UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2005
or
o TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to .
Commission File No. 001-32171
BIMINI MORTGAGE MANAGEMENT, INC.
(Exact name of registrant as specified in its charter)
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Maryland |
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72-1571637 |
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(State or other jurisdiction |
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(I.R.S. Employer |
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3305 Flamingo Drive, Vero Beach, Florida 32963 |
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(Address of principal executive offices - zip code) |
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(772) 231-1400 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2). Yes o No ý
At March 31, 2005, the number of shares outstanding of the registrant’s Class A Common Stock, $0.001 par value, was 20,374,883; the number of shares outstanding of the registrant’s Class B Common Stock, $0.001 par value, was 319,388; and the number of shares outstanding of the registrant’s Class C Common Stock, $0.001 par value, was 319,388.
BIMINI MORTGAGE MANAGEMENT, INC.
INDEX
2
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(Unaudited) |
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December 31, 2004 |
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ASSETS |
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MORTGAGE-BACKED SECURITIES: |
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Pledged to counterparties, at fair value |
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$ |
3,287,521,075 |
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$ |
2,901,158,559 |
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Unpledged, at fair value |
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11,530,486 |
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72,074,338 |
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TOTAL MORTGAGE-BACKED SECURITIES |
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3,299,051,561 |
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2,973,232,897 |
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CASH AND CASH EQUIVALENTS |
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113,855,808 |
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128,942,436 |
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RESTRICTED CASH |
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29,590,000 |
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8,662,000 |
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PRINCIPAL PAYMENTS RECEIVABLE |
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5,875,514 |
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3,419,199 |
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ACCRUED INTEREST RECEIVABLE |
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13,681,819 |
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11,377,807 |
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PROPERTY AND EQUIPMENT, net |
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2,131,135 |
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2,050,923 |
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PREPAIDS AND OTHER ASSETS |
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5,774,331 |
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732,469 |
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$ |
3,469,960,168 |
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$ |
3,128,417,731 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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LIABILITIES: |
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Repurchase agreements |
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$ |
3,181,655,356 |
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$ |
2,771,162,957 |
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Accrued interest payable |
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14,926,521 |
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7,980,829 |
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Unsettled security purchases |
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— |
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65,765,630 |
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Dividends payable |
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11,241,953 |
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— |
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Compensation and related benefits payable |
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116,279 |
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87,323 |
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Accounts payable, accrued expenses and other |
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402,429 |
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458,665 |
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TOTAL LIABILITIES |
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3,208,342,538 |
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2,845,455,404 |
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COMMITMENTS AND CONTINGENCIES |
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STOCKHOLDERS’ EQUITY: |
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Preferred stock, $0.001 par value; 10,000,000 shares authorized, no shares issued and outstanding |
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— |
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— |
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Class A common stock, $0.001 par value; 98,000,000 shares designated; issued and outstanding, 20,374,883 shares at March 31, 2005 and 20,368,915 shares at December 31, 2004 |
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20,375 |
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20,369 |
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Class B common stock, $0.001 par value; 1,000,000 shares designated, 319,388 shares issued and outstanding each period |
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319 |
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319 |
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Class C common stock, $0.001 par value; 1,000,000 shares designated, 319,388 shares issued and outstanding each period |
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319 |
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319 |
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Additional paid-in capital |
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285,685,505 |
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285,174,651 |
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Accumulated other comprehensive loss |
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(22,677,214 |
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(1,155,771 |
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Accumulated deficit |
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(1,411,674 |
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(1,077,560 |
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STOCKHOLDERS’ EQUITY, net |
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261,617,630 |
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282,962,327 |
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$ |
3,469,960,168 |
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$ |
3,128,417,731 |
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See notes to financial statements.
3
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(Unaudited) |
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(Unaudited) |
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Interest income, net of amortization of premium and discount |
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$ |
31,069,934 |
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$ |
7,194,033 |
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Interest expense |
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19,841,710 |
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2,736,434 |
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NET INTEREST INCOME |
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11,228,224 |
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4,457,599 |
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GAIN ON SALES OF MORTGAGE-BACKED SECURITIES |
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1,982,382 |
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— |
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DIRECT OPERATING EXPENSES: |
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Trading costs, commissions, and other trading expenses |
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536,284 |
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200,064 |
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Other direct costs |
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53,689 |
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25,919 |
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