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BIMINI CAPITAL MANAGEMENT,
INC.
CONDENSED CONSOLIDATED
STATEMENTS
OF CASH FLOWS
(Unaudited)
For the Nine Months Ended September 30, 20212022 and 20202021
2022
2021
2020
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net (loss) income (loss)
$
(7,839,346)
$
835,244
$
(17,547,035)
Adjustments to reconcile net
(loss) income
(loss) to net cash provided by operating
activities:
Depreciation
51,93753,930
52,22351,937
Deferred income tax (benefit) provision
(1,571,076)
336,389
9,285,344
LossesUnrealized losses on mortgage-backed securities net
2,152,0236,605,850
5,501,0052,221,521
Realized losses on mortgage-backed securities
858,001
(69,498)
Gains on retained interests in securitizations
-(65,928)
(58,735)-
PPP loan forgiveness
(153,724)-
0(153,724)
Unrealized losses (gains) on Orchid Island Capital, