 shares were designated as Class C common stock. Holders of shares of common stock have no sinking fund or redemption rights and have no pre-emptive rights to subscribe for any of the Company’s securities. All common shares have a $0.001 par value.

Class A Common Stock

Each outstanding share of Class A common stock entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors. Holders of shares of Class A common stock are not entitled to cumulate their votes in the election of directors.

Subject to the preferential rights of any other class or series of stock and to the provisions of the Company's charter, as amended, regarding the restrictions on transfer of stock, holders of shares of Class A common stock are entitled to receive dividends on such stock if, as and when authorized and declared by the Board of Directors.

Class B Common Stock

Each outstanding share of Class B common stock entitles the holder to one vote on all matters submitted to a vote of common stockholders, including the election of directors. Holders of shares of Class B common stock are not entitled to cumulate their votes in the election of directors. Holders of shares of Class A common stock and Class B common stock shall vote together as one class in all matters except that any matters which would adversely affect the rights and preferences of Class B common stock as a separate class shall require a separate approval by holders of a majority of the outstanding shares of Class B common stock. Holders of shares of Class B common stock are entitled to receive dividends on each share of Class B common stock 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.

Each share of Class B common stock shall automatically be converted into one share of Class A common stock on the first day of the fiscal quarter following the fiscal quarter during which the Company's Board of Directors were notified that, as of the end of such fiscal quarter, the stockholders' equity attributable to the Class A common stock, calculated on a pro forma basis as if conversion of the Class B common stock (or portion thereof to be converted) had occurred, and otherwise determined in accordance with GAAP, equals no less than $150.00 per share (adjusted equitably for any stock splits, stock combinations, stock dividends or the like); provided, that the number of shares of Class B common stock to be converted into Class A common stock in any quarter shall not exceed an amount that will cause the stockholders' equity attributable to the Class A common stock calculated as set forth above to be less than $150.00 per share; provided further, that such conversions shall continue to occur until all shares of Class B common stock have been converted into shares of Class A common stock; and provided further, that the total number of shares of Class A common stock issuable upon conversion of the Class B common stock shall not exceed 3% of the total shares of common stock outstanding prior to completion of an initial public offering of Bimini Capital's Class A common stock.

Class C Common Stock

No dividends will be paid on the Class C common stock. Holders of shares of Class C common stock are not entitled to vote on any matter submitted to a vote of stockholders, including the election of directors, except that any matters that would adversely affect the rights and privileges of the Class C common stock as a separate class shall require the approval of a majority of the Class C common stock.

Each share of Class C common stock shall automatically be converted into one share of Class A common stock on the first day of the fiscal quarter following the fiscal quarter during which the Company's Board of Directors were notified that, as of the end of such fiscal quarter, the stockholders' equity attributable to the Class A common stock, calculated on a pro forma basis as if conversion of the Class C common stock had occurred and giving effect to the conversion of all of the shares of Class B common stock as of such date, and otherwise determined in accordance with GAAP, equals no less than $150.00 per share (adjusted equitably for any stock splits, stock combinations, stock dividends or the like); provided, that the number of shares of Class C common stock to be converted into Class A common stock shall not exceed an amount that will cause the stockholders' equity attributable to the Class A common stock calculated as set forth above to be less than $150.00 per share; and provided further, that such conversions shall continue to occur until all shares of Class C common stock have been converted into shares of Class A common stock and provided further, that the total number of shares of Class A common stock issuable upon conversion of the Class C common stock shall not exceed 3% of the total shares of common stock outstanding prior to completion of an initial public offering of Bimini Capital's Class A common stock.

Preferred Stock

General

There are 10,000,000 authorized shares of preferred stock, with a $0.001 par value per share. The Company's Board of Directors has the authority to classify any unissued shares of preferred stock and to reclassify any previously classified but unissued shares of any series of preferred stock previously authorized by the Board of Directors. Prior to issuance of shares of each class or series of preferred stock, the Board of Directors is required by the Company’s charter to fix the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each such class or series.

Classified and Designated Shares

Pursuant to the Company’s supplementary amendment of its charter, effective November 3, 2005, and by resolutions adopted on September 29, 2005, the Company’s Board of Directors classified and designated 1,800,000 shares of the authorized but unissued preferred stock, $0.001 par value, as Class A Redeemable Preferred Stock and 2,000,000 shares of the authorized but unissued preferred stock as Class B Redeemable Preferred Stock.

Preferred Stock

The Class A Redeemable Preferred Stock and Class B Redeemable Preferred Stock rank equal to each other and shall have the same preferences, rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms; provided, however that the redemption provisions of the Class A Redeemable Preferred Stock and the Class B Redeemable Preferred Stock differ. Each outstanding share of Class A Redeemable Preferred Stock and Class B Redeemable Preferred Stock shall have one-fifth of a vote on all matters submitted to a vote of stockholders (or such lesser fraction of a vote as would be required to comply with the rules and regulations of the NYSE relating to the Company’s right to issue securities without obtaining a stockholder vote). Holders of shares of preferred stock shall vote together with holders of shares of common stock as one class in all matters that would be subject to a vote of stockholders.

The previously outstanding shares of Class A Redeemable Preferred Stock were converted into Class A common stock on April 28, 2006. No shares of the Class B Redeemable Preferred Stock have ever been issued.

In 2015 the Board approved Articles Supplementary to the Company’s charter reclassifying and designating 1,800,000 shares of authorized but unissued Class A Redeemable Preferred Stock and 2,000,000 shares of authorized but unissued Class B Redeemable Preferred Stock into undesignated preferred stock, par value $0.001 per share, of the Company (“Preferred Stock”). After giving effect to the reclassification and designation of the shares of Class A Preferred Stock and Class B Preferred Stock, the Company has authority to issue 10,000,000 shares of undesignated Preferred Stock and no shares of Class A Preferred Stock or Class B Preferred Stock. The Articles Supplementary were filed with the State Department of Assessments and Taxation of Maryland (the “SDAT”) and became effective upon filing on December 21, 2015.

In 2015 the Board approved Articles Supplementary to the Company’s charter creating a new series of Preferred Stock designated as Series A Junior Preferred Stock, par value $0.001 per share, of the Company (the “Series A Preferred Stock”). The Articles Supplementary were filed with the SDAT and became effective upon filing on December 21, 2015.

Rights Plan

On December 21, 2015 the Board adopted a rights agreement and declared a distribution of one preferred stock purchase right (“Right”) for each outstanding share of the Company’s Class A common stock, Class B common stock, and Class C common stock. The distribution was payable to stockholders of record as of the close of business on December 21, 2015.

The Rights. Subject to the terms, provisions and conditions of the Rights Plan, if the Rights become exercisable, each Right would initially represent the right to purchase from the Company one ten-thousandth of a share of Series A Preferred Stock for a purchase price of $4.76, subject to adjustment in accordance with the terms of the Rights Plan (the “Purchase Price”). If issued, each fractional share of Series A Preferred Stock would give the stockholder approximately the same distribution, voting and liquidation rights as does one share of the Company’s Class A common stock. However, prior to exercise, a Right does not give its holder any rights as a stockholder of the Company, including without limitation any distribution, voting or liquidation rights.

Exercisability. The Rights will generally not be exercisable until the earlier of (i) 10 business days after a public announcement by the Company that a person or group has acquired 4.9% or more of the outstanding Class A common stock without the approval of the Board of Directors (an “Acquiring Person”) and (ii) 10 business days after the commencement of a tender or exchange offer by a person or group for 4.9% or more of the Class A common stock.

The date that the Rights may first become exercisable is referred to as the “Distribution Date.” Until the Distribution Date, the Class A common stock, Class B common stock and Class C common stock certificates will represent the Rights and will contain a notation to that effect. Any transfer of shares of Class A common stock, Class B common stock and/or Class C common stock prior to the Distribution Date will constitute a transfer of the associated Rights. After the Distribution Date, the Rights may be transferred other than in connection with the transfer of the underlying shares of Class A common stock, Class B common stock or Class C common stock.

After the Distribution Date and following a determination by the Board that a person is an Acquiring Person, each holder of a Right, other than Rights beneficially owned by the Acquiring Person (which will thereupon become void), will thereafter have the right to receive upon exercise of a Right and payment of the Purchase Price, that number of shares of Class A common stock, Class B common stock or Class C common stock, as the case may be, having a market value of two times the Purchase Price (or, at our option, shares of Series A Preferred Stock or other consideration as provided in the Rights Plan).

Exchange. After the Distribution Date and following a determination by the Board that a person or group is an Acquiring Person, the Board may exchange the Rights (other than Rights owned by such an Acquiring Person which will have become void), in whole or in part, at an exchange ratio of one share of Class A common stock, Class B common stock or Class C common stock, as the case may be, or a fractional share of Series A Preferred Stock (or of a share of a similar class or series of the Company’s preferred stock having similar Rights, preferences and privileges) of equivalent value, per Right (subject to adjustment).

