Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 01, 2023 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001275477 | ||
Entity Registrant Name | BIMINI CAPITAL MANAGEMENT, INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-32171 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 72-1571637 | ||
Entity Address, Address Line One | 3305 Flamingo Drive | ||
Entity Address, City or Town | Vero Beach | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 32963 | ||
City Area Code | 772 | ||
Local Phone Number | 231-1400 | ||
Title of 12(b) Security | Class A Common Stock, $0.001 par value | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 10,620,585 | ||
Auditor Firm ID | 243 | ||
Auditor Name | BDO USA, LLP | ||
Auditor Location | West Palm Beach, Florida | ||
Common Class C [Member] | |||
Document Information [Line Items] | |||
Entity Public Float | 1,500 | ||
Entity Common Stock, Shares Outstanding | 31,938 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Public Float | 1,000 | ||
Entity Common Stock, Shares Outstanding | 31,938 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Public Float | $ 10,620,585 | ||
Entity Common Stock, Shares Outstanding | 10,019,888 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS: | ||
Total mortgage-backed securities | $ 45,893,436 | $ 60,803,144 |
Cash and cash equivalents | 6,010,799 | 8,421,410 |
Restricted cash | 763,000 | 1,391,000 |
Investment in Orchid Island Capital, Inc. common stock, at fair value | 5,975,248 | 11,679,107 |
Accrued interest receivable | 204,018 | 229,942 |
Property and equipment, net | 1,997,313 | 2,024,190 |
Deferred tax assets, net of allowances | 23,178,243 | 35,036,312 |
Due from affiliates | 1,130,713 | 1,062,155 |
Other assets | 1,164,181 | 1,437,381 |
Total Assets | 86,316,951 | 122,084,641 |
LIABILITIES: | ||
Repurchase agreements | 43,817,999 | 58,877,999 |
Long-term debt | 27,416,239 | 27,438,976 |
Accrued interest payable | 194,629 | 55,610 |
Other liabilities | 2,764,005 | 2,712,206 |
Total Liabilities | 74,192,872 | 89,084,791 |
Commitments and Contingencies (Note 11) | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 100,000 shares designated Series A Junior Preferred Stock, 9,900,000 shares undesignated; no shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 329,828,268 | 330,880,252 |
Accumulated deficit | (317,714,273) | (297,891,168) |
Stockholders' Equity | 12,124,079 | 32,999,850 |
Total Liabilities and Equity | 86,316,951 | 122,084,641 |
Common Class A [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Class A Common stock, $0.001 par value; 98,000,000 shares designated: 10,019,888 shares and 10,702,194 shares issued and outstanding, respectively | 10,020 | 10,702 |
Common Class B [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Class A Common stock, $0.001 par value; 98,000,000 shares designated: 10,019,888 shares and 10,702,194 shares issued and outstanding, respectively | 32 | 32 |
Common Class C [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Class A Common stock, $0.001 par value; 98,000,000 shares designated: 10,019,888 shares and 10,702,194 shares issued and outstanding, respectively | 32 | 32 |
Asset Pledged as Collateral [Member] | ||
ASSETS: | ||
Total mortgage-backed securities | 45,716,793 | 60,788,129 |
Restricted cash | 763,000 | 1,391,000 |
Accrued interest receivable | 200,000 | 230,000 |
Total Assets | 46,680,000 | 62,409,000 |
Asset Not Pledged as Collateral [Member] | ||
ASSETS: | ||
Total mortgage-backed securities | $ 176,643 | $ 15,015 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | |
Common stock, authorized (in shares) | 100,000,000 | |
Series A Preferred Stock [Member] | ||
Preferred stock, authorized (in shares) | 100,000 | 100,000 |
Preferred Undesignated [Member] | ||
Preferred stock, authorized (in shares) | 9,900,000 | 9,900,000 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 98,000,000 | 98,000,000 |
Common stock, issued (in shares) | 10,019,888 | 10,702,194 |
Common stock, outstanding (in shares) | 10,019,888 | 10,702,194 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, issued (in shares) | 31,938 | 31,938 |
Common stock, outstanding (in shares) | 31,938 | 31,938 |
Common Class C [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, issued (in shares) | 31,938 | 31,938 |
Common stock, outstanding (in shares) | 31,938 | 31,938 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues: | |||
Advisory services | $ 12,995,504 | $ 9,788,340 | |
Interest income | 1,862,480 | 2,237,217 | |
Dividend income from Orchid Island Capital, Inc. common stock | 1,292,701 | 2,024,379 | |
Total revenues | 16,150,685 | 14,049,936 | |
Interest expense: | |||
Repurchase agreements | (715,386) | (116,179) | |
Long-term debt | (1,415,624) | (996,794) | |
Net revenues | 14,019,675 | 12,936,963 | |
Other income (expense): | |||
Unrealized gains (losses) on investments | (5,915,904) | (3,098,866) | |
Realized losses (gains) on mortgage-backed securities | (858,001) | 69,498 | |
Gains (losses) on derivative instruments | 800,820 | (198) | |
Gains on retained interests in securitizations | 65,928 | 0 | |
Other income | 341 | 154,191 | |
Other expense, net | (12,146,005) | (4,744,032) | |
Expenses: | |||
Compensation and related benefits | 6,530,349 | 5,721,315 | |
Directors' fees and liability insurance | 804,186 | 762,735 | |
Audit, legal and other professional fees | 504,602 | 513,925 | |
Administrative and other expenses | 1,999,569 | 1,287,387 | |
Total expenses | [1] | 9,838,706 | 8,285,362 |
Net loss before income tax provision (benefit) | (7,965,036) | (92,431) | |
Income tax provision (benefit) | 11,858,069 | (367,845) | |
Net (loss) income | $ (19,823,105) | $ 275,414 | |
Common Class A [Member] | |||
Basic and Diluted Net (Loss) Income Per Share of: | |||
Basic and Diluted (in dollars per share) | $ (1.90) | $ 0.02 | |
Weighted Average Shares Outstanding: | |||
Basic and Diluted (in shares) | 10,393,855 | 11,198,434 | |
Common Class B [Member] | |||
Basic and Diluted Net (Loss) Income Per Share of: | |||
Basic and Diluted (in dollars per share) | $ (1.90) | $ 0.02 | |
Weighted Average Shares Outstanding: | |||
Basic and Diluted (in shares) | 31,938 | 31,938 | |
Orchid Island Capital [Member] | |||
Other income (expense): | |||
Unrealized gains (losses) on investments | $ (6,239,189) | $ (1,868,657) | |
Collateralized Mortgage-Backed Securities [Member] | |||
Other income (expense): | |||
Unrealized gains (losses) on investments | (5,915,904) | (3,098,866) | |
Realized losses (gains) on mortgage-backed securities | $ (858,001) | $ 69,498 | |
[1]Corporate expenses are allocated based on each segment’s proportional share of total revenues. |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balances (in shares) at Dec. 31, 2020 | 11,672,431 | |||
Balances at Dec. 31, 2020 | $ 11,673 | $ 332,642,758 | $ (298,166,582) | $ 34,487,849 |
Net (loss) income | $ 0 | 0 | 275,414 | 275,414 |
Class A common shares repurchased and retired (in shares) | (906,361) | |||
Class A common shares repurchased and retired | $ (907) | (1,762,506) | 0 | (1,763,413) |
Balances (in shares) at Dec. 31, 2021 | 10,766,070 | |||
Balances at Dec. 31, 2021 | $ 10,766 | 330,880,252 | (297,891,168) | 32,999,850 |
Net (loss) income | $ 0 | 0 | (19,823,105) | (19,823,105) |
Class A common shares repurchased and retired (in shares) | (682,306) | |||
Class A common shares repurchased and retired | $ (682) | (1,051,984) | 0 | (1,052,666) |
Balances (in shares) at Dec. 31, 2022 | 10,083,764 | |||
Balances at Dec. 31, 2022 | $ 10,084 | $ 329,828,268 | $ (317,714,273) | $ 12,124,079 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss) income | $ (19,823,105) | $ 275,414 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation | 73,053 | 69,250 |
Deferred income tax provision (benefit) | 11,858,069 | (367,845) |
Unrealized losses on mortgage-backed securities | 5,915,904 | 3,098,866 |
Realized losses (gains) on mortgage-backed securities | 858,001 | (69,498) |
Gains retained interests in securitizations | (65,928) | 0 |
PPP loan forgiveness | 0 | (153,724) |
Changes in operating assets and liabilities: | ||
Accrued interest receivable | 25,924 | (27,750) |
Due from affiliates | (68,558) | (429,684) |
Other assets | 273,200 | 29,266 |
Accrued interest payable | 139,019 | (50,248) |
Other liabilities | 51,799 | 1,290,797 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 5,476,567 | 5,533,501 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments received on retained interests in securitizations | 65,928 | 0 |
Acquisition of property and equipment | (46,176) | 0 |
NET CASH PROVIDED BY INVESTING ACTIVITIES | 7,620,225 | 1,345,719 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from repurchase agreements | 391,823,690 | 293,283,000 |
Principal repayments on repurchase agreements | (406,883,690) | (299,476,114) |
Principal repayments on long-term debt | (22,737) | (21,640) |
Class A common shares repurchased and retired | (1,052,666) | (1,763,413) |
NET CASH USED IN FINANCING ACTIVITIES | (16,135,403) | (7,978,167) |
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (3,038,611) | (1,098,947) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the year | 9,812,410 | 10,911,357 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the year | 6,773,799 | 9,812,410 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 1,991,991 | 1,164,780 |
Income taxes | 0 | 0 |
Collateralized Mortgage-Backed Securities [Member] | ||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Unrealized losses on mortgage-backed securities | 5,915,904 | 3,098,866 |
Realized losses (gains) on mortgage-backed securities | 858,001 | (69,498) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of investments | (23,191,724) | (26,189,505) |
