Bimini Capital Management, Inc. reported significant financial developments for the nine months ended September 30, 2024, compared to the same period in 2023. Total revenues increased to $14.2 million, up from $13.3 million, driven primarily by a substantial rise in interest income, which surged to $4.2 million from $2.0 million. However, advisory services revenue declined to $9.4 million from $10.5 million, reflecting a decrease in demand for these services.
Net revenues for the nine-month period fell to $8.6 million from $9.7 million, while net income before income tax provision rose to $1.2 million, up from $552,000. Despite this improvement, net income decreased to $195,000 from $872,000 in the prior year, resulting in a basic and diluted net income per share of $0.02, down from $0.09.
For the third quarter of 2024, total revenues reached $5.0 million, compared to $4.7 million in 2023. Notably, the company reported a net income of $256,000, a significant turnaround from a net loss of $418,000 in the same quarter of the previous year.
As of September 30, 2024, Bimini's total assets increased to $151.6 million from $125.6 million at the end of 2023, with total mortgage-backed securities valued at $118.4 million, up from $92.7 million. Total liabilities also rose to $143.3 million from $117.5 million, while stockholders' equity increased slightly to $8.3 million from $8.1 million.
The company experienced a net cash increase of $1.2 million for the nine months ended September 30, 2024, contrasting with a net cash decrease of $1.6 million in the same period of 2023. Cash and cash equivalents at the end of the reporting period stood at $4.6 million, up from $3.7 million at the end of 2023.
Bimini's investment strategy remains focused on mortgage-backed securities, with a notable increase in the fair value of these assets. The company reported unrealized gains of $2.4 million for the third quarter of 2024, compared to losses of $2.5 million in the same quarter of 2023. Additionally, the company recorded a total of $46.3 million in proceeds from sales of residential mortgage-backed securities during the nine months ended September 30, 2024, a significant increase from no sales in the prior year.
The company is also navigating regulatory changes and market conditions that may impact its investment strategies, particularly concerning Agency RMBS. As of September 30, 2024, Bimini had no material commitments for capital expenditures and is involved in a legal matter with Citigroup, which management believes is without merit.
About BIMINI CAPITAL MANAGEMENT, INC.
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