Expiration. The Rights and the Rights Plan will expire on the earliest of (i) December 21, 2025, (ii) the time at which the Rights are redeemed pursuant to the Rights Plan, (iii) the time at which the Rights are exchanged pursuant to the Rights Plan, (iv) the repeal of Section 382 of the Code or any successor statute if the Board determines that the Rights Plan is no longer necessary for the preservation of the applicable tax benefits, (v) the beginning of a taxable year of the Company to which the Board determines that no applicable tax benefits may be carried forward and (vi) the close of business on June 30, 2016 if approval of the Rights Plan by the Company’s stockholders has not been obtained.

Redemption. At any time prior to the time an Acquiring Person becomes such, the Board may redeem the Rights in whole, but not in part, at a price of $0.001 per Right (the “Redemption Price”). The redemption of the Rights may be made effective at such time, on such basis and with such conditions as the Board in its sole discretion may establish. Immediately upon any redemption of the Rights, the right to exercise the Rights will terminate and the only right of the holders of Rights will be to receive the Redemption Price.

Anti-Dilution Provisions. The Board may adjust the Purchase Price, the number of shares of Series A Preferred Stock or other securities issuable and the number of outstanding Rights to prevent dilution that may occur as a result of certain events, including among others, a stock dividend, a forward or reverse stock split or a reclassification of the preferred shares or Class A common stock, Class B common stock or Class C common stock. No adjustments to the Purchase Price of less than 1% will be made.

Anti-Takeover Effects. While this was not the purpose of the Board when adopting the Rights Plan, the Rights will have certain anti-takeover effects. The Rights will cause substantial dilution to any person or group that attempts to acquire the Company without the approval of the Board. As a result, the overall effect of the Rights may be to render more difficult or discourage any attempt to acquire the Company even if such acquisition may be favorable to the interests of the Company’s stockholders. Because the Board can redeem the Rights, the Rights should not interfere with a merger or other business combination approved by the Board.

Amendments. Before the Distribution Date, the Board may amend or supplement the Rights Plan without the consent of the holders of the Rights. After the Distribution Date, the Board may amend or supplement the Rights Plan only to cure an ambiguity, to alter time period provisions, to correct inconsistent provisions, or to make any additional changes to the Rights Plan, but only to the extent that those changes do not impair or adversely affect, in any material respect, any Rights holder and do not result in the Rights again becoming redeemable, and no such amendment may cause the Rights again to become redeemable or cause this Rights Plan again to become amendable other than in accordance with the applicable timing of the Rights Plan.

Issuances of Common Stock

The table below presents information related to the Company’s Class A Common Stock issued during the years ended December 31, 2018 and 2017.

Shares Issued Related To:	2018	2017
Incentive plan shares	35,000	29,000
Shares sold directly to employees	83,332	-
Total shares of Class A Common Stock issued	118,332	29,000

There were no issuances of the Company's Class B Common Stock and Class C Common Stock during the years ended December 31, 2018 and 2017.

Stock Repurchase Plan

On March 26, 2018, the Board of Directors of Bimini Capital Management, Inc. (the “Company”) approved a Stock Repurchase Plan (“Repurchase Plan”). Pursuant to Repurchase Plan, the Company may purchase up to 500,000 shares of its Class A Common Stock from time to time, subject to certain limitations imposed by Rule 10b-18 of the Securities Exchange Act of 1934. Share repurchases may be executed through various means, including, without limitation, open market transactions. The Repurchase Plan does not obligate the Company to purchase any shares. The Repurchase Plan was originally set to expire on November 15, 2018, but was extended by the Board of Directors until November 15, 2019. The authorization for the Share Repurchase Plan may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time.

Through December 31, 2018, the Company repurchased a total of 69,690 shares at an aggregate cost of approximately $165,000, including commissions and fees, for a weighted average price of $2.37 per share. Subsequent to that date, and through March 20, 2019, the Company has repurchased 714 shares for a net cost of approximately $1,500 and a weighted average price of $2.16 per share.

STOCK INCENTIVE PLANS

12 Months Ended

Dec. 31, 2018

Employee Benefits And Share Based Compensation [Abstract]

Stock incentive Plans

NOTE 13. STOCK INCENTIVE PLANS

On August 12, 2011, Bimini Capital’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 Bimini Capital and to associate their interest with those of the Company and its stockholders. The 2011 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.

Performance Units

The Compensation Committee of the Board of Directors of Bimini Capital (the “Committee”) may issue Performance Units under the 2011 Plan to certain officers and employees. “Performance Units” represent the participant’s right to receive an amount, based on the value of a specified number of shares of common stock, if the terms and conditions prescribed by the Committee are satisfied. The Committee will determine the requirements that must be satisfied before Performance Units are earned, including but not limited to any applicable performance period and performance goals. Performance goals may relate to the Company’s financial performance or the participant’s performance or such other criteria determined by the Committee, including goals stated with reference to the performance measures discussed below. If Performance Units are earned, they will be settled in cash, shares of common stock or a combination thereof.

The following table presents the activity related to Performance Units during the years ended December 31, 2018 and December 31, 2017:

	2018			2017
			Weighted-			Weighted-
			Average			Average
			Grant-Date			Grant-Date
	Shares		Fair Value	Shares		Fair Value
Nonvested, at January 1	41,000	$	0.84	70,000	$	1.23
Vested during the period	(35,000)		0.84	(29,000)		1.78
Forfeited during the period	(6,000)		0.84	-		-
Nonvested, at December 31	-	$	-	41,000	$	0.84

($ in thousands)
		2018		2017
Compensation expense recognized during the year	$	6	$	28
Unrecognized compensation expense at year end	$	-	$	11
Weighted-average remaining vesting term (in years)		-		0.9
Intrinsic value of unvested shares at year end	$	-	$	107

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments And Contingencies	NOTE 14. COMMITMENTS AND CONTINGENCIES From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business. Management is not aware of any significant reported or unreported contingencies at December 31, 2018.

INCOME TAXES

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 15. INCOME TAXES

In 2018, the Company recorded an income tax provision of $21.1 million, including a $22.5 million increase in the deferred tax asset valuation allowance as a result of management’s reassessment, as of December 31, 2018, of the Company’s ability to realize tax net operating losses to offset future taxable income. During 2018, Orchid’s book value and monthly dividend decreased significantly, which caused decreases in management fee revenue and dividend income on Orchid stock. Because of this decrease in cash flows, management has revised its estimated utilization of NOL carryforwards in future periods, resulting in an increase in the deferred tax valuation asset allowance.

On December 22, 2017, the Tax Reform Act was signed into law by President Trump. The Tax Reform Act significantly revised the U.S. corporate income tax code by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. GAAP requires that the impact of tax legislation be recognized in the period in which the law was enacted, so accordingly, the Company recorded an income tax provision of $19.4 million for the year ended December 31, 2017, including a charge of $25.9 million due to a remeasurement of deferred tax assets and liabilities resulting from the tax rate reduction.

The income tax (benefit) provision included in the consolidated statements of operations consists of the following for the years ended December 31, 2018 and 2017:

(in thousands)
		2018		2017
Current	$	(195)	$	70
Deferred		21,322		19,308
Income tax provision, net	$	21,127	$	19,378

The net income tax provision differs from the amount computed by applying the federal income tax statutory rate (21 percent for 2018 and 35 percent for 2017) on income or loss before income tax expense. A reconciliation for the years ended December 31, 2018 and 2017 is presented in the table below.

(in thousands)
		2018		2017
Federal (benefit) tax based on statutory rate applicable for each year	$	(1,187)	$	984
State income (benefit) tax		(311)		157
Reduction of deferred tax asset due to enacted decrease in future tax rates		-		25,852
Increase (decrease) of deferred tax asset valuation allowance		22,512		(7,628)
Other		113		13
Income tax provision	$	21,127	$	19,378

Deferred tax assets consisted of the following as of December 31, 2018 and 2017:

(in thousands)
			2018		2017
Deferred tax assets:
	Net operating loss carryforwards	$	58,737	$	59,691
	Orchid Island Capital, Inc. common stock		3,318		2,349
	MBS		1,976		1,038
	Capital loss carryforwards		875		107
	Management agreement		813		813
	Other		219		751
			65,938		64,749
Valuation allowance			(42,735)		(20,224)
Net deferred tax assets		$	23,203	$	44,525

As of December 31, 2018 and 2017, Bimini Capital had tax capital loss carryforwards of approximately $0.3 million and $0.3 million, respectively, which can be used to offset future realized tax capital gains. The capital loss carryforwards will begin to expire in 2019. In addition, as of December 31, 2018 and 2017, Bimini Capital had estimated federal NOL carryforwards of approximately $18.8 million and $19.1 million, respectively, and estimated Florida NOL carryforwards of $18.1 million and $18.4 million, respectively. The NOL carryforwards can be used to offset future taxable income and will begin to expire in 2030.