Sales | 23,096,853 | 13,063,248 |
Principal repayments | 8,230,674 | 14,471,976 |
Orchid Island Capital [Member] | ||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Unrealized losses on mortgage-backed securities | 6,239,189 | 1,868,657 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of investments | $ (535,330) | $ 0 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE 1. Business Description Bimini Capital Management, Inc., a Maryland corporation (“Bimini Capital” or the “Company”) formed in September 2003, Bimini Advisors Holdings, LLC and its wholly-owned subsidiary, Bimini Advisors, LLC (an investment advisor registered with the Securities and Exchange Commission), are collectively referred to as "Bimini Advisors." Bimini Advisors manages a residential mortgage-backed securities (“MBS”) portfolio for Orchid Island Capital, Inc. ("Orchid") and receives fees for providing these services. Effective April 1, 2022, third Royal Palm Capital, LLC maintains an investment portfolio, consisting primarily of MBS investments and shares of Orchid common stock, for its own benefit. Royal Palm Capital, LLC and its wholly-owned subsidiaries are collectively referred to as "Royal Palm." Consolidation The accompanying consolidated financial statements include the accounts of Bimini Capital, Bimini Advisors and Royal Palm. All inter-company accounts and transactions have been eliminated from the consolidated financial statements. Basis of Presentation The accompanying 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying consolidated financial statements include determining the fair values of MBS and derivatives, determining the amounts of asset valuation allowances, and the computation of the income tax provision or benefit and the deferred tax asset allowances recorded for each accounting period. Segment Reporting The Company’s operations are classified into two 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 15. Variable Interest Entities (VIEs) A variable interest entity ("VIE") is consolidated by an enterprise if it is deemed the primary beneficiary of the VIE. Bimini Capital has a common share investment in a trust used in connection with the issuance of Bimini Capital's junior subordinated notes. The Company obtains interests in VIEs through its investments in mortgage-backed securities. The interests in these VIEs are passive in nature and are not not 3 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 December 31, 2022 2021 2022 2021 Cash and cash equivalents $ 6,010,799 $ 8,421,410 Restricted cash 763,000 1,391,000 Total cash, cash equivalents and restricted cash $ 6,773,799 $ 9,812,410 The Company maintains cash balances at several banks and excess margin with an exchange clearing member. At times, balances may not $250,000 not Advisory Services Orchid is externally managed and advised by Bimini Advisors pursuant to the terms of a management agreement. Under the terms of the management agreement, Orchid is obligated to pay Bimini Advisors a monthly management fee and a pro rata portion of certain overhead costs and to reimburse the Company for any direct expenses incurred on its behalf. Revenues from management fees are recognized over the period of time in which the service is performed in accordance with FASB Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers 2 Mortgage-Backed Securities The Company invests primarily in pass-through (“PT”) mortgage-backed securities issued by Freddie Mac, Fannie Mae or Ginnie Mae (“MBS”), collateralized mortgage obligations (“CMOs”), interest-only (“IO”) securities and inverse interest-only (“IIO”) securities representing interest in or obligations backed by pools of mortgage-backed loans. The Company refers to MBS and CMOs as PT MBS. The Company refers to IO and IIO securities as structured MBS. The Company has elected to account for its investment in MBS under the fair value option. Electing the fair value option requires the Company to record changes in fair value in the consolidated statement of operations, which, in management’s view, more appropriately reflects the results of 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 not Fair value is defined as the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. The fair value measurement assumes that the transaction to sell the asset or transfer the liability either occurs in the principal market for the asset or liability, or in the absence of a principal market, occurs in the most advantageous market for the asset or liability. Estimated fair values for MBS are based on independent pricing sources and/or third 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 Orchid Island Capital, Inc. Common Stock The Company accounts for its investment in Orchid common shares at fair value. The change in the fair value and dividends received on this investment are reflected in the consolidated statements of operations. We estimate the fair value of Orchid's common shares on a market approach using “Level 1” Retained Interests in Securitizations The Company holds retained interests in the subordinated tranches of securities created in securitization transactions. These retained interests currently have a recorded fair value of zero, as the prospect of future cash flows being received is uncertain. Any cash received from the retained interests is reflected as a gain in the consolidated statements of operations. Derivative Financial Instruments The Company has historically used derivative instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may The Company accounts for TBA securities as derivative instruments. Other types of derivative instruments may During the year ended December 31, 2022 December 31, 2022 December 31, 2021 Derivative instruments are carried at fair value, and changes in fair value are recorded in the consolidated statements of operations for each period. The Company’s derivative financial instruments are not Holding derivatives creates exposure to credit risk related to the potential for failure by counterparties to honor their commitments. In the event of default by a counterparty, the Company may may not Financial Instruments The fair value of financial instruments for which it is practicable to estimate that value is disclosed either in the body of the consolidated financial statements or in the accompanying notes. MBS, Orchid common stock and derivative assets and liabilities are accounted for at fair value in the consolidated balance sheets. The methods and assumptions used to estimate fair value for these instruments are presented in Note 14 The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, other assets, repurchase agreements, accrued interest payable and other liabilities generally approximates their carrying value as Level 2 December 31, 2022 2021 The fair value of the Company’s junior subordinated note approximates its carrying value. The carrying value is a reasonable estimate of fair value since the instrument carries a floating rate that resets frequently. Further information regarding this instrument is presented in Note 9 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 Repurchase Agreements The Company finances the acquisition of the majority of its PT MBS through the use of repurchase agreements under master repurchase agreements. Repurchase agreements are accounted for as collateralized financing transactions, which are carried at their contractual amounts, including accrued interest, as specified in the respective agreements. Earnings Per Share Basic EPS is calculated as income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated using the treasury stock or two not 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 The shares of Class C Common Stock are not not not not 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 not The Company’s U.S. federal income tax returns for years ended on or after December 31, 2019 The Company assesses the likelihood, based on their technical merit, that uncertain tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. The measurement of uncertain tax positions is adjusted when new information is available, or when an event occurs that requires a change. The Company recognizes tax positions in the consolidated financial statements only when it is more likely than not not Recent Accounting Pronouncements In March 2020, 2020 04 848 2020 04 2020 04 not 2020 04 may December 31, 2022, December 2022, 2022 06 848 2020 04 December 31, 2022 December 31, 2024. not In January 2021, 2021 01 848 2021 01 848 2021 01 2021 01 December 31, 2024, not |
Note 2 - Advisory Services
Note 2 - Advisory Services | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Advisory Services [Text Block] | NOTE 2. 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 first $250 ● One- twelfth $250 $500 ● One- twelfth $500 On April 1, 2022, third November 16, 2021, March 31, 2022. ● A daily fee equal to the outstanding principal balance of repurchase agreement funding in place as of the end of such day multiplied by 1.5 basis points for the amount of aggregate outstanding principal balance less than or equal to $5 $5 ● A fee for the clearing and operational services provided by personnel of the Manager equal to $10,000 per month. Orchid is obligated to reimburse Bimini Advisors for any direct expenses incurred on its behalf and to pay to Bimini Advisors an amount equal to Orchid's pro rata portion of certain overhead costs set forth in the management agreement. Orchid is required to pay Bimini Advisors by the 15th February 20, 2024 one The following table summarizes the advisory services revenue from Orchid for the years ended December 31, 2022 2021 (in thousands) 2022 2021 Management fee $ 10,447 $ 8,156 Allocated overhead 2,042 1,632 Repurchase, clearing and administrative fee 507 - Total $ 12,996 $ 9,788 At December 31, 2022 2021 |
