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Volume 12.1K
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Company Description

Contact Info

3305 Flamingo Drive

Vero Beach, FL 32963

United States

Phone: 772-231-1400


Bimini Capital Management, Inc. manages a portfolio of agency mortgage-backed securities (MBS) and structured MBS. The primary assets in the company’s portfolio of mortgage related securities are fixed-rate MBS, adjustable-rate MBS (ARMs), hybrid ARMs, and structured MBS. The primary structured MBS in the company’s portfolio are interest only and inverse interest only securities, although it might also employ other types of structured MBS. The mortgage related securities that the company acquires are obligations issued by federal agencies or federally chartered entities, primarily the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Government National Mortgage Association (Ginnie Mae). The company has engaged AVM, L.P. (a securities broker-dealer) to provide the company with repurchase agreement trading, clearing and administrative services. AVM, L.P. acts as its clearing agent and adviser in arranging for third parties to enter into repurchase agreements with the company, executes and maintains records of its repurchase transactions, and assists in managing the margin arrangements between the company and its counterparties for each of its repurchase agreements. MBS Pass-Through (PT) Certificates: The company intends to invest in PT MBS, which are securities representing interests in pools of mortgage loans secured by residential real property in which payments of both interest and principal on the securities are made monthly. The mortgage loans underlying PT MBS could be classified in the following five categories: Fixed-Rate Mortgages: Fixed-rate mortgages are those where the borrower pays an interest rate that is constant throughout the term of the loan. Collateralized Mortgage Obligations (CMOs): CMOs are a type of MBS. Interest and principal on a CMO are paid, in various cases, on a monthly basis. CMOs might be collateralized by whole mortgage loans, and are collateralized by portfolios of PT MBS issued directly by or under the auspices of Ginnie Mae, Freddie Mac, or Fannie Mae. ARMs: ARMs are those for which the borrower pays an interest rate that varies over the term of the loan. Hybrid ARMs: Hybrid ARMs have a fixed-rate for the first few years of the loan, often three, five, or seven years, and thereafter reset periodically like a traditional ARM. Balloon Maturity Mortgages: Balloon maturity mortgages are a type of fixed-rate mortgage where all or majority of the principal amount is due at maturity, rather than paid down, or amortized, over the life of the loan. Interest Only Securities: Interest only securities represent the stream of interest payments on a pool of mortgages, either fixed-rate mortgages or hybrid ARMs, holders of interest only securities have no claim to any principal payments. Inverse Interest Only Securities: Inverse interest only securities represent the stream of interest payments on a pool of mortgages, either fixed-rate mortgages or hybrid ARMs, holders of inverse interest only securities have no claim to any principal payments. Principal Only Securities: Principal only securities represent the stream of principal payments on a pool of mortgages, holders of principal only securities have no claim to any interest payments, although the amount of principal to be received over time is known – it equals the principal balance of the underlying pool of mortgages. Tax Status The company has elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended. As a result, the company is not subject to federal or state income taxation at the corporate level to the extent it distributes annually approximately 90% of its real estate investment trust taxable income to its shareholders and satisfies certain other requirements. History The company, a Maryland corporation, was founded in 2003. It was formerly known as Bimini Mortgage Management, Inc. and changed its name to Opteum Inc. in 2006. Further, the company changed its name to Bimini Capital Management, Inc. in 2007.


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Price/Book 2.7x
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