As of December 31, 2018 and 2017, Royal Palm had tax capital loss carryforwards of approximately $3.2 million and $0.1 million, respectively, which can be used to offset future realized tax capital gains. The capital loss carryforwards will begin to expire in 2022. In addition, as of December 31, 2018, Royal Palm had estimated federal NOL carryforwards of approximately $250.2 million and estimated available Florida NOLs of approximately $22.8 million. As of December 31, 2017, Royal Palm had estimated federal NOL carryforwards of approximately $253.5 million and estimated available Florida NOLs of approximately $26.0 million. These NOLs can be used to offset future taxable income and will begin to expire in 2025.

In connection with Orchid’s 2013 IPO, Bimini Advisors paid for, and expensed for GAAP purposes, certain offering costs totaling approximately $3.2 million. For tax purposes, these offering costs created an intangible asset related to the management agreement with a tax basis of $3.2 million. The deferred tax asset related to the intangible asset at December 31, 2018 and 2017 totaled approximately $0.8 million and $0.8 million, respectively.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of capital loss and NOL carryforwards is dependent upon the generation of future capital gains and taxable income in periods prior to their expiration. The valuation allowance relates primarily to the ability to utilize the NOL carryforwards of Bimini Capital and Royal Palm in future periods and is based on management’s estimated projections of future taxable income. With respect to the utilization of NOL carryforwards at Bimini, management must estimate the dividends the Company will receive on its Orchid share holdings as well as the management fees and overhead sharing payments it will receive from Orchid. With respect to the MBS portfolio at Royal Palm, management makes estimates of various metrics such as the yields on the assets it will acquire, its future funding costs, future prepayment speeds and net interest margin, among others. Management must also estimate the dividends it will receive on its Orchid shares and the cash flows it will receive on the retained interests. Utilization of the NOLs is based on these estimates and the assumptions that management will be able to reinvest retained earnings in order to grow the MBS portfolio going forward and that market value will not be eroded due to adverse market conditions or hedging inefficiencies. These estimates and assumptions may change from year to year to the extent Orchid’s book value changes, thus changing projected management fees and overhead sharing payments, and/or market conditions, including changes in interest rates, such that estimates with respect to the portfolio metrics warrant revisions.

Royal Palm holds residual interests in various real estate mortgage investment conduits (“REMICs”), some of which generate excess inclusion income (“EII”), a type of taxable income pursuant to specific provisions of the Code. During 2010 (as part of the filing of its 2009 tax returns), Royal Palm reached a tax filing position related to the EII taxable income that was different from what was reported in previous periods, and included a notice of inconsistent treatment in its tax returns. Royal Palm continues to file its tax returns following its 2009 tax filing position, and it continues to include a notice of inconsistent treatment in each return.

During 2018, the Company completed a transaction whereby certain securitizations associated with its REMIC positions were terminated by exercising the Company’s optional early termination rights. However, the tax filing position which began in 2009 will continue with respect to the remaining securitizations.

The Company does not believe it has any unrecognized tax benefits included in its consolidated financial statements. The Company has not had any settlements in the current period with taxing authorities, nor has it recognized tax benefits as a result of a lapse of the applicable statute of limitations.

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Share (EPS)

NOTE 16. 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 December 31, 2018 and 2017.

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 December 31, 2018 and 2017.

The Company has dividend eligible stock incentive plan shares that were outstanding during the year ended December 31, 2017. 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 would not be 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)
			2018		2017
Basic and diluted EPS per Class A common share:
Loss attributable to Class A common shares:
	Basic and diluted	$	(26,711)	$	(16,441)
Weighted average common shares:
	Class A common shares outstanding at the balance sheet date		12,709		12,661
	Effect of weighting		2		(28)
Weighted average shares-basic and diluted			12,711		12,633
Loss per Class A common share:
	Basic and diluted	$	(2.10)	$	(1.30)

(in thousands, except per-share information)
			2018		2017
Basic and diluted EPS per Class B common share:
Loss attributable to Class B common shares:
	Basic and diluted	$	(67)	$	(42)
Weighted average common shares:
	Class B common shares outstanding at the balance sheet date		32		32
	Effect of weighting		-		-
Weighted average shares-basic and diluted			32		32
Loss per Class B common share:
	Basic and diluted	$	(2.10)	$	(1.30)

FAIR VALUE

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value

NOTE 17. 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.

MBS, Orchid common stock, retained interests and TBA securities were all recorded at fair value on a recurring basis during 2018 and 2017. 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 Company's MBS and TBA securities are valued using Level 2 valuations, and such valuations currently are determined by the Company based on independent pricing sources and/or third party broker quotes, when available. Because the price estimates may vary, the Company must make certain judgments and assumptions about the appropriate price to use to calculate the fair values. The Company and the independent pricing sources use various valuation techniques to determine the price of the Company’s securities. These techniques include observing the most recent market for like or identical assets, spread pricing techniques (option adjusted spread, zero volatility spread, spread to the treasury curve or spread to a benchmark such as a TBA security), and model driven approaches (the discounted cash flow method, Black Scholes and SABR models which rely upon observable market rates such as the term structure of interest rates and the volatility). The appropriate spread pricing method used is based on market convention. The pricing source determines the spread of recently observed trade activity or observable markets for assets similar to those being priced. The spread is then adjusted based on variances in certain characteristics between the market observation and the asset being priced. Those characteristics include: type of asset, the expected life of the asset, the stability and predictability of the expected future cash flows of the asset, whether the coupon of the asset is fixed or adjustable, the guarantor of the security if applicable, the coupon, the maturity, the issuer, size of the underlying loans, year in which the underlying loans were originated, loan to value ratio, state in which the underlying loans reside, credit score of the underlying borrowers and other variables if appropriate. The fair value of the security is determined by using the adjusted spread.

The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 and 2017:

(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)
December 31, 2018
Mortgage-backed securities	$	212,424	$	-	$	212,424	$	-
Orchid Island Capital, Inc. common stock		9,713		9,713		9,713		-
TBA securities		(938)		-		(938)		-
December 31, 2017
Mortgage-backed securities	$	209,692	$	-	$	209,692	$	-
Orchid Island Capital, Inc. common stock		14,106		14,106		-		-
Retained interests		653		-		-		653

The following table illustrates a roll forward for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2018 and 2017:

(in thousands)
		Retained Interests
		2018		2017
Balances, January 1	$	653	$	1,114
Gain included in earnings		1,103		645
Collections		(1,756)		(1,106)
Balances, December 31	$	-	$	653

During the years ended December 31, 2018 and 2017, there were no transfers of financial assets or liabilities between levels 1, 2 or 3.

The 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.

- Definition

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

+ References + Details

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 18. SEGMENT INFORMATION

The Company’s operations are classified into two principal reportable segments; the asset management segment and the investment portfolio segment.

The asset management segment includes the investment advisory services provided by Bimini Advisors to Orchid and Royal Palm. As discussed in Note 2, the revenues of the asset management segment consist of management fees and overhead reimbursements received pursuant to a management agreement with Orchid. Total revenue received under this management agreement for the years ended December 31, 2018 and 2017, were approximately $7.8 million and $7.4 million, respectively, accounting for approximately 44% and 46% of consolidated revenues, respectively.

The investment portfolio segment includes the investment activities conducted by Royal Palm. The investment portfolio segment receives revenue in the form of interest and dividend income on its investments.

Segment information for the years ended December 31, 2018 and 2017 is as follows:

(in thousands)
	Asset		Investment
	Management		Portfolio		Corporate		Eliminations		Total
2018
Advisory services, external customers	$	7,771	$	-	$	-	$	-	$	7,771
Advisory services, other operating segments⁽¹⁾		251		-		-		(251)		-
Interest and dividend income		-		9,986		2		-		9,988
Interest expense		-		(4,029)		(1,491)⁽²⁾		-		(5,520)
Net revenues		8,022		5,957		(1,489)		(251)		12,239
Other (expense) income		-		(12,794)		1,346 ⁽³⁾		-		(11,448)
Operating expenses⁽⁴⁾		(2,822)		(3,620)		-		-		(6,442)
Intercompany expenses⁽¹⁾		-		(251)		-		251		-
Income (loss) before income taxes	$	5,200	$	(10,708)	$	(143)	$	-	$	(5,651)
Assets	$	1,488	$	245,866	$	12,046	$	-	$	259,400

	Asset		Investment
	Management		Portfolio		Corporate		Eliminations		Total
2017
Advisory services, external customers	$	7,431	$	-	$	-	$	-	$	7,431
Advisory services, other operating segments⁽¹⁾		207		-		-		(207)		-
Interest and dividend income		-		8,572		1		-		8,573
Interest expense		-		(1,796)		(1,237)⁽²⁾		-		(3,033)
Net revenues		7,638		6,776		(1,236)		(207)		12,971
Other (expense) income		-		(4,306)		634 ⁽³⁾		-		(3,672)
Operating expenses⁽⁴⁾		(3,016)		(3,387)		-		-		(6,403)
Intercompany expenses⁽¹⁾		-		(207)		-		207		-
Income (loss) before income taxes	$	4,622	$	(1,124)	$	(602)	$	-	$	2,896
Assets	$	1,632	$	267,429	$	15,528	$	-	$	284,589

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 19. RELATED PARTY TRANSACTIONS Other Relationships with Orchid At both December 31, 2018 and 2017, the Company owned 1,520,036 shares of Orchid common stock, representing approximately 3.1% and 2.9% of Orchid’s outstanding common stock, on such dates. During the years ended December 31, 2018 and 2017, the Company received dividends on this common stock investment of approximately $1.6 million and $2.5 million, respectively. Robert Cauley, our Chief Executive Officer and Chairman of our Board of Directors, also serves as Chief Executive Officer and Chairman of the Board of Directors of Orchid, receives compensation from Orchid, and owns shares of common stock of Orchid. Also, Hunter Haas, our Chief Financial Officer, Chief Investment Officer and Treasurer, also serves as Chief Financial Officer, Chief Investment Officer and Secretary of Orchid, is a member of Orchid’s Board of Directors, receives compensation from Orchid, and owns shares of common stock of Orchid. Robert J. Dwyer and Frank E. Jaumot, our independent directors, each own shares of common stock of Orchid.

BASIS OF PRESENTATION (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Consolidation

Variable Interest Entity [Policy Text Block]

Variable Interest Entities (VIEs)

Basis of Presentation

Use of Estimates

Statement of Comprehensive Income

Segment Reporting Policy [Policy Text Block]

Segment Reporting

Cash and Cash Equivalents and Restricted Cash

(in thousands)
	2018		2017
Cash and cash equivalents	$	4,947,801	$	6,103,250
Restricted cash		1,292,687		2,649,610
Total cash, cash equivalents and restricted cash	$	6,240,488	$	8,752,860

Advisory Services [Policy Tex Block]

Advisory Services

Mortgage-Backed Securities

Investment In Related Party [Policy Text Block]

Orchid Island Capital, Inc. Common Stock

Retained Interests

Retained Interests in Securitizations

Derivative Financial Instruments

Financial Instruments

Property and Equipment, net

Repurchase Agreements

Share-Based Compensation

Earnings Per Share

Income Taxes

Recent Accounting Pronouncements

ADVISORY SERVICES (Tables)

12 Months Ended

Dec. 31, 2018

Advisory Services [Abstract]

Schedule of Advisory Fee Income [Table Text Block]

The following table summarizes the advisory services revenue from Orchid for the years ended December 31, 2018 and 2017.

(in thousands)
		2018		2017
Management fee	$	6,204	$	5,855
Allocated overhead		1,567		1,576
Total	$	7,771	$	7,431

MORTGAGE-BACKED SECURITIES (Tables)

12 Months Ended

Dec. 31, 2018

Mortgage Backed Securities [Line Items]

Schedule of Mortgage-Backed Securities Reconciliation

The following table presents the Company’s MBS portfolio as of December 31, 2018 and 2017:

(in thousands)
	2018		2017
Fixed-rate Mortgages	$	209,675	$	207,179
Interest-Only Securities		2,021		1,476
Inverse Interest-Only Securities		728		1,037
Total	$	212,424	$	209,692

RETAINED INTERESTS IN SECURITIZATIONS (Tables)

12 Months Ended

Dec. 31, 2018

Retained Interests In Securitizations [Abstract]

Schedule of Retained Interests In Securitizations

(in thousands)
Series	Issue Date	2018		2017
HMAC 2004-3	June 30, 2004	$	-	$	177
HMAC 2004-4	August 16, 2004		-		386
HMAC 2004-5	September 28, 2004		-		90
Total		$	-	$	653

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2018

Property Plant And Equipment [Abstract]

Property Plant and Equipment [TextBlock]

The composition of property and equipment at December 31, 2018 and 2017 follows:

(in thousands)
		2018		2017
Land	$	2,247	$	2,247
Buildings and improvements		1,827		1,827
Computer equipment and software		181		165
Office furniture and equipment		198		198
Total cost		4,453		4,437
Less accumulated depreciation and amortization		1,155		1,078
Property and equipment, net	$	3,298	$	3,359

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2018

Other Assets [Abstract]

Schedule of Other Assets [TableTextBlock]

The composition of other assets at December 31, 2018 and 2017 follows:

(in thousands)
		2018		2017
Prepaid expenses	$	299	$	468
Refundable income taxes withheld		1,430		-
Servicing advances		207		243
Servicing sale receivable, including accrued interest		223		222
Investment in Bimini Capital Trust II		804		804
Due from affiliates		654		797
Other		124		220
Total other assets	$	3,741	$	2,754

REPURCHASE AGREEMENTS (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Repurchase Agreements [Abstract]

Schedule of repurchase agreements and remaining maturities

As of December 31, 2018 and December 31, 2017, the Company’s repurchase agreements had remaining maturities as summarized below:

($ in thousands)
		OVERNIGHT		BETWEEN 2		BETWEEN 31			GREATER
		(1 DAY OR		AND		AND			THAN
		LESS)		30 DAYS		90 DAYS			90 DAYS		TOTAL
December 31, 2018
Fair value of securities pledged, including accrued
	interest receivable	$	-	$	107,876	$	105,251	$	-	$	213,127
Repurchase agreement liabilities associated with
	these securities	$	-	$	101,327	$	99,069	$	-	$	200,396
Net weighted average borrowing rate			-		2.56%		2.56%		-		2.56%
December 31, 2017
Fair value of securities pledged, including accrued
	interest receivable	$	-	$	94,649	$	115,350	$	-	$	209,999
Repurchase agreement liabilities associated with
	these securities	$	-	$	90,686	$	109,497	$	-	$	200,183
Net weighted average borrowing rate			-		1.47%		1.56%		-		1.52%

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock

Derivative Assets (Liabilities), at Fair Value

The table below summarizes fair value information about our derivative assets and liabilities as of September 30, 2018 and December 31, 2017.

(in thousands)
Derivative Instruments and Related Accounts	Balance Sheet Location	December 31, 2018		December 31, 2017
Liabilities
TBA Securities	Other liabilities	$	938	$	-
Total derivative liabilities, at fair value		$	938	$	-

Margin Balances Posted to (from) Counterparties
Futures contracts	Restricted cash	$	520	$	442
TBA securities	Restricted cash		543		-
Total margin balances on derivative contracts		$	1,063	$	442

Schedule of Eurodollar Futures Positions

($ in thousands)
As of December 31, 2018
		Repurchase Agreement Funding Hedges
		Average	Weighted	Weighted
		Contract	Average	Average
		Notional	Entry	LIBOR		Open
Expiration Year		Amount	Rate	Rate		Equity⁽¹⁾
2019	$	125,000	2.56%	2.67%	$	139
2020		150,000	2.84%	2.49%		(523)
2021		100,000	2.80%	2.46%		(346)
Total / Weighted Average	$	125,000	2.74%	2.54%	$	(730)

($ in thousands)
As of December 31, 2018
		Junior Subordinated Debt Funding Hedges
		Average	Weighted	Weighted
		Contract	Average	Average
		Notional	Entry	LIBOR		Open
Expiration Year		Amount	Rate	Rate		Equity⁽¹⁾
2019	$	26,000	1.63%	2.68%	$	271
2020		26,000	1.95%	2.49%		142
2021		26,000	2.22%	2.46%		61
Total / Weighted Average	$	26,000	1.93%	2.54%	$	474

($ in thousands)
As of December 31, 2017
		Repurchase Agreement Funding Hedges
		Average	Weighted	Weighted
		Contract	Average	Average
		Notional	Entry	LIBOR		Open
Expiration Year		Amount	Rate	Rate		Equity⁽¹⁾
2018	$	60,000	1.90%	1.97%	$	41
2019		60,000	2.32%	2.27%		(31)
2020		60,000	2.60%	2.36%		(145)
2021		60,000	2.80%	2.42%		(230)
Total / Weighted Average	$	60,000	2.41%	2.25%	$	(365)

($ in thousands)
As of December 31, 2017
		Junior Subordinated Debt Funding Hedges
		Average	Weighted	Weighted
		Contract	Average	Average
		Notional	Entry	LIBOR		Open
Expiration Year		Amount	Rate	Rate		Equity⁽¹⁾
2018	$	26,000	1.84%	1.97%	$	33
2019		26,000	1.63%	2.27%		166
2020		26,000	1.95%	2.36%		107
2021		26,000	2.22%	2.42%		51
Total / Weighted Average	$	26,000	1.91%	2.25%	$	357

Schedule of To Be Announced Securities Table Tex tBlock

The following table summarizes our contracts to purchase and sell TBA securities as of December 31, 2018.

($ in thousands)
			Notional						Net
			Amount		Cost		Market		Carrying
			Long (Short)⁽¹⁾		Basis⁽²⁾		Value⁽³⁾		Value⁽⁴⁾
December 31, 2018
30-Year TBA Securities:
	3.0%	$	(50,000)	$	(47,844)	$	(48,782)	$	(938)

Schedule of the effect of the Company's deriviative financial instruments on the consolidated statement of operations

Losses From Derivative Instruments, Net

The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the years ended December 31, 2018 and 2017.

(in thousands)
			2018		2017
Eurodollar futures contracts (short positions)
	Repurchase agreement funding hedges	$	(82)	$	(32)
	Junior subordinated debt funding hedges		241		(14)
T-Note futures contracts (short positions)
	Repurchase agreement funding hedges		759		-
Net TBA securities			(1,194)		-
Losses on derivative instruments		$	(276)	$	(46)

PLEDGED ASSETS (Tables)

12 Months Ended

Dec. 31, 2018

Financial Instruments Pledged as Collateral [Abstract]

Schedule of assets pledged as collateral under our repurchase agreements, prime brokerage clearing accounts, derivative agreements and insurance capital by type, including securities pledged related to securities sold but not yet settled

Assets Pledged to Counterparties

The table below summarizes Bimini’s assets pledged as collateral under its repurchase agreements and derivative agreements as of December 31, 2018 and 2017.

($ in thousands)
	December 31, 2018						December 31, 2017
		Repurchase		Derivative				Repurchase		Derivative
Assets Pledged to Counterparties		Agreements		Agreements		Total		Agreements		Agreements		Total
PT MBS - at fair value	$	209,675	$	-	$	209,675	$	207,179	$	-	$	207,179
Structured MBS - at fair value		2,675		-		2,675		2,091		-		2,091
Accrued interest on pledged securities		777		-		777		730		-		730
Cash		230		1,063		1,293		2,208		442		2,650
Total	$	213,357	$	1,063	$	214,420	$	212,208	$	442	$	212,650

Schedule of assets pledged to us from counterparties under our repurchase agreements.

Assets Pledged from Counterparties

The table below summarizes assets pledged to Bimini from counterparties under repurchase agreements as of December 31, 2018 and 2017.

($ in thousands)
Assets Pledged to Bimini	December 31, 2018		December 31, 2017
Cash	$	371	$	-
Total	$	371	$	-

OFFSETTING ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2018

Offsetting [Abstract]

Offsetting of Liabilties [Table Text Block]

(in thousands)
Offsetting of Liabilities
					Net Amount		Gross Amount Not Offset in the
					of Liabilities		Consolidated Balance Sheet
			Gross Amount		Presented		Financial
	Gross Amount		Offset in the		in the		Instruments		Cash
	of Recognized		Consolidated		Consolidated		Posted as		Posted as		Net
	Liabilities		Balance Sheet		Balance Sheet		Collateral		Collateral		Amount
December 31, 2018
Repurchase Agreements	$	200,396	$	-	$	200,396	$	(200,166)	$	(230)	$	-
TBA securities		938		-		938		-		(543)		395
	$	201,334	$	-	$	201,334	$	(200,166)	$	(773)	$	395
December 31, 2017
Repurchase Agreements	$	200,183	$	-	$	200,183	$	(197,975)	$	(2,208)	$	-

CAPITAL STOCK (Tables)

12 Months Ended

Dec. 31, 2018

Capital Stock [Abstract]

Issuances of Common Stock

The table below presents information related to the Company’s Class A Common Stock issued during the years ended December 31, 2018 and 2017.

Shares Issued Related To:	2018	2017
Incentive plan shares	35,000	29,000
Shares sold directly to employees	83,332	-
Total shares of Class A Common Stock issued	118,332	29,000

STOCK INCENTIVE PLANS (Tables)

12 Months Ended

Dec. 31, 2018

Employee Benefits And Share Based Compensation [Abstract]

Schedule of Performance Units outstanding

The following table presents the activity related to Performance Units during the years ended December 31, 2018 and December 31, 2017:

	2018			2017
			Weighted-			Weighted-
			Average			Average
			Grant-Date			Grant-Date
	Shares		Fair Value	Shares		Fair Value
Nonvested, at January 1	41,000	$	0.84	70,000	$	1.23
Vested during the period	(35,000)		0.84	(29,000)		1.78
Forfeited during the period	(6,000)		0.84	-		-
Nonvested, at December 31	-	$	-	41,000	$	0.84

($ in thousands)
		2018		2017
Compensation expense recognized during the year	$	6	$	28
Unrecognized compensation expense at year end	$	-	$	11
Weighted-average remaining vesting term (in years)		-		0.9
Intrinsic value of unvested shares at year end	$	-	$	107

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The income tax (benefit) provision included in the consolidated statements of operations consists of the following for the years ended December 31, 2018 and 2017:

(in thousands)
		2018		2017
Current	$	(195)	$	70
Deferred		21,322		19,308
Income tax provision, net	$	21,127	$	19,378

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

(in thousands)
		2018		2017
Federal (benefit) tax based on statutory rate applicable for each year	$	(1,187)	$	984
State income (benefit) tax		(311)		157
Reduction of deferred tax asset due to enacted decrease in future tax rates		-		25,852
Increase (decrease) of deferred tax asset valuation allowance		22,512		(7,628)
Other		113		13
Income tax provision	$	21,127	$	19,378

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Deferred tax assets consisted of the following as of December 31, 2018 and 2017:

(in thousands)
			2018		2017
Deferred tax assets:
	Net operating loss carryforwards	$	58,737	$	59,691
	Orchid Island Capital, Inc. common stock		3,318		2,349
	MBS		1,976		1,038
	Capital loss carryforwards		875		107
	Management agreement		813		813
	Other		219		751
			65,938		64,749
Valuation allowance			(42,735)		(20,224)
Net deferred tax assets		$	23,203	$	44,525

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Schedule of reconciling the numerator and denominator of EPS

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

(in thousands, except per-share information)
			2018		2017
Basic and diluted EPS per Class A common share:
Loss attributable to Class A common shares:
	Basic and diluted	$	(26,711)	$	(16,441)
Weighted average common shares:
	Class A common shares outstanding at the balance sheet date		12,709		12,661
	Effect of weighting		2		(28)
Weighted average shares-basic and diluted			12,711		12,633
Loss per Class A common share:
	Basic and diluted	$	(2.10)	$	(1.30)

(in thousands, except per-share information)
			2018		2017
Basic and diluted EPS per Class B common share:
Loss attributable to Class B common shares:
	Basic and diluted	$	(67)	$	(42)
Weighted average common shares:
	Class B common shares outstanding at the balance sheet date		32		32
	Effect of weighting		-		-
Weighted average shares-basic and diluted			32		32
Loss per Class B common share:
	Basic and diluted	$	(2.10)	$	(1.30)

FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Schedule of financial assets (liabilities) measured at fair value on a recurring basis

The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 and 2017:

(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)
December 31, 2018
Mortgage-backed securities	$	212,424	$	-	$	212,424	$	-
Orchid Island Capital, Inc. common stock		9,713		9,713		9,713		-
TBA securities		(938)		-		(938)		-
December 31, 2017
Mortgage-backed securities	$	209,692	$	-	$	209,692	$	-
Orchid Island Capital, Inc. common stock		14,106		14,106		-		-
Retained interests		653		-		-		653

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

(in thousands)
		Retained Interests
		2018		2017
Balances, January 1	$	653	$	1,114
Gain included in earnings		1,103		645
Collections		(1,756)		(1,106)
Balances, December 31	$	-	$	653

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Schedule Of Segment Reporting Information By Segment [Text Block]

Segment information for the years ended December 31, 2018 and 2017 is as follows:

(in thousands)
	Asset		Investment
	Management		Portfolio		Corporate		Eliminations		Total
2018
Advisory services, external customers	$	7,771	$	-	$	-	$	-	$	7,771
Advisory services, other operating segments⁽¹⁾		251		-		-		(251)		-
Interest and dividend income		-		9,986		2		-		9,988
Interest expense		-		(4,029)		(1,491)⁽²⁾		-		(5,520)
Net revenues		8,022		5,957		(1,489)		(251)		12,239
Other (expense) income		-		(12,794)		1,346 ⁽³⁾		-		(11,448)
Operating expenses⁽⁴⁾		(2,822)		(3,620)		-		-		(6,442)
Intercompany expenses⁽¹⁾		-		(251)		-		251		-
Income (loss) before income taxes	$	5,200	$	(10,708)	$	(143)	$	-	$	(5,651)
Assets	$	1,488	$	245,866	$	12,046	$	-	$	259,400

	Asset		Investment
	Management		Portfolio		Corporate		Eliminations		Total
2017
Advisory services, external customers	$	7,431	$	-	$	-	$	-	$	7,431
Advisory services, other operating segments⁽¹⁾		207		-		-		(207)		-
Interest and dividend income		-		8,572		1		-		8,573
Interest expense		-		(1,796)		(1,237)⁽²⁾		-		(3,033)
Net revenues		7,638		6,776		(1,236)		(207)		12,971
Other (expense) income		-		(4,306)		634 ⁽³⁾		-		(3,672)
Operating expenses⁽⁴⁾		(3,016)		(3,387)		-		-		(6,403)
Intercompany expenses⁽¹⁾		-		(207)		-		207		-
Income (loss) before income taxes	$	4,622	$	(1,124)	$	(602)	$	-	$	2,896
Assets	$	1,632	$	267,429	$	15,528	$	-	$	284,589