Note 3 - Mortgage-backed Securi
Note 3 - Mortgage-backed Securities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 3. The following table presents the Company’s MBS portfolio as of December 31, 2022 2021 (in thousands) 2022 2021 Fixed-rate MBS $ 42,974 $ 58,029 Structured MBS 2,919 2,774 Total $ 45,893 $ 60,803 The following table is a summary of the Company's net loss (gain) from the sale of MBS for the years ended December 31, 2022 2021 (in thousands) 2022 2021 Proceeds from sales of MBS $ 23,097 $ 13,063 Carrying value of MBS sold 23,955 12,994 Net loss (gain) on sales of MBS $ (858 ) $ 69 Gross gain sales of MBS $ - $ 69 Gross loss on sales of MBS (858 ) - Net loss (gain) on sales of MBS $ (858 ) $ 69 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4. The composition of property and equipment at December 31, 2022 2021 (in thousands) 2022 2021 Land $ 1,185 $ 1,185 Buildings and improvements 1,827 1,827 Computer equipment and software 45 26 Office furniture and equipment 220 193 Total cost 3,277 3,231 Less accumulated depreciation and amortization (1,280 ) (1,207 ) Property and equipment, net $ 1,997 $ 2,024 |
Note 5 - Other Assets
Note 5 - Other Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | NOTE 5. The composition of other assets at December 31, 2022 2021 (in thousands) 2022 2021 Investment in Bimini Capital Trust II $ 804 $ 804 Prepaid expenses 261 297 Servicing advances - 159 Other 99 177 Total other assets $ 1,164 $ 1,437 The composition of other liabilities at December 31, 2022 2021 (in thousands) 2022 2021 Accrued payroll $ 2,600 $ 2,600 Accrued liabilities 104 81 Accounts payable 60 31 Total other assets $ 2,764 $ 2,712 |
Note 6 - Repurchase Agreements
Note 6 - Repurchase Agreements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | NOTE 6. The Company pledges certain of its MBS as collateral under repurchase agreements with financial institutions. Interest rates are generally fixed based on prevailing rates corresponding to the terms of the borrowings, and interest is generally paid at the termination of a borrowing. If the fair value of the pledged securities declines, lenders will typically require the Company to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as "margin calls." Similarly, if the fair value of the pledged securities increases, lenders may December 31, 2022 As of December 31, 2022 December 31, 2021 ($ in thousands) OVERNIGHT BETWEEN 2 BETWEEN 31 GREATER (1 DAY OR AND AND THAN LESS) 30 DAYS 90 DAYS 90 DAYS TOTAL December 31, 2022 Fair value of securities pledged, including accrued interest receivable $ - $ 42,553 $ 3,364 $ - $ 45,917 Repurchase agreement liabilities associated with these securities $ - $ 40,492 $ 3,326 $ - $ 43,818 Net weighted average borrowing rate - 4.50 % 4.29 % - 4.48 % December 31, 2021 Fair value of securities pledged, including accrued interest receivable $ - $ 60,859 $ 159 $ - $ 61,018 Repurchase agreement liabilities associated with these securities $ - $ 58,793 $ 85 $ - $ 58,878 Net weighted average borrowing rate - 0.14 % 0.70 % - 0.14 % In addition, cash pledged to counterparties as collateral for repurchase agreements was approximately $0.5 million and $1.4 million as of December 31, 2022 2021 If, during the term of a repurchase agreement, a lender files for bankruptcy, the Company might experience difficulty recovering its pledged assets, which could result in an unsecured claim against the lender for the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged to such lender, including the accrued interest receivable, and cash posted by the Company as collateral, if any. At December 31, 2022 December 31, 2021 10% December 31, 2022 not 10% December 31, 2021. ($ in thousands) % of Weighted Stockholders' Average Amount Equity Maturity Repurchase Agreement Counterparty at Risk at Risk (in Days) Mirae Asset Securities (USA) Inc. $ 1,322 10.9 % 14 |
Note 7 - Pledged Assets
Note 7 - Pledged Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Pledged Assets [TextBlock] | NOTE 7. 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, 2022 2021 ($ in thousands) December 31, 2022 December 31, 2021 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT MBS - at fair value $ 42,975 $ - $ 42,975 $ 58,029 $ - $ 58,029 Structured MBS - at fair value 2,742 - 2,742 2,759 - 2,759 Accrued interest on pledged securities 200 - 200 230 - 230 Cash 454 309 763 1,391 - 1,391 Total $ 46,371 $ 309 $ 46,680 $ 62,409 $ - $ 62,409 Assets Pledged from Counterparties The table below summarizes assets pledged to Bimini from counterparties under repurchase agreements as of December 31, 2022 2021 ($ in thousands) Assets Pledged to Bimini 2022 2021 Cash $ 148 $ 106 Total $ 148 $ 106 |
Note 8 - Offsetting Assets And
Note 8 - Offsetting Assets And Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Offsetting Assets And Liabilities [Text Block] | NOTE 8. 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, 2022 2021 (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, 2022 Repurchase Agreements $ 43,818 $ - $ 43,818 $ (43,364 ) $ (454 ) $ - $ 43,818 $ - $ 43,818 $ (43,364 ) $ (454 ) $ - December 31, 2021 Repurchase Agreements $ 58,878 $ - $ 58,878 $ (57,487 ) $ (1,391 ) $ - $ 58,878 $ - $ 58,878 $ (57,487 ) $ (1,391 ) $ - The amounts disclosed for collateral received by or posted to the same counterparty are limited to the amount sufficient to reduce the asset or liability presented in the consolidated balance sheet to zero. The fair value of the actual collateral received by or posted to the same counterparty typically exceeds the amounts presented. See Note 7 |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 9. Long-term debt at December 31, 2022 2021 (in thousands) 2022 2021 Junior subordinated debt $ 26,804 $ 26,804 Note payable 612 635 Total $ 27,416 $ 27,439 Junior Subordinated Debt During 2005, third As of December 31, 2022 2021 three December 31, 2022 June 30, 2023, 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. Secured Note Payable On October 30, 2019, October 30, 2039. October 30, 2024. 5 Paycheck Protection Plan Loan On April 13, 2020, 1.00% two not April 22, 2021, The table below presents the future scheduled principal payments on the Company’s long-term debt. (in thousands) Year Ending December 31, Amounts 2023 $ 24 2024 25 2025 26 2026 28 2027 29 Thereafter 27,284 Total $ 27,416 |
Note 10 - Capital Stock
Note 10 - Capital Stock | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 10. 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 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 no Class A Common Stock Each outstanding share of Class A common stock entitles the holder to one not 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 not one Each share of Class B common stock shall automatically be converted into one first no not not 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 Each share of Class C common stock shall automatically be converted into one first no not not 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, September 29, 2005, 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 one The previously outstanding shares of Class A Redeemable Preferred Stock were converted into Class A common stock on April 28, 2006. In 2015 December 21, 2015. In 2015 December 21, 2015. Rights Plan On December 21, 2015 December 21, 2015. The Rights one ten one not Exercisability. not 10 10 The date that the Rights may first may 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 Exchange may one may Expiration December 21, 2025, 382 no no may June 30, 2016 not Redemption. may not may may Anti-Dilution Provisions. may may No Anti-Takeover Effects. not may may not Amendments. may may not not no may There were no issuances of the Company's Class A Common Stock, Class B Common Stock or Class C Common Stock during the years ended December 31, 2022 2021 Stock Repurchase Plans On March 26, 2018, “2018 2018 10b 18 1934. 2018 September 16, 2021. January 1, 2021 September 16, 2021, 2018 2018 On September 16, 2021, 10b5 1 1934 “2021 2021 may not may 2021 not ompany to purchase any shares, and it expires on September 16, 2023. 2021 may December 31, 2022 , the Company repurchased a total of shares at an aggregate cost of approximately , including commissions and fees, for a weighted average price of per share under the 2021 December 31, 2021 , the Company repurchased a total of shares at an aggregate cost of approximately , including commissions and fees, for a weighted average price of per share under the 2021 The Inflation Reduction Act of 2022 August 2022 1% 2023. Tender Offer In July 2021, |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 11. From time to time, the Company may On April 22, 2020, 2007. November 2021, December 31, 2022 Management is not December 31, 2022 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 12. In 2022 2021 The income tax benefit included in the consolidated statements of operations consists of the following for the years ended December 31, 2022 2021 (in thousands) 2022 2021 Current $ - $ - Deferred 11,858 (368 ) Income tax provision (benefit), net $ 11,858 $ (368 ) The income tax provision differs from the amount computed by applying the federal income tax statutory rate of 21 percent on income or loss before income tax expense. A reconciliation for the years ended December 31, 2022 2021 (in thousands) 2022 2021 Federal tax benefit based on statutory rate applicable for each year $ (1,673 ) $ (19 ) State income tax benefit (344 ) (8 ) Non-deductible expenses 1,249 631 Increase (decrease) of deferred tax asset valuation allowance 12,188 (2,191 ) Other 438 1,219 Income tax provision (benefit) $ 11,858 $ (368 ) Deferred tax assets consisted of the following as of December 31, 2022 2021 (in thousands) 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 56,278 $ 58,391 Orchid Island Capital, Inc. common stock 4,530 3,198 MBS unrealized losses and gains 1,118 582 Capital loss carryforwards 2,395 1,423 Management agreement 813 813 Other 16 413 65,150 64,820 Valuation allowance (41,972 ) (29,784 ) Net deferred tax assets $ 23,178 $ 35,036 As of December 31, 2022 2021 ately $260.6 million and $267.7 million, respectively, and Florida NOL carryforwards of $35.5 million and $39.6 million, res 2026. In connection with Orchid’s 2013 December 31, 2022 2021 In assessing the realizability of deferred tax assets, management considers both positive and negative evidence whether it is more likely than not not December 31, 2022, not may may The Company continues to hold a minimal amount of residual interests in real estate mortgage investment conduits (“REMICs”), some of which generate excess inclusion income (“EII”). These residual interests have no 2009 The Company has not not not no |
Note 13 - Earnings Per Share
Note 13 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 13. Shares of Class B common stock, participating and convertible into Class A common stock, are entitled to receive dividends in an amount equal to the dividends declared on each share of Class A common stock if, and when, authorized and declared by the Board of Directors. The Class B common stock is included in the computation of basic EPS using the two not not December 31, 2022 2021 Shares of Class C common stock are not not not not December 31, 2022 2021 The table below reconciles the numerators and denominators of the basic and diluted EPS. (in thousands, except per-share information) 2022 2021 Basic and diluted EPS per Class A common share: (Loss) income attributable to Class A common shares: Basic and diluted $ (19,762 ) $ 274 Weighted average common shares: Class A common shares outstanding at the balance sheet date 10,020 10,702 Effect of weighting 374 496 Weighted average shares-basic and diluted 10,394 11,198 (Loss) income per Class A common share: Basic and diluted $ (1.90 ) $ 0.02 (in thousands, except per-share information) 2022 2021 Basic and diluted EPS per Class B common share: (Loss) income attributable to Class B common shares: Basic and diluted $ (61 ) $ 1 Weighted average common shares: Class B common shares outstanding at the balance sheet date 32 32 Effect of weighting - - Weighted average shares-basic and diluted 32 32 (Loss) income per Class B common share: Basic and diluted $ (1.90 ) $ 0.02 |
Note 14 - Fair Value
Note 14 - Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 14. Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price). A fair value measure should reflect the assumptions that market participants would use in pricing the asset or liability, including the assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of non-performance. Required disclosures include stratification of balance sheet amounts measured at fair value based on inputs the Company uses to derive fair value measurements. These stratifications are: ● Level 1 ● Level 2 not ● Level 3 not may not MBS, Orchid common stock, retained interests and TBA securities were all recorded at fair value on a recurring basis during 2022 2021 not December 31, 2022 2021 The Company's MBS and TBA securities are valued using Level 2 third may zero The Company’s futures contracts are Level 1 2 The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 2021 (in thousands) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Fair Value Assets Inputs Inputs Measurements (Level 1) (Level 2) (Level 3) December 31, 2022 Mortgage-backed securities $ 45,893 $ - $ 45,893 $ - Orchid Island Capital, Inc. common stock 5,975 5,975 - - December 31, 2021 Mortgage-backed securities $ 60,803 $ - $ 60,803 $ - Orchid Island Capital, Inc. common stock 11,679 11,679 - - During the years ended December 31, 2022 2021 no 1, 2 3. |
Note 15 - Segment Information
Note 15 - Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 15. The Company’s operations are classified into two 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, December 31, 2022 2021 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, 2022 2021 (in thousands) Asset Management Investment Portfolio Corporate Eliminations Total 2022 Advisory services, external customers $ 12,996 $ - $ - $ - $ 12,996 Advisory services, other operating segments (1) 115 - - (115 ) - Interest and dividend income - 3,155 - - 3,155 Interest expense - (715 ) (1,416 ) (2) - (2,131 ) Net revenues 13,111 2,440 (1,416 ) (115 ) 14,020 Other (expense) income - (12,212 ) 66 (3) - (12,146 ) Operating expenses (4) (7,805 ) (2,034 ) - - (9,839 ) Intercompany expenses (1) - (115 ) - 115 - Income (loss) before income taxes $ 5,306 $ (11,921 ) $ (1,350 ) $ - $ (7,965 ) Year end assets $ 1,970 $ 77,483 $ 6,864 $ - $ 86,317 Asset Management Investment Portfolio Corporate Eliminations Total 2021 Advisory services, external customers $ 9,788 $ - $ - $ - $ 9,788 Advisory services, other operating segments (1) 147 - - (147 ) - Interest and dividend income - 4,262 - - 4,262 Interest expense - (116 ) (997 ) (2) - (1,113 ) Net revenues 9,935 4,146 (997 ) (147 ) 12,937 Other expense - (4,898 ) 154 (3) - (4,744 ) Operating expenses (4) (5,676 ) (2,609 ) - - (8,285 ) Intercompany expenses (1) - (147 ) - 147 - Income (loss) before income taxes $ 4,259 $ (3,508 ) $ (843 ) $ - $ (92 ) Year end assets $ 1,901 $ 111,022 $ 9,162 $ - $ 122,085 ( 1 Includes advisory services revenue received by Bimini Advisors from Royal Palm. ( 2 Includes interest on long-term debt. ( 3 Includes income recognized on the forgiveness of the PPP loan and gains (losses) on Eurodollar futures contracts entered into as a hedge on junior subordinated notes. ( 4 Corporate expenses are allocated based on each segment’s proportional share of total revenues. |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 16. Other Relationships with Orchid At December 31, 2022 2021 December 31, 2022 2021 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, is eligible to receive compensation from Orchid and owns shares of common stock of Orchid. 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, is eligible to receive 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. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation The accompanying consolidated financial statements include the accounts of Bimini Capital, Bimini Advisors and Royal Palm. All inter-company accounts and transactions have been eliminated from the consolidated financial statements. |
Basis of Accounting, Policy [Policy Text Block] | 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, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying consolidated financial statements include determining the fair values of MBS and derivatives, determining the amounts of asset valuation allowances, and the computation of the income tax provision or benefit and the deferred tax asset allowances recorded for each accounting period. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting The Company’s operations are classified into two 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 15. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities (VIEs) A variable interest entity ("VIE") is consolidated by an enterprise if it is deemed the primary beneficiary of the VIE. Bimini Capital has a common share investment in a trust used in connection with the issuance of Bimini Capital's junior subordinated notes. The Company obtains interests in VIEs through its investments in mortgage-backed securities. The interests in these VIEs are passive in nature and are not not 3 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash on deposit with financial institutions and highly liquid investments with original maturities of three December 31, 2022 2021 2022 2021 Cash and cash equivalents $ 6,010,799 $ 8,421,410 Restricted cash 763,000 1,391,000 Total cash, cash equivalents and restricted cash $ 6,773,799 $ 9,812,410 The Company maintains cash balances at several banks and excess margin with an exchange clearing member. At times, balances may not $250,000 not |
Advisory Services [Policy Text Block] | Advisory Services Orchid is externally managed and advised by Bimini Advisors pursuant to the terms of a management agreement. Under the terms of the management agreement, Orchid is obligated to pay Bimini Advisors a monthly management fee and a pro rata portion of certain overhead costs and to reimburse the Company for any direct expenses incurred on its behalf. Revenues from management fees are recognized over the period of time in which the service is performed in accordance with FASB Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers 2 |
Marketable Securities, Policy [Policy Text Block] | Mortgage-Backed Securities The Company invests primarily in pass-through (“PT”) mortgage-backed securities issued by Freddie Mac, Fannie Mae or Ginnie Mae (“MBS”), collateralized mortgage obligations (“CMOs”), interest-only (“IO”) securities and inverse interest-only (“IIO”) securities representing interest in or obligations backed by pools of mortgage-backed loans. The Company refers to MBS and CMOs as PT MBS. The Company refers to IO and IIO securities as structured MBS. The Company has elected to account for its investment in MBS under the fair value option. Electing the fair value option requires the Company to record changes in fair value in the consolidated statement of operations, which, in management’s view, more appropriately reflects the results of 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 not Fair value is defined as the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. The fair value measurement assumes that the transaction to sell the asset or transfer the liability either occurs in the principal market for the asset or liability, or in the absence of a principal market, occurs in the most advantageous market for the asset or liability. Estimated fair values for MBS are based on independent pricing sources and/or third 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 |
Investment, Policy [Policy Text Block] | Orchid Island Capital, Inc. Common Stock The Company accounts for its investment in Orchid common shares at fair value. The change in the fair value and dividends received on this investment are reflected in the consolidated statements of operations. We estimate the fair value of Orchid's common shares on a market approach using “Level 1” |
Assets or Liabilities that Relate to Transferor's Continuing Involvement in Securitized or Asset-Backed Financing Assets, Policy [Policy Text Block] | Retained Interests in Securitizations The Company holds retained interests in the subordinated tranches of securities created in securitization transactions. These retained interests currently have a recorded fair value of zero, as the prospect of future cash flows being received is uncertain. Any cash received from the retained interests is reflected as a gain in the consolidated statements of operations. |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments The Company has historically used derivative instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may The Company accounts for TBA securities as derivative instruments. Other types of derivative instruments may During the year ended December 31, 2022 December 31, 2022 December 31, 2021 Derivative instruments are carried at fair value, and changes in fair value are recorded in the consolidated statements of operations for each period. The Company’s derivative financial instruments are not Holding derivatives creates exposure to credit risk related to the potential for failure by counterparties to honor their commitments. In the event of default by a counterparty, the Company may may not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments The fair value of financial instruments for which it is practicable to estimate that value is disclosed either in the body of the consolidated financial statements or in the accompanying notes. MBS, Orchid common stock and derivative assets and liabilities are accounted for at fair value in the consolidated balance sheets. The methods and assumptions used to estimate fair value for these instruments are presented in Note 14 The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, other assets, repurchase agreements, accrued interest payable and other liabilities generally approximates their carrying value as Level 2 December 31, 2022 2021 The fair value of the Company’s junior subordinated note approximates its carrying value. The carrying value is a reasonable estimate of fair value since the instrument carries a floating rate that resets frequently. Further information regarding this instrument is presented in Note 9 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment, net Property and equipment, net, consists of computer equipment with a depreciable life of 3 years, office furniture and equipment with depreciable lives of 8 to 20 years, land which has no |
Repurchase and Resale Agreements Policy [Policy Text Block] | Repurchase Agreements The Company finances the acquisition of the majority of its PT MBS through the use of repurchase agreements under master repurchase agreements. Repurchase agreements are accounted for as collateralized financing transactions, which are carried at their contractual amounts, including accrued interest, as specified in the respective agreements. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic EPS is calculated as income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated using the treasury stock or two not 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 The shares of Class C Common Stock are not not not not |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities represent the differences between the financial statement and income tax bases of assets and liabilities using enacted tax rates. The measurement of net deferred tax assets is adjusted by a valuation allowance if, based on the Company’s evaluation, it is more likely than not not The Company’s U.S. federal income tax returns for years ended on or after December 31, 2019 The Company assesses the likelihood, based on their technical merit, that uncertain tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. The measurement of uncertain tax positions is adjusted when new information is available, or when an event occurs that requires a change. The Company recognizes tax positions in the consolidated financial statements only when it is more likely than not not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In March 2020, 2020 04 848 2020 04 2020 04 not 2020 04 may December 31, 2022, December 2022, 2022 06 848 2020 04 December 31, 2022 December 31, 2024. not In January 2021, 2021 01 848 2021 01 848 2021 01 2021 01 December 31, 2024, not |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | 2022 2021 Cash and cash equivalents $ 6,010,799 $ 8,421,410 Restricted cash 763,000 1,391,000 Total cash, cash equivalents and restricted cash $ 6,773,799 $ 9,812,410 |
Note 2 - Advisory Services (Tab
Note 2 - Advisory Services (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Advisory Fee Income [Table Text Block] | (in thousands) 2022 2021 Management fee $ 10,447 $ 8,156 Allocated overhead 2,042 1,632 Repurchase, clearing and administrative fee 507 - Total $ 12,996 $ 9,788 |
Note 3 - Mortgage-backed Secu_2
Note 3 - Mortgage-backed Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Marketable Securities [Table Text Block] | (in thousands) 2022 2021 Fixed-rate MBS $ 42,974 $ 58,029 Structured MBS 2,919 2,774 Total $ 45,893 $ 60,803 |
Gain (Loss) on Securities [Table Text Block] | (in thousands) 2022 2021 Proceeds from sales of MBS $ 23,097 $ 13,063 Carrying value of MBS sold 23,955 12,994 Net loss (gain) on sales of MBS $ (858 ) $ 69 Gross gain sales of MBS $ - $ 69 Gross loss on sales of MBS (858 ) - Net loss (gain) on sales of MBS $ (858 ) $ 69 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (in thousands) 2022 2021 Land $ 1,185 $ 1,185 Buildings and improvements 1,827 1,827 Computer equipment and software 45 26 Office furniture and equipment 220 193 Total cost 3,277 3,231 Less accumulated depreciation and amortization (1,280 ) (1,207 ) Property and equipment, net $ 1,997 $ 2,024 |
Note 5 - Other Assets (Tables)
Note 5 - Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | (in thousands) 2022 2021 Investment in Bimini Capital Trust II $ 804 $ 804 Prepaid expenses 261 297 Servicing advances - 159 Other 99 177 Total other assets $ 1,164 $ 1,437 |
Other Liabilities [Table Text Block] | (in thousands) 2022 2021 Accrued payroll $ 2,600 $ 2,600 Accrued liabilities 104 81 Accounts payable 60 31 Total other assets $ 2,764 $ 2,712 |
Note 6 - Repurchase Agreements
Note 6 - Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Repurchase Agreements [Table Text Block] | ($ in thousands) OVERNIGHT BETWEEN 2 BETWEEN 31 GREATER (1 DAY OR AND AND THAN LESS) 30 DAYS 90 DAYS 90 DAYS TOTAL December 31, 2022 Fair value of securities pledged, including accrued interest receivable $ - $ 42,553 $ 3,364 $ - $ 45,917 Repurchase agreement liabilities associated with these securities $ - $ 40,492 $ 3,326 $ - $ 43,818 Net weighted average borrowing rate - 4.50 % 4.29 % - 4.48 % December 31, 2021 Fair value of securities pledged, including accrued interest receivable $ - $ 60,859 $ 159 $ - $ 61,018 Repurchase agreement liabilities associated with these securities $ - $ 58,793 $ 85 $ - $ 58,878 Net weighted average borrowing rate - 0.14 % 0.70 % - 0.14 % |
Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity [Table Text Block] | ($ in thousands) % of Weighted Stockholders' Average Amount Equity Maturity Repurchase Agreement Counterparty at Risk at Risk (in Days) Mirae Asset Securities (USA) Inc. $ 1,322 10.9 % 14 |
Note 7 - Pledged Assets (Tables
Note 7 - Pledged Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | ($ in thousands) December 31, 2022 December 31, 2021 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT MBS - at fair value $ 42,975 $ - $ 42,975 $ 58,029 $ - $ 58,029 Structured MBS - at fair value 2,742 - 2,742 2,759 - 2,759 Accrued interest on pledged securities 200 - 200 230 - 230 Cash 454 309 763 1,391 - 1,391 Total $ 46,371 $ 309 $ 46,680 $ 62,409 $ - $ 62,409 |
Schedule of Financial Instruments Pledged as Collateral From Counterparties [Table Text Block] | ($ in thousands) Assets Pledged to Bimini 2022 2021 Cash $ 148 $ 106 Total $ 148 $ 106 |
Note 8 - Offsetting Assets An_2
Note 8 - Offsetting Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Offsetting Liabilities [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, 2022 Repurchase Agreements $ 43,818 $ - $ 43,818 $ (43,364 ) $ (454 ) $ - $ 43,818 $ - $ 43,818 $ (43,364 ) $ (454 ) $ - December 31, 2021 Repurchase Agreements $ 58,878 $ - $ 58,878 $ (57,487 ) $ (1,391 ) $ - $ 58,878 $ - $ 58,878 $ (57,487 ) $ (1,391 ) $ - |
Note 9 - Long-term Debt (Tables
