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BIMINI CAPITAL MANAGEMENT,
INC.
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(Unaudited)
For the ThreeSix Months Ended March 31,June 30, 2021 and 2020
2021
2020
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income (loss)
$
1,290,430370,644
$
(22,332,947)(18,864,822)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Depreciation
17,31334,625
17,59834,911
Deferred income tax provision
464,103168,638
7,400,8528,686,736
Losses on mortgage-backed securities, net
1,392,2611,897,862
6,378,9375,776,801
PPP loan forgiveness
(153,724)
0
Unrealized (gains) losses on Orchid Island Capital, Inc. common stock
(2,050,332)77,861
4,408,105754,792
Realized and unrealized losses on forward settling TBA securities
0
1,441,406
Changes in operating assets and liabilities:
Accrued interest receivable
(9,859)(13,858)
527,542556,646
Due from affiliates
(79,186)(161,780)
101,80052,970
Other assets
(97,358)(5,210)
(126,771)(20,960)
Accrued interest payable
(15,576)(28,289)
(535,734)(575,438)
Other liabilities
(801,855)(481,108)
(849,083)(489,128)
NET CASH PROVIDED BY (USED IN) OPERATING
ACTIVITIES
109,9411,705,661
(3,568,295)(2,646,086)
CASH FLOWS FROM INVESTING ACTIVITIES:
From mortgage-backed securities investments:
Purchases
(12,367,589)(13,139,464)
(20,823,373)
Sales
0
171,155,249
Principal repayments
3,297,7277,426,203
6,687,7408,914,759
Net settlement of forward settling TBA contracts
0
(1,500,000)
Purchases of Orchid Island Capital, Inc. common stock
0
(3,615,712)
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES
(9,069,862)(5,713,261)
155,519,616154,130,923
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from repurchase agreements
74,799,000117,034,000
361,393,397430,566,397
Principal repayments on repurchase agreements
(66,734,114)(110,759,114)
(518,990,000)(588,903,397)
Proceeds from long-term debt
0
152,165
Principal repayments on long-term debt
(5,420)(10,730)
(5,077)(10,125)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
8,059,4666,264,156
(157,601,680)(158,194,960)
NET
DECREASEINCREASE (DECREASE) IN CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
(900,455)2,256,556
(5,650,359)(6,710,123)
CASH, CASH EQUIVALENTS AND
RESTRICTED CASH, beginning of the period
10,911,357
12,385,117
CASH, CASH EQUIVALENTS AND
RESTRICTED CASH, end of the period
$
10,010,90213,167,913
$
6,734,7585,674,994
SUPPLEMENTAL DISCLOSURES OF CASH
FLOW INFORMATION:
Cash paid (received) during the period for:
Interest expense
$
304,982600,157
$
1,813,0512,194,813
Income taxes
$
0
$
13,465
See Notes to Condensed Consolidated Financial Statements