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BIMINI CAPITAL MANAGEMENT,
INC.
CONDENSED CONSOLIDATED
STATEMENTS
OF CASH FLOWS
(Unaudited)
For the ThreeNine Months Ended March 31,September 30, 2021 and 2020
2021
2020
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income (loss)
$
1,290,430835,244
$
(22,332,947)(17,547,035)
Adjustments to reconcile net income (loss) to net cash provided by
operating
(used in) operating activities:
Depreciation
17,31351,937
17,59852,223
Deferred income tax provision
464,103336,389
7,400,8529,285,344
Losses on mortgage-backed securities, net
1,392,2612,152,023
6,378,9375,501,005
Gains on retained interests in securitizations
-
(58,735)
PPP loan forgiveness
(153,724)
0
Unrealized losses (gains) losses on Orchid Island Capital, Inc. common stock
(2,050,332)856,468
4,408,105(38,935)
Realized and unrealized losses on forward settling TBA securities
0
1,441,406
Changes in operating assets and liabilities:
Accrued interest receivable
(9,859)(45,524)
527,542516,444
Due from affiliates
(79,186)(302,326)
101,80032,057
Other assets
(97,358)(84,426)
(126,771)1,558,632
Accrued interest payable
(15,576)(51,990)
(535,734)(561,918)
Other liabilities
(801,855)(98,625)
(849,083)(26,123)
NET CASH PROVIDED BY
(USED IN) OPERATING
ACTIVITIES
109,9413,495,446
(3,568,295)154,365
CASH FLOWS FROM INVESTING ACTIVITIES:
From mortgage-backed securities investments:
Purchases
(12,367,589)(26,189,505)
(20,823,373)(43,129,835)
Sales
013,063,248
171,155,249
Principal repayments
3,297,72711,762,188
6,687,74011,170,005
Costs associated with termination of retained interests
0
58,735
Net settlement of forward settling TBA contracts
0
(1,500,000)
Purchases of Orchid Island Capital, Inc. common stock
0
(4,071,593)
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES
(9,069,862)(1,364,069)
155,519,616133,682,561
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from repurchase agreements
74,799,000195,962,000
361,393,397501,460,570
Principal repayments on repurchase agreements
(66,734,114)(197,873,114)
(518,990,000)(640,729,398)
Proceeds from long-term debt
0
152,165
Principal repayments on long-term debt
(5,420)(16,108)
(5,077)(15,238)
Class A common shares repurchased and retired
(1,570,509)
0
NET CASH PROVIDED BY (USED IN)USED IN FINANCING ACTIVITIES
8,059,466(3,497,731)
(157,601,680)(139,131,901)
NET DECREASE IN CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
(900,455)(1,366,354)
(5,650,359)(5,294,975)
CASH, CASH EQUIVALENTS
AND
AND RESTRICTED CASH, beginning of the period
10,911,357
12,385,117
CASH, CASH EQUIVALENTS
AND
AND RESTRICTED CASH, end of the period
$
10,010,9029,545,003
$
6,734,7587,090,142
SUPPLEMENTAL DISCLOSURES OF CASH
FLOW INFORMATION:
Cash paid (received) during the period for:
Interest expense
$
304,982896,052
$
1,813,0512,485,589
Income taxes
$
0
$
13,465(1,568,363)
See Notes to Condensed Consolidated Financial Statements