Note 9 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | (in thousands) 2022 2021 Junior subordinated debt $ 26,804 $ 26,804 Note payable 612 635 Total $ 27,416 $ 27,439 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | (in thousands) Year Ending December 31, Amounts 2023 $ 24 2024 25 2025 26 2026 28 2027 29 Thereafter 27,284 Total $ 27,416 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (in thousands) 2022 2021 Current $ - $ - Deferred 11,858 (368 ) Income tax provision (benefit), net $ 11,858 $ (368 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (in thousands) 2022 2021 Federal tax benefit based on statutory rate applicable for each year $ (1,673 ) $ (19 ) State income tax benefit (344 ) (8 ) Non-deductible expenses 1,249 631 Increase (decrease) of deferred tax asset valuation allowance 12,188 (2,191 ) Other 438 1,219 Income tax provision (benefit) $ 11,858 $ (368 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (in thousands) 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 56,278 $ 58,391 Orchid Island Capital, Inc. common stock 4,530 3,198 MBS unrealized losses and gains 1,118 582 Capital loss carryforwards 2,395 1,423 Management agreement 813 813 Other 16 413 65,150 64,820 Valuation allowance (41,972 ) (29,784 ) Net deferred tax assets $ 23,178 $ 35,036 |
Note 13 - Earnings Per Share (T
Note 13 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (in thousands, except per-share information) 2022 2021 Basic and diluted EPS per Class A common share: (Loss) income attributable to Class A common shares: Basic and diluted $ (19,762 ) $ 274 Weighted average common shares: Class A common shares outstanding at the balance sheet date 10,020 10,702 Effect of weighting 374 496 Weighted average shares-basic and diluted 10,394 11,198 (Loss) income per Class A common share: Basic and diluted $ (1.90 ) $ 0.02 (in thousands, except per-share information) 2022 2021 Basic and diluted EPS per Class B common share: (Loss) income attributable to Class B common shares: Basic and diluted $ (61 ) $ 1 Weighted average common shares: Class B common shares outstanding at the balance sheet date 32 32 Effect of weighting - - Weighted average shares-basic and diluted 32 32 (Loss) income per Class B common share: Basic and diluted $ (1.90 ) $ 0.02 |
Note 14 - Fair Value (Tables)
Note 14 - Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (in thousands) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Fair Value Assets Inputs Inputs Measurements (Level 1) (Level 2) (Level 3) December 31, 2022 Mortgage-backed securities $ 45,893 $ - $ 45,893 $ - Orchid Island Capital, Inc. common stock 5,975 5,975 - - December 31, 2021 Mortgage-backed securities $ 60,803 $ - $ 60,803 $ - Orchid Island Capital, Inc. common stock 11,679 11,679 - - |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | (in thousands) Asset Management Investment Portfolio Corporate Eliminations Total 2022 Advisory services, external customers $ 12,996 $ - $ - $ - $ 12,996 Advisory services, other operating segments (1) 115 - - (115 ) - Interest and dividend income - 3,155 - - 3,155 Interest expense - (715 ) (1,416 ) (2) - (2,131 ) Net revenues 13,111 2,440 (1,416 ) (115 ) 14,020 Other (expense) income - (12,212 ) 66 (3) - (12,146 ) Operating expenses (4) (7,805 ) (2,034 ) - - (9,839 ) Intercompany expenses (1) - (115 ) - 115 - Income (loss) before income taxes $ 5,306 $ (11,921 ) $ (1,350 ) $ - $ (7,965 ) Year end assets $ 1,970 $ 77,483 $ 6,864 $ - $ 86,317 Asset Management Investment Portfolio Corporate Eliminations Total 2021 Advisory services, external customers $ 9,788 $ - $ - $ - $ 9,788 Advisory services, other operating segments (1) 147 - - (147 ) - Interest and dividend income - 4,262 - - 4,262 Interest expense - (116 ) (997 ) (2) - (1,113 ) Net revenues 9,935 4,146 (997 ) (147 ) 12,937 Other expense - (4,898 ) 154 (3) - (4,744 ) Operating expenses (4) (5,676 ) (2,609 ) - - (8,285 ) Intercompany expenses (1) - (147 ) - 147 - Income (loss) before income taxes $ 4,259 $ (3,508 ) $ (843 ) $ - $ (92 ) Year end assets $ 1,901 $ 111,022 $ 9,162 $ - $ 122,085 |
Note 1 - Organization and Sig_3
Note 1 - Organization and Significant Accounting Policies (Details Textual) | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Number of Operating Segments | 2 | |
Number of Reportable Segments | 2 | |
Gain (Loss) on Derivative Instruments Held for Trading Purposes, Net | $ 800,820 | $ (198) |
Computer Equipment [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Office Furniture and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 8 years | |
Office Furniture and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 20 years | |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 30 years | |
Treasury Note Future [Member] | ||
Gain (Loss) on Derivative Instruments Held for Trading Purposes, Net | $ 800,000 |
Note 1 - Organization and Sig_4
Note 1 - Organization and Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 6,010,799 | $ 8,421,410 |
Restricted cash | 763,000 | 1,391,000 |
Total cash, cash equivalents and restricted cash | $ 6,773,799 | $ 9,812,410 |
Note 2 - Advisory Services (Det
Note 2 - Advisory Services (Details Textual) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Apr. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Due from Affiliates | $ 1,130,713 | $ 1,062,155 | |
Orchid Island Capital [Member] | |||
Monthly Management Fee, Calculation, Multiplier to Percentage of Equity | 0.0833 | ||
Monthly Management Fee, Percentage of Equity, First 250 Million | 1.50% | ||
Monthly Management Fee, Percentage of Equity, Between 250 and 500 Million | 1.25% | ||
Monthly Management Fee, Percentage of Equity, Over 500 Million | 1% | ||
Daily Fee, Rate Multiplied By Repurchase Agreements Balance if Less than Five Billion | 0.015% | ||
Daily Fee, Rate Multiplied By Repurchase Agreements Balance if More than Five Billion | 0.01% | ||
Clearing and Operational Services Fee Per Month | $ 10,000 | ||
Management Agreement, Extension Period (Year) | 1 year | ||
Management Agreement, Termination Fee, Multiplied by Average Management Fee | 3 | ||
Due from Affiliates | $ 1,100,000 | $ 1,100,000 |
Note 2 - Advisory Services - Ad
Note 2 - Advisory Services - Advisory Service Revenue (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Advisory services | $ 12,995,504 | $ 9,788,340 |
Orchid Island Capital [Member] | ||
Advisory services | 12,996,000 | 9,788,000 |
Management Service [Member] | Orchid Island Capital [Member] | ||
Advisory services | 10,447,000 | 8,156,000 |
Allocated Overhead [Member] | Orchid Island Capital [Member] | ||
Advisory services | 2,042,000 | 1,632,000 |
Repurchase, Clearing and Administrative Fee [Member] | Orchid Island Capital [Member] | ||
Advisory services | $ 507,000 | $ 0 |
Note 3 - Mortgage-backed Secu_3
Note 3 - Mortgage-backed Securities - MBS Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fixed Rate Mortgages [Member] | ||
MBS | $ 42,974 | $ 58,029 |
Structured Mortgage-backed Securities [Member] | ||
MBS | 2,919 | 2,774 |
Collateralized Mortgage-Backed Securities [Member] | ||
MBS | $ 45,893 | $ 60,803 |
Note 3 - Mortgage-backed Secu_4
Note 3 - Mortgage-backed Securities - Net Gain (Loss) From Sale of MBS (Details) - Collateralized Mortgage-Backed Securities [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Proceeds from sales of MBS | $ 23,096,853 | $ 13,063,248 |
Carrying value of MBS sold | 23,955,000 | 12,994,000 |
Net loss (gain) on sales of MBS | (858,000) | 69,000 |
Gross gain sales of MBS | 0 | 69,000 |
Gross loss on sales of MBS | $ (858,000) | $ 0 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment, Net - Composition of Property and Equipment (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Property and Equipment | $ 3,277,000 | $ 3,231,000 |
Less accumulated depreciation and amortization | (1,280,000) | (1,207,000) |
Property and equipment, net | 1,997,313 | 2,024,190 |
Land [Member] | ||
Property and Equipment | 1,185,000 | 1,185,000 |
Building and Building Improvements [Member] | ||
Property and Equipment | 1,827,000 | 1,827,000 |
Computer Equipment [Member] | ||
Property and Equipment | 45,000 | 26,000 |
Office Furniture and Equipment [Member] | ||
Property and Equipment | $ 220,000 | $ 193,000 |
Note 5 - Other Assets - Composi
Note 5 - Other Assets - Composition of Other Assets (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Investment in Bimini Capital Trust II | $ 804,000 | $ 804,000 |
Prepaid expenses | 261,000 | 297,000 |
Servicing advances | 0 | 159,000 |
Other | 99,000 | 177,000 |
Total other assets | $ 1,164,181 | $ 1,437,381 |
Note 5 - Other Assets and Other
Note 5 - Other Assets and Other Liabilities - Other Liabilities (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued payroll | $ 2,600,000 | $ 2,600,000 |
Accrued liabilities | 104,000 | 81,000 |
Accounts payable | 60,000 | 31,000 |
Total other assets | $ 2,764,005 | $ 2,712,206 |
Note 6 - Repurchase Agreement_2
Note 6 - Repurchase Agreements (Details Textual) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Restricted Cash and Cash Equivalents, Current, Total | $ 763,000 | $ 1,391,000 |
Repurchase Agreement Counterparty, Amount at Risk | 2,500,000 | 3,500,000 |
Asset Pledged as Collateral [Member] | ||
Restricted Cash and Cash Equivalents, Current, Total | 763,000 | 1,391,000 |
Asset Pledged as Collateral [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Restricted Cash and Cash Equivalents, Current, Total | $ 454,000 | $ 1,391,000 |
Note 6 - Repurchase Agreement_3
Note 6 - Repurchase Agreements - Schedule of Repurchase Agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair value of securities pledged, including accrued interest receivable | $ 45,917 | $ 61,018 |
Repurchase agreement liabilities associated with these securities | $ 43,818 | $ 58,878 |
Net weighted average borrowing rate | 4.48% | 0.14% |
Maturity Overnight [Member] | ||
Fair value of securities pledged, including accrued interest receivable | $ 0 | $ 0 |
Repurchase agreement liabilities associated with these securities | $ 0 | $ 0 |
Net weighted average borrowing rate | 0% | 0% |
Maturity Less than 30 Days [Member] | ||
Fair value of securities pledged, including accrued interest receivable | $ 42,553 | $ 60,859 |
Repurchase agreement liabilities associated with these securities | $ 40,492 | $ 58,793 |