SIGNIFICANT ACCOUNTING POLICIES - Organization (Details)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Entity Incorporation, Date of Incorporation	Sep. 24, 2003
Entity Incorporation, State Country Name	Maryland

SIGNIFICANT ACCOUNTING POLICIES - Cash (Details)	Dec. 31, 2018 USD ($)
Accounting Policies [Abstract]
Uninsured Cash Balances	$ 4,300,000

SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 4,947,801	$ 6,103,250
Restricted cash	1,292,687	2,649,610
Cash Cash Equivalents And Restricted Cash	$ 6,240,488	$ 8,752,860	$ 5,651,437

ADVISORY SERVICES (Details) - USD ($)	12 Months Ended
ADVISORY SERVICES (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Advisory Services [Line Items]
Advisory services	$ 7,770,761	$ 7,431,359
Orchid Island Capital [Member]
Advisory Services [Line Items]
Due From Affiliate	800,000	600,000
Orchid Island Capital [Member] \| Management Fees [Member]
Advisory Services [Line Items]
Advisory services	6,204,000	5,855,000
Orchid Island Capital [Member] \| Overhead Allocation [Member]
Advisory Services [Line Items]
Advisory services	$ 1,567,000	$ 1,576,000

MORTGAGE-BACKED SECURITIES - MBS Portfolio (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	$ 212,424,192	$ 209,692,132
Total Pass Through Certificates [Member] \| Fixed Rate Mortgages [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	209,675,000	207,179,000
Total Strucutured MBS Certificates [Member] \| Interest Only Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	2,021,000	1,476,000
Total Strucutured MBS Certificates [Member] \| Inverse Interest Only [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	$ 728,000	$ 1,037,000

RETAINED INTERESTS IN SECURITIZATIONS (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Retained Interestes Securitzations [Line Items]
Transferor's Interests in Transferred Financial Assets, Fair Value	$ 0	$ 653,380
HMAC 2004-3 [Member]
Retained Interestes Securitzations [Line Items]
Transferor's Interests in Transferred Financial Assets, Fair Value	0	177,000
HMAC 2004-4 [Member]
Retained Interestes Securitzations [Line Items]
Transferor's Interests in Transferred Financial Assets, Fair Value	0	386,000
HMAC 2004-5 [Member]
Retained Interestes Securitzations [Line Items]
Transferor's Interests in Transferred Financial Assets, Fair Value	$ 0	$ 90,000

RETAINED INTERESTS IN SECURITIZATION - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Retained Interests In Securitizations [Abstract]
Net Proceeds From Termination of Securitization	$ 1,400,000	$ 0
Losses Gains On Retained Interests In Securitizations	1,103,466	645,221
Proceeds From Collection Of Retained Interest In Securitized Receivables	$ 426,414	$ 1,105,577

PROPERTY AND EQUIPMENT, NET (Details) - USD ($)	12 Months Ended
PROPERTY AND EQUIPMENT, NET (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	$ 4,453,000	$ 4,437,000
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	1,155,000	1,078,000
Property and equipment, net	3,298,067	3,359,312
Depreciation	77,000	77,000
Land [Member]
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	2,247,000	2,247,000
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	1,827,000	1,827,000
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	181,000	165,000
OfficeEquipmentMember
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	$ 198,000	$ 198,000

OTHER ASSETS (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Other Assets [Line Items]
Other assets	$ 3,740,543	$ 2,754,474
Prepaid Expenses [Member]
Other Assets [Line Items]
Other assets	299,000	468,000
Prepaid Income Taxes [Member]
Other Assets [Line Items]
Other assets	1,430,000	0
Servicing Advances [Member]
Other Assets [Line Items]
Other assets	207,000	243,000
Servicing Sale Receivable [Member]
Other Assets [Line Items]
Other assets	223,000	222,000
Investment In Bimini Capital Trust II [Member]
Other Assets [Line Items]
Other assets	804,000	804,000
Due From Affiliates [Member]
Other Assets [Line Items]
Other assets	654,000	797,000
Other [Member]
Other Assets [Line Items]
Other assets	$ 124,000	$ 220,000

REPURCHASE AGREEMENTS - Narrative (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Assets Sold under Agreements to Repurchase [Line Items]
Outstanding repurchase obligations	$ 200,396,000	$ 200,182,751
Fair Value of securities pledged, including accrued interest receivable	213,127,000	209,999,000
Restricted Cash And Cash Equivalents At Carrying Value	$ 1,292,687	$ 2,649,610
Net weighted average borrowing rate	2.56%	1.52%
Aggregate amount at risk will all counterparties	$ 11,700,000	$ 12,400,000
Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Restricted Cash And Cash Equivalents At Carrying Value	$ 230,000	$ 2,208,000

REPURCHASE AGREEMENTS - Maturities (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 213,127,000	$ 209,999,000
Outstanding repurchase obligations	$ 200,396,000	$ 200,182,751
Net weighted average borrowing rate	2.56%	1.52%
Overnight (1 Day or Less) [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 0	$ 0
Outstanding repurchase obligations	$ 0	$ 0
Net weighted average borrowing rate	0.00%	0.00%
Between 2 and 30 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 107,876,000	$ 94,649,000
Outstanding repurchase obligations	$ 101,327,000	$ 90,686,000
Net weighted average borrowing rate	2.56%	1.47%
Between 31 and 90 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 105,251,000	$ 115,350,000
Outstanding repurchase obligations	$ 99,069,000	$ 109,497,000
Net weighted average borrowing rate	2.56%	1.56%
Greater Than 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 0	$ 0
Outstanding repurchase obligations	$ 0	$ 0
Net weighted average borrowing rate	0.00%	0.00%

REPURCHASE AGREEMENTS - Amounts at Risk (Details)	12 Months Ended
REPURCHASE AGREEMENTS - Amounts at Risk (Details)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparty, Amount at Risk	$ 11,700,000	$ 12,400,000
Edf Man [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparty, Amount at Risk	$ 4,037,000
Repurchase Agreement Counterparty, Weighted Average Maturity	17 days
Equity At Risk	0.139
Mirae Asset Securities (USA) Inc [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase Agreement Counterparty, Amount at Risk	$ 3,506,000
Repurchase Agreement Counterparty, Weighted Average Maturity	40 days
Equity At Risk	0.121

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Assets and Liabilties (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Derivitive Financial Instruments [Line Items]
Restricted Cash And Cash Equivalents At Carrying Value	$ 1,292,687	$ 2,649,610
Other Liabilities	2,566,353	1,562,914
TBA Contracts [Member] \| NotDesignatedAsHedgingInstrumentEconomicHedgeMember
Derivitive Financial Instruments [Line Items]
Other Liabilities	938,000	0
Eurodollar Future Margin [Member] \| NotDesignatedAsHedgingInstrumentEconomicHedgeMember
Derivitive Financial Instruments [Line Items]
Restricted Cash And Cash Equivalents At Carrying Value	520,000	442,000
TBA Margin [Member] \| NotDesignatedAsHedgingInstrumentEconomicHedgeMember
Derivitive Financial Instruments [Line Items]
Restricted Cash And Cash Equivalents At Carrying Value	$ 543,000	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS - Eurodollar Futures Positions (Details) - Short [Member] - Eurodollar Future [Member] - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Repurchase Agreement Funding Hedges [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 125,000,000	$ 60,000,000
Entry Rate	2.74%	2.41%
Weighted Average Effective Rate	2.54%	2.25%
Open Equity	$ (730,000)	$ (365,000)
Repurchase Agreement Funding Hedges [Member] \| Year 2018 Expiration [Member]
Derivatives, Fair Value [Line Items]
Notional Amount		$ 60,000,000
Entry Rate		1.90%
Weighted Average Effective Rate		1.97%
Open Equity		$ 41,000
Repurchase Agreement Funding Hedges [Member] \| Year 2019 Expiration [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 125,000,000	$ 60,000,000
Entry Rate	2.56%	2.32%
Weighted Average Effective Rate	2.67%	2.27%
Open Equity	$ 139,000	$ (31,000)
Repurchase Agreement Funding Hedges [Member] \| Year 2020 Expiration [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 150,000,000	$ 60,000,000
Entry Rate	2.84%	2.60%
Weighted Average Effective Rate	2.49%	2.36%
Open Equity	$ (523,000)	$ (145,000)
Repurchase Agreement Funding Hedges [Member] \| Year 2021 Expiration [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 100,000,000	$ 60,000,000
Entry Rate	2.80%	2.80%
Weighted Average Effective Rate	2.46%	2.42%
Open Equity	$ (346,000)	$ (230,000)
Junior Subordinated Debt Funding Hedges [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 26,000,000	$ 26,000,000
Entry Rate	1.93%	1.91%
Weighted Average Effective Rate	2.54%	2.25%
Open Equity	$ 474,000	$ 357,000
Junior Subordinated Debt Funding Hedges [Member] \| Year 2018 Expiration [Member]
Derivatives, Fair Value [Line Items]
Notional Amount		$ 26,000,000
Entry Rate		1.84%
Weighted Average Effective Rate		1.97%
Open Equity		$ 33,000
Junior Subordinated Debt Funding Hedges [Member] \| Year 2019 Expiration [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 26,000,000	$ 26,000,000
Entry Rate	1.63%	1.63%
Weighted Average Effective Rate	2.68%	2.27%
Open Equity	$ 271,000	$ 166,000
Junior Subordinated Debt Funding Hedges [Member] \| Year 2020 Expiration [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 26,000,000	$ 26,000,000
Entry Rate	1.95%	1.95%
Weighted Average Effective Rate	2.49%	2.36%
Open Equity	$ 142,000	$ 107,000
Junior Subordinated Debt Funding Hedges [Member] \| Year 2021 Expiration [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 26,000,000	$ 26,000,000
Entry Rate	2.22%	2.22%
Weighted Average Effective Rate	2.46%	2.42%
Open Equity	$ 61,000	$ 51,000