Net weighted average borrowing rate | 4.50% | 0.14% |
Maturity 30 to 90 Days [Member] | ||
Fair value of securities pledged, including accrued interest receivable | $ 3,364 | $ 159 |
Repurchase agreement liabilities associated with these securities | $ 3,326 | $ 85 |
Net weighted average borrowing rate | 4.29% | 0.70% |
Maturity Greater than 90 Days [Member] | ||
Fair value of securities pledged, including accrued interest receivable | $ 0 | $ 0 |
Repurchase agreement liabilities associated with these securities | $ 0 | $ 0 |
Net weighted average borrowing rate | 0% | 0% |
Note 6 - Repurchase Agreement_4
Note 6 - Repurchase Agreements - Risks With Individual Counterparties (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Amount at risk | $ 2,500,000 | $ 3,500,000 |
Mirae Asset Securities (USA) Inc. [Member] | ||
Amount at risk | $ 1,322 | |
Percent of Stockholders' Equity at Risk | 10.90% | |
Weighted Average Maturity (Year) | 14 years |
Note 7 - Pledged Assets - Sched
Note 7 - Pledged Assets - Schedule of Financial Instruments Owned and Pledged as Collateral (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Investments, fair value | $ 5,975,248 | $ 11,679,107 |
Accrued interest on pledged securities | 204,018 | 229,942 |
Cash | 763,000 | 1,391,000 |
Year end assets | 86,316,951 | 122,084,641 |
Asset Pledged as Collateral [Member] | ||
Accrued interest on pledged securities | 200,000 | 230,000 |
Cash | 763,000 | 1,391,000 |
Year end assets | 46,680,000 | 62,409,000 |
Asset Pledged as Collateral [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Accrued interest on pledged securities | 200,000 | 230,000 |
Cash | 454,000 | 1,391,000 |
Year end assets | 46,371,000 | 62,409,000 |
Asset Pledged as Collateral [Member] | Derivative [Member] | ||
Accrued interest on pledged securities | 0 | 0 |
Cash | 309,000 | 0 |
Year end assets | 309,000 | 0 |
Asset Pledged as Collateral [Member] | Collateralized Mortgage-Backed Securities [Member] | Pass Through Certificate [Member] | ||
Investments, fair value | 42,975,000 | 58,029,000 |
Asset Pledged as Collateral [Member] | Collateralized Mortgage-Backed Securities [Member] | Pass Through Certificate [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Investments, fair value | 42,975,000 | 58,029,000 |
Asset Pledged as Collateral [Member] | Collateralized Mortgage-Backed Securities [Member] | Pass Through Certificate [Member] | Derivative [Member] | ||
Investments, fair value | 0 | 0 |
Asset Pledged as Collateral [Member] | Collateralized Mortgage-Backed Securities [Member] | Structured Finance [Member] | ||
Investments, fair value | 2,742,000 | 2,759,000 |
Asset Pledged as Collateral [Member] | Collateralized Mortgage-Backed Securities [Member] | Structured Finance [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Investments, fair value | 2,742,000 | 2,759,000 |
Asset Pledged as Collateral [Member] | Collateralized Mortgage-Backed Securities [Member] | Structured Finance [Member] | Derivative [Member] | ||
Investments, fair value | $ 0 | $ 0 |
Note 7 - Pledged Assets -Schedu
Note 7 - Pledged Assets -Schedule of Financial Instruments Pledged as Collateral From Counterparties (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets Pledged to Bimini | $ 148 | $ 106 |
Cash [Member] | ||
Assets Pledged to Bimini | $ 148 | $ 106 |
Note 8 - Offsetting Assets An_3
Note 8 - Offsetting Assets And Liabilities - Offsetting of Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Repurchase Agreements [Member] | ||
Gross amount of liabilities | $ 58,878 | |
Gross amount offset | 0 | |
Net amount of balance sheet liabilities | 58,878 | |
Securities posted as collateral | (57,487) | |
Cash posted as collateral | (1,391) | |
Net amount | 0 | |
Gross Amount Of Recognized Liabilties [Member] | ||
Gross amount of liabilities | $ 43,818 | 58,878 |
Gross Amount Of Recognized Liabilties [Member] | Repurchase Agreements [Member] | ||
Gross amount of liabilities | 43,818 | |
Gross Amount Of Liabilties Offset In The Balance Sheet [Member] | ||
Gross amount offset | 0 | 0 |
Gross Amount Of Liabilties Offset In The Balance Sheet [Member] | Repurchase Agreements [Member] | ||
Gross amount offset | 0 | |
Net Amount Of Liabilities Presented In The Balance Sheet [Member] | ||
Net amount of balance sheet liabilities | 43,818 | 58,878 |
Net Amount Of Liabilities Presented In The Balance Sheet [Member] | Repurchase Agreements [Member] | ||
Net amount of balance sheet liabilities | 43,818 | |
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet [Member] | ||
Securities posted as collateral | (43,364) | (57,487) |
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet [Member] | Repurchase Agreements [Member] | ||
Securities posted as collateral | (43,364) | |
Gross Amounts Of Cash Posted Not Offset In Balance Sheet [Member] | ||
Cash posted as collateral | (454) | (1,391) |
Gross Amounts Of Cash Posted Not Offset In Balance Sheet [Member] | Repurchase Agreements [Member] | ||
Cash posted as collateral | (454) | |
Net Amount Of Liabilities [Member] | ||
Net amount | 0 | $ 0 |
Net Amount Of Liabilities [Member] | Repurchase Agreements [Member] | ||
Net amount | $ 0 |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) - USD ($) | 12 Months Ended | ||||
Oct. 31, 2024 | Apr. 13, 2020 | Oct. 30, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | |
Paycheck Protection Program CARES Act [Member] | |||||
Proceeds from Issuance of Long-Term Debt, Total | $ 152,000 | ||||
Junior Subordinated Debt Securities [Member] | Bimini Capital Trust II (“BCTII”) [Member] | Bimini Capital Trust Junior Subordinated Note [Member] | |||||
Long-Term Debt, Gross | $ 26,800,000 | $ 26,800,000 | |||
Debt Instrument, Interest Rate, Effective Percentage | 8.27% | ||||
Junior Subordinated Debt Securities [Member] | Bimini Capital Trust II (“BCTII”) [Member] | Bimini Capital Trust Junior Subordinated Note [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||
Notes Payable to Banks [Member] | |||||
Debt Instrument, Face Amount | $ 680,000 | ||||
Debt Instrument, Periodic Payment, Total | $ 5,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.89% | ||||
Notes Payable to Banks [Member] | US Treasury Securities Interest Rate [Member] | Forecast [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||||
Bimini Capital Trust II (“BCTII”) [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 100% |
Note 9 - Long-term Debt - Sched
Note 9 - Long-term Debt - Schedule of Debt (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Long-term debt | $ 27,416,239 | $ 27,438,976 |
Junior Subordinated Debt [Member] | ||
Long-term debt | 26,804,000 | 26,804,000 |
Notes Payable to Banks [Member] | ||
Long-term debt | $ 612,000 | $ 635,000 |
Note 9 - Long-term Debt - Futur
Note 9 - Long-term Debt - Future Scheduled Principal Payments on Long-term Debt (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 24,000 | |
2024 | 25,000 | |
2025 | 26,000 | |
2026 | 28,000 | |
2027 | 29,000 | |
Thereafter | 27,284,000 | |
Total | $ 27,416,239 | $ 27,438,976 |
Note 10 - Capital Stock (Detail
Note 10 - Capital Stock (Details Textual) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 42 Months Ended | |||||
Dec. 21, 2015 $ / shares shares | Jul. 31, 2021 USD ($) $ / shares shares | Sep. 16, 2021 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Sep. 16, 2021 USD ($) $ / shares shares | Mar. 26, 2018 shares | Sep. 29, 2015 $ / shares shares | Sep. 29, 2005 shares | |
Common and Preferred Stock, Shares Authorized (in shares) | 110,000,000 | ||||||||
Common Stock, Shares Authorized (in shares) | 100,000,000 | ||||||||
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | ||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |||||||
Preferred Stock, Shares Issued (in shares) | 0 | 0 | |||||||
Payments for Repurchase of Common Stock | $ | $ 1,052,666 | $ 1,763,413 | |||||||
The 2018 Repurchase Plan [Member] | |||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 500,000 | ||||||||
Treasury Stock, Shares, Acquired (in shares) | 1,195 | 71,598 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 2,298 | $ 169,243 | |||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 1.92 | $ 2.36 | |||||||
The 2021 Repurchase Plan [Member] | |||||||||
Treasury Stock, Shares, Acquired (in shares) | 682,306 | 92,287 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 1,100,000 | $ 200,000 | |||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 1.54 | $ 2.09 | |||||||
Stock Repurchase Program, Authorized Amount | $ | $ 2,500,000 | $ 2,500,000 | |||||||
Tender Offer [Member] | |||||||||
Treasury Stock, Shares, Acquired (in shares) | 812,879 | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 1,500,000 | ||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 1.85 | ||||||||
Payments for Repurchase of Common Stock | $ | $ 1,600,000 | ||||||||
Preferred Stock Purchase Right [Member] | |||||||||
Class of Warrant or Right, Issued Per Outstanding Common Stock Share (in shares) | 1 | ||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 0.1 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 4.76 | ||||||||
Percentage of Common Stock Person or Group Acquires to Make Rights Exercisable | 4.90% | ||||||||
Acquiring Person, Exercisability, Multiple of Purchase Price | 2 | ||||||||
Class of Warrant or Right, Redemption Price (in dollars per share) | $ / shares | $ 0.001 | ||||||||
Class of Warrant or Right, Percentage Minimum Adjustment to Purchase Price | 1% | ||||||||
Common Class A [Member] | |||||||||
Common Stock, Shares Authorized (in shares) | 98,000,000 | 98,000,000 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | 0 | |||||||
Common Class B [Member] | |||||||||
Common Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |||||||
Common Stock, Conversion, Maximum Outstanding Percentage | 3% | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | 0 | |||||||
Common Class B [Member] | Minimum [Member] | |||||||||
Common Stock, Conversion Price (in dollars per share) | $ / shares | $ 150 | ||||||||
Common Class C [Member] | |||||||||
Common Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |||||||
Common Stock, Conversion, Maximum Outstanding Percentage | 3% | ||||||||
Common Stock, Dividend Rate | $ | $ 0 | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | 0 | |||||||
Common Class C [Member] | Minimum [Member] | |||||||||
Common Stock, Conversion Price (in dollars per share) | $ / shares | $ 150 | ||||||||
Class A Redeemable Preferred Stock [Member] | |||||||||
Preferred Stock, Shares Authorized (in shares) | 0 | 1,800,000 | 1,800,000 | ||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | ||||||||
Class B Redeemable Preferred Stock [Member] | |||||||||
Preferred Stock, Shares Authorized (in shares) | 0 | 2,000,000 | 2,000,000 | ||||||
Preferred Stock, Shares Issued (in shares) | 0 | ||||||||
Class A Redeemable Preferred Stock and Class B Redeemable Preferred Stock [Member] | |||||||||
Preferred Stock, Voting Rights, Number of Votes | 0.2 | ||||||||
Preferred Undesignated [Member] | |||||||||
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 9,900,000 | 9,900,000 | ||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | ||||||||
Series A Preferred Stock [Member] | |||||||||
Preferred Stock, Shares Authorized (in shares) | 100,000 | 100,000 | |||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) - Threatened Litigation [Member] - Breach Of Representations And Warranties [Member] - USD ($) $ in Thousands | 1 Months Ended | ||
Dec. 31, 2021 | Apr. 22, 2020 | Nov. 30, 2021 | |
Loss Contingency Accrual, Provision | $ 0 | ||
Citigroup Demand For Payment [Member] | |||
Loss Contingency, Damages Sought, Value | $ 33,100 | ||
Citigroup Additional Indemnity Claim [Member] | |||
Loss Contingency, Damages Sought, Value | $ 200 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2013 | |
Income Tax Expense (Benefit), Total | $ 11,858,069 | $ (367,845) | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 12,188,000 | $ (2,191,000) | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | |
Deferred Tax Assets, Goodwill and Intangible Assets | $ 813,000 | $ 813,000 | |
Offering Costs Paid for Orchid's IPO [Member] | Bimini Advisors Holdings [Member] | |||
Payments to Acquire Intangible Assets | $ 3,200,000 | ||
Deferred Tax Assets, Goodwill and Intangible Assets | 800,000 | 800,000 | $ 3,200,000 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards | 260,600,000 | 267,700,000 | |
State and Local Jurisdiction [Member] | Florida Department of Revenue [Member] | |||
Operating Loss Carryforwards | $ 35,500,000 | $ 39,600,000 |
Note 12 - Income Taxes - Income
Note 12 - Income Taxes - Income Tax Benefit (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current | $ 0 | $ 0 |
Deferred | 11,858,000 | (368,000) |
Income tax provision (benefit), net | $ 11,858,069 | $ (367,845) |
Note 12 - Income Taxes - Inco_2
Note 12 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Federal tax benefit based on statutory rate applicable for each year | $ (1,673,000) | $ (19,000) |
State income tax benefit | (344,000) | (8,000) |
Non-deductible expenses | 1,249,000 | 631,000 |
Increase (decrease) of deferred tax asset valuation allowance | 12,188,000 | (2,191,000) |
Other | 438,000 | 1,219,000 |
Income tax provision (benefit), net | $ 11,858,069 | $ (367,845) |
Note 12 - Income Taxes - Deferr
Note 12 - Income Taxes - Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Net operating loss carryforwards | $ 56,278,000 | $ 58,391,000 |
Orchid Island Capital, Inc. common stock | 4,530,000 | 3,198,000 |
MBS unrealized losses and gains | 1,118,000 | 582,000 |
Capital loss carryforwards | 2,395,000 | 1,423,000 |
Management agreement | 813,000 | 813,000 |
Other | 16,000 | 413,000 |
Deferred Tax Assets, Gross, Total | 65,150,000 | 64,820,000 |
Valuation allowance | (41,972,000) | (29,784,000) |
Net deferred tax assets | $ 23,178,243 | $ 35,036,312 |
Note 13 - Earnings Per Share -
Note 13 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Common Class A [Member] | ||
Basic and diluted | $ (19,762) | $ 274 |
Common shares outstanding at the balance sheet date (in shares) | 10,020,000 | 10,702,000 |
Effect of weighting (in shares) | 374,000 | 496,000 |
Weighted average shares-basic and diluted (in shares) | 10,393,855 | 11,198,434 |
Basic and diluted (in dollars per share) | $ (1.90) | $ 0.02 |
Common Class B [Member] | ||
Basic and diluted | $ (61) | $ 1 |
Common shares outstanding at the balance sheet date (in shares) | 32,000 | 32,000 |
Effect of weighting (in shares) | 0 | 0 |
Weighted average shares-basic and diluted (in shares) | 31,938 | 31,938 |
Basic and diluted (in dollars per share) | $ (1.90) | $ 0.02 |
Note 14 - Fair Value (Details T
Note 14 - Fair Value (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Retained Interest, Fair Value Disclosure | $ 0 | $ 0 |
Note 14 - Fair Value - Schedule
Note 14 - Fair Value - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Mortgage-backed securities | $ 45,893,436 | $ 60,803,144 |
Fair Value, Recurring [Member] | ||
Mortgage-backed securities | 45,893,000 | 60,803,000 |
Orchid Island Capital, Inc. common stock | 5,975,000 | 11,679,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Mortgage-backed securities | 0 | 0 |
Orchid Island Capital, Inc. common stock | 5,975,000 | 11,679,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Mortgage-backed securities | 45,893,000 | 60,803,000 |
Orchid Island Capital, Inc. common stock | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Mortgage-backed securities | 0 | 0 |
Orchid Island Capital, Inc. common stock | $ 0 | $ 0 |
Note 15 - Segment Information_2
Note 15 - Segment Information (Details Textual) | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Number of Reportable Segments | 2 | |
Revenues, Total | $ 16,150,685 | $ 14,049,936 |
Orchid Island Capital [Member] | ||
Revenues, Total | $ 13,000,000 | $ 9,800,000 |
Orchid Island Capital [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Concentration Risk, Percentage | 80% | 70% |
Note 15 - Segment Information -
Note 15 - Segment Information - Schedule of Segment Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Advisory services, external customers | $ 12,995,504 | $ 9,788,340 | |
Advisory services, other operating segments(1) | [1] | 0 | 0 |
Interest and dividend income | 3,155,000 | 4,262,000 | |
Interest expense | (2,131,000) | (1,113,000) | |
Net revenues | 14,019,675 | 12,936,963 | |
Other (expense) income | (12,146,005) | (4,744,032) | |
Operating expenses(4) | [2] | (9,838,706) | (8,285,362) |
Intercompany expenses(1) | [1] | 0 | 0 |
Income (loss) before income taxes | (7,965,036) | (92,431) | |
Year end assets | 86,316,951 | 122,084,641 | |
Corporate, Non-Segment [Member] | |||
Advisory services, external customers | 0 | 0 | |
Advisory services, other operating segments(1) | [1] | 0 | 0 |
Interest and dividend income | 0 | 0 | |
Interest expense | [3] | (1,416,000) | (997,000) |
Net revenues | (1,416,000) | (997,000) | |
Other (expense) income | [4] | 66,000 | 154,000 |
Operating expenses(4) | [2] | 0 | 0 |
Intercompany expenses(1) | [1] | 0 | 0 |
Income (loss) before income taxes | (1,350,000) | (843,000) | |
Year end assets | 6,864,000 | 9,162,000 | |
Consolidation, Eliminations [Member] | |||
Advisory services, external customers | 0 | 0 | |
Advisory services, other operating segments(1) | [1] | (115,000) | (147,000) |
Interest and dividend income | 0 | 0 | |
Interest expense | 0 | 0 | |
Net revenues | (115,000) | (147,000) | |
Other (expense) income | 0 | 0 | |
Operating expenses(4) | [2] | 0 | 0 |
Intercompany expenses(1) | [1] | 115,000 | 147,000 |
Income (loss) before income taxes | 0 | 0 | |
Year end assets | 0 | 0 | |
Asset Management [Member] | Operating Segments [Member] | |||
Advisory services, external customers | 12,996,000 | 9,788,000 | |
Advisory services, other operating segments(1) | [1] | 115,000 | 147,000 |
Interest and dividend income | 0 | 0 | |
Interest expense | 0 | 0 | |
Net revenues | 13,111,000 | 9,935,000 | |
Other (expense) income | 0 | 0 | |
Operating expenses(4) | [2] | (7,805,000) | (5,676,000) |
Intercompany expenses(1) | [1] | 0 | 0 |
Income (loss) before income taxes | 5,306,000 | 4,259,000 | |
Year end assets | 1,970,000 | 1,901,000 | |
Investment Portfolio [Member] | Operating Segments [Member] | |||
Advisory services, external customers | 0 | 0 | |
Advisory services, other operating segments(1) | [1] | 0 | 0 |
Interest and dividend income | 3,155,000 | 4,262,000 | |
Interest expense | (715,000) | (116,000) | |
Net revenues | 2,440,000 | 4,146,000 | |
Other (expense) income | (12,212,000) | (4,898,000) | |
Operating expenses(4) | [2] | (2,034,000) | (2,609,000) |
Intercompany expenses(1) | [1] | (115,000) | (147,000) |
Income (loss) before income taxes | (11,921,000) | (3,508,000) | |
Year end assets | $ 77,483,000 | $ 111,022,000 | |
[1]Includes advisory services revenue received by Bimini Advisors from Royal Palm.[2]Corporate expenses are allocated based on each segment’s proportional share of total revenues.[3]Includes interest on long-term debt.[4]Includes income recognized on the forgiveness of the PPP loan and gains (losses) on Eurodollar futures contracts entered into as a hedge on junior subordinated notes. |
Note 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Investment Income, Dividend | $ 1,292,701 | $ 2,024,379 |
Orchid Island Capital [Member] | ||
Investment Income, Dividend | $ 1,300,000 | $ 2,000,000 |
Orchid Island Capital [Member] | ||
Equity Method Investment, Ownership Percentage | 1.60% | 1.50% |