DERIVATIVE FINANCIAL INSTRUMENTS - TBA positions (Details) - 30 Year [Member] - 3% [Member] - Short [Member]	Dec. 31, 2018 USD ($)
Derivatives, Fair Value [Line Items]
Notional Amount	$ (50,000,000)
Cost Basis	(47,844,000)
Market Value Of TBA Contract	(48,782,000)
Derivative Asset Fair Value Gross Liability	$ (938,000)

DERIVATIVE FINANCIAL INSTRUMENTS - Effect on the consolidated statements of operations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
(Losses) gains on derivative instruments	$ (276,209)	$ (46,031)
Eurodollar Future [Member] \| Repurchase Agreement Funding Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(Losses) gains on derivative instruments	(82,000)	(32,000)
Eurodollar Future [Member] \| Junior Subordinated Debt Funding Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(Losses) gains on derivative instruments	241,000	(14,000)
Treasury Note Future [Member] \| Repurchase Agreement Funding Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(Losses) gains on derivative instruments	759,000	0
TBA Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(Losses) gains on derivative instruments	$ (1,194,000)	$ 0

PLEDGED ASSETS - Assets Pledged to Counterparties (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	$ 212,349,874	$ 209,269,791
Accrued interest receivable	780,535	746,121
Restricted cash	1,292,687	2,649,610
Repurchase Agreements [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Accrued interest receivable	777,000	730,000
Restricted cash	230,000	2,208,000
Pledged Assets Total	213,357,000	212,208,000
Derivative [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Accrued interest receivable	0	0
Restricted cash	1,063,000	442,000
Pledged Assets Total	1,063,000	442,000
Total Pledged Financial Instruments [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Accrued interest receivable	777,000	730,000
Restricted cash	1,293,000	2,650,000
Pledged Assets Total	214,420,000	212,650,000
Residential Mortgage Backed Securities [Member] \| Repurchase Agreements [Member] \| Mortgage Backed Securities Pass Through Certificates [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	209,675,000	207,179,000
Residential Mortgage Backed Securities [Member] \| Repurchase Agreements [Member] \| Mortgage Backed Securities Structured Certificates [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	2,675,000	2,091,000
Residential Mortgage Backed Securities [Member] \| Derivative [Member] \| Mortgage Backed Securities Pass Through Certificates [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	0	0
Residential Mortgage Backed Securities [Member] \| Derivative [Member] \| Mortgage Backed Securities Structured Certificates [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	0	0
Residential Mortgage Backed Securities [Member] \| Total Pledged Financial Instruments [Member] \| Mortgage Backed Securities Pass Through Certificates [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	209,675,000	207,179,000
Residential Mortgage Backed Securities [Member] \| Total Pledged Financial Instruments [Member] \| Mortgage Backed Securities Structured Certificates [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	$ 2,675,000	$ 2,091,000

PLEDGED ASSETS - Assets Pledged from Counterparties (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Repurchase Agreements [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Cash Pledged By Counterparties	$ 371,000	$ 0

OFFSETTING ASSETS AND LIABILITIES - Offsetting of Liabilties (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	$ 201,334,000
Gross Amount Of Liabilties Offset In The Balance Sheet	0
Net Amount Of Liabilities Presented In The Balance Sheet	201,334,000
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	(200,166,000)
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(773,000)
Net Amount Of Liabilities	395,000
Repurchase Agreements [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	200,396,000	$ 200,183,000
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	200,396,000	200,183,000
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	(200,166,000)	(197,975,000)
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(230,000)	(2,208,000)
Net Amount Of Liabilities	0	$ 0
TBA Contracts [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	938,000
Gross Amount Of Liabilties Offset In The Balance Sheet	0
Net Amount Of Liabilities Presented In The Balance Sheet	938,000
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	0
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(543,000)
Net Amount Of Liabilities	$ 395,000

TRUST PREFERRED SECURITIES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Outstanding Principal Balance	$ 26,804,440	$ 26,804,440
Basis Spread on Variable Rate	3.50%
Interest Rate at Period End	6.29%

CAPITAL STOCK - Narrative (Details)	Dec. 31, 2018 $ / shares shares	Dec. 31, 2017 $ / shares shares
Class of Stock [Line Items]
Preferred Stock Par Or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Shares Authorized \| shares	10,000,000	10,000,000
Common Stock Par Or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock Shares Authorized \| shares	100,000,000	100,000,000
Class A Common Stock [Member]
Class of Stock [Line Items]
Common Stock Par Or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock Shares Authorized \| shares	98,000,000	98,000,000
Class B Common Stock [Member]
Class of Stock [Line Items]
Common Stock Par Or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock Shares Authorized \| shares	1,000,000	1,000,000
Conversion Threshhold	$ 150
Maximum Ownership Percentage	0.03
Class C Common Stock [Member]
Class of Stock [Line Items]
Common Stock Par Or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock Shares Authorized \| shares	1,000,000	1,000,000
Conversion Threshhold	$ 150
Maximum Ownership Percentage	0.03
Preferred Undesignated [Member]
Class of Stock [Line Items]
Preferred Shares Authorized \| shares	9,900,000	9,900,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock Par Or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Shares Authorized \| shares	100,000	100,000

CAPITAL STOCK - Stock Repurchase Plan (Details) - Class A Common Stock [Member] - March 2018 Stock Repurchase Plan [Member]	12 Months Ended
	Dec. 31, 2018 USD ($) $ / shares shares
Share Repurchase Program [Line Items]
Authorized Shares	500,000
Stock Repurchase Program Expiration Date	Nov. 15, 2019
Aggregate Repurchase Cost \| $	$ 165,000
Shares Acquired	69,690
Average Cost Per Share \| $ / shares	$ 2.37
Subsequent Event Member
Share Repurchase Program [Line Items]
Aggregate Repurchase Cost \| $	$ 1,500
Shares Acquired	714
Average Cost Per Share \| $ / shares	$ 2.16

CAPITAL STOCK - Rights Plan (Details) - Series A Preferred Stock [Member]	12 Months Ended
	Dec. 31, 2018 $ / shares shares
Class of Warrant or Right [Line Items]
Exercise Conversion Rate \| shares	0.0001
Exercise Price \| $ / shares	$ 4.76
Percentage Of Common Stock Person Or Group Acquires To Make Rights Exercisable	4.90%
Rights Adoption Date	Dec. 21, 2015
Rights Expiration Date	Dec. 21, 2025

STOCK INCENTIVE PLAN - Descriptions of Plan (Details)	Dec. 31, 2018 shares
Employee Benefits And Share Based Compensation [Abstract]
Maximum Number of Shares to Be Issued the Plan	4,000,000

STOCK INCENTIVE PLAN - Incentive Share Awards (Details) - Performance Units Member [Member] - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Incentive Plan Compensation Expense	$ 6,000	$ 28,000
Unrecognized Compensation Cost	$ 0	$ 11,000
Remaining Weighted Average Vesting Period	0 years	11 months 10 days
Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options, Aggregate Intrinsic Value Nonvested	$ 0	$ 107,000

STOCK INCENTIVE PLAN - Incentive Share Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Incentive Share Activity, Shares
Nonvested - Beginning Balance	41,000
Nonvested - Ending Balance		41,000
Performance Units Member [Member]
Incentive Share Activity, Shares
Nonvested - Beginning Balance	41,000	70,000
Granted	0	0
Forfeited	(6,000)	0
Vested	(35,000)	(29,000)
Nonvested - Ending Balance	0	41,000
Incentive Share Activity Weighted Average Grant Date Fair Value
Nonvested - Beginning Balance	$ 0.84	$ 1.23
Granted	0	0
Forfeited	0.84	0
Vested	0.84	1.78
Nonvested - Ending Balance	$ 0	$ 0.84

INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Line Items]
Income tax provision	$ 21,126,955	$ 19,378,150
Reduction of deferred tax asset due to enacted decrease in future tax rates	0	25,852,000
Deferred Tax Assets Capital Loss Carryforwards	875,000	107,000
Reduction of deferred tax valuation allowance	22,512,000	(7,628,000)
Bimini Capital Management [Member] \| Federal [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards	18,800,000	19,100,000
Deferred Tax Assets Capital Loss Carryforwards	$ 300,000	300,000
Operating Loss Carryforwards, Expiration Dates	Dec. 31, 2030
Capital Loss Carryover Expiration	Dec. 31, 2019
Bimini Capital Management [Member] \| Florida [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards	$ 18,100,000	18,400,000
Royal Palm Capital [Member] \| Federal [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards	250,200,000	253,500,000
Deferred Tax Assets Capital Loss Carryforwards	$ 3,200,000	100,000
Operating Loss Carryforwards, Expiration Dates	Dec. 31, 2025
Capital Loss Carryover Expiration	Dec. 31, 2022
Royal Palm Capital [Member] \| Florida [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards	$ 22,800,000	26,000,000
Bimini Advisors Holdings [Member]
Income Taxes [Line Items]
Infinite Life Intangible	3,200,000	3,200,000
Deferred Tax Asset Infinite Life Intangible	$ 800,000	$ 800,000

INCOME TAXES - Components of Income Tax Provision (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Current Federal State And Local Tax Expense Benefit	$ (195,000)	$ 70,000
Deferred Federal State And Local Tax Expense Benefit	21,322,000	19,308,000
Income Tax Expense Benefit	$ 21,126,955	$ 19,378,150

INCOME TAXES - Income Tax Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Federal tax based on statutory rate applicable for each year	$ (1,187,000)	$ 984,000
State income tax	(311,000)	157,000
Income Tax Reconciliation Change In Enacted Tax Rate	0	25,852,000
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance	22,512,000	(7,628,000)
Other	113,000	13,000
Income Tax Expense Benefit	$ 21,126,955	$ 19,378,150

INCOME TAXES - Deferred Tax Assets (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 58,737,000	$ 59,691,000
Orchid Island Capital, Inc. common stock	3,318,000	2,349,000
MBS	1,976,000	1,038,000
Deferred Tax Assets Capital Loss Carryforwards	875,000	107,000
Management agreement	813,000	813,000
Other	219,000	751,000
Gross	65,938,000	64,749,000
Deferred Tax Assets, Valuation Allowance	42,735,000	20,224,000
Net deferred tax assets	$ 23,202,821	$ 44,524,584

EARNINGS PER SHARE (Details) - USD ($)	12 Months Ended
EARNINGS PER SHARE (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Class A Common Stock [Member]
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net Income (Loss) Available to Common Stockholders, Basic	$ (26,711,000)	$ (16,441,000)
Net Income (Loss) Available to Common Stockholders, Diluted	$ (26,711,000)	$ (16,441,000)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Common Shares Outstanding	12,709,000	12,661,000
Effect of Weighting	2,000	(28,000)
Weighted Average Shares - Basic and Diluted	12,711,101	12,633,216
Income (Loss) Per Share - Basic	$ (2.1)	$ (1.3)
Income (Loss) Pe Share - Diluted	$ (2.1)	$ (1.3)
Class B Common Stock [Member]
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net Income (Loss) Available to Common Stockholders, Basic	$ (67,000)	$ (42,000)
Net Income (Loss) Available to Common Stockholders, Diluted	$ (67,000)	$ (42,000)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Common Shares Outstanding	32,000	32,000
Effect of Weighting	0	0
Weighted Average Shares - Basic and Diluted	31,938	31,938
Income (Loss) Per Share - Basic	$ (2.1)	$ (1.3)
Income (Loss) Pe Share - Diluted	$ (2.1)	$ (1.3)

FAIR VALUE - Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	$ 212,424,192	$ 209,692,132
Orchid Island Capital, Inc. common stock, at fair value	9,713,030	14,105,934
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	212,424,000	209,692,000
Retained Interests		653,000
Orchid Island Capital, Inc. common stock, at fair value	9,713,000	14,106,000
TBA Contracts	9,713,000
Fair Value, Inputs, Level 1 [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	0	0
Retained Interests		0
Orchid Island Capital, Inc. common stock, at fair value	9,713,000	14,106,000
TBA Contracts	9,713,000
Fair Value, Inputs, Level 2 [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	212,424,000	209,692,000
Retained Interests		0
Orchid Island Capital, Inc. common stock, at fair value	9,713,000	0
TBA Contracts	9,713,000
Fair Value, Inputs, Level 3 [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	0	0
Retained Interests		653,000
Orchid Island Capital, Inc. common stock, at fair value	0	$ 0
TBA Contracts	$ 0

FAIR VALUE - Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - Retained Interest [Member] - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 653,000	$ 1,114,000
Gain (loss) Included in Earnings	1,103,000	645,000
Collections	(1,756,000)	(1,106,000)
Ending Balance	$ 0	$ 653,000

FAIR VALUE- Narrative (Details) - USD ($)	12 Months Ended
FAIR VALUE- Narrative (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Net Proceeds From Termination of Securitization	$ 1,400,000	$ 0
Losses Gains On Retained Interests In Securitizations	1,103,466	645,221
Proceeds From Collection Of Retained Interest In Securitized Receivables	$ 426,414	$ 1,105,577

SEGMENT INFORMATION - Reconciliation of Segment Revenues (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting, Revenue Reconciling Item [Line Items]
Advisory services, external customers	$ 7,770,761	$ 7,431,359
Advisory Services Other Segments	0	0
Interest and dividend income	9,988,000	8,573,000
Interest expense	5,520,000	3,033,000
Net revenues	12,239,000	12,971,000
Other Income	(11,448,000)	(3,672,000)
Operating Expenses	6,442,000	6,403,000
Intercompany Expenses	0	0
Net (loss) income before income tax provision (benefit)	(5,651,206)	2,895,530
Assets	259,399,676	284,588,797
Asset Management Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Assets	1,488,000	1,632,000
Investment Portfolio Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Assets	245,866,000	267,429,000
Operating Segments [Member] \| Asset Management Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Advisory services, external customers	7,771,000	7,431,000
Advisory Services Other Segments	251,000	207,000
Interest and dividend income	0	0
Interest expense	0	0
Net revenues	8,022,000	7,638,000
Other Income	0	0
Operating Expenses	2,822,000	3,016,000
Intercompany Expenses	0	0
Net (loss) income before income tax provision (benefit)	5,200,000	4,622,000
Operating Segments [Member] \| Investment Portfolio Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Advisory services, external customers	0	0
Advisory Services Other Segments	0	0
Interest and dividend income	9,986,000	8,572,000
Interest expense	4,029,000	1,796,000
Net revenues	5,957,000	6,776,000
Other Income	(12,794,000)	(4,306,000)
Operating Expenses	3,620,000	3,387,000
Intercompany Expenses	251,000	207,000
Net (loss) income before income tax provision (benefit)	(10,708,000)	(1,124,000)
Corporate, Non-Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Advisory services, external customers	0	0
Advisory Services Other Segments	0	0
Interest and dividend income	2,000	1,000
Interest expense	1,491,000	1,237,000
Net revenues	(1,489,000)	(1,236,000)
Other Income	1,346,000	634,000
Operating Expenses	0	0
Intercompany Expenses	0	0
Net (loss) income before income tax provision (benefit)	(143,000)	(602,000)
Assets	12,046,000	15,528,000
Intersegment Eliminations [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Advisory services, external customers	0	0
Advisory Services Other Segments	(251,000)	(207,000)
Interest and dividend income	0	0
Interest expense	0	0
Net revenues	(251,000)	(207,000)
Other Income	0	0
Operating Expenses	0	0
Intercompany Expenses	(251,000)	(207,000)
Net (loss) income before income tax provision (benefit)	$ 0	$ 0

SEGMENT INFORMATION - Revenue From Major Customer (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Entity Wide Revenue Major Customer [LineItems]
Revenues	$ 17,759,008	$ 16,004,400
Total Revenue [Member] \| Orchid Island Capital [Member]
Entity Wide Revenue Major Customer [LineItems]
Revenues	$ 7,800,000	$ 7,400,000
Percentgage of Total Sales	44.00%	46.00%

RELATED PARTY TRANSACTIONS (Details) - USD ($)	12 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Investment Income, Dividend	$ 1,626,439	$ 2,518,660
Orchid Island Capital [Member]
Related Party Transaction [Line Items]
Investment Owned Balance Shares	1,520,036	1,520,036
Equity Method Investment Ownership Percentage	3.10%	2.90%
Investment Income, Dividend	$ 1,600,000	$ 2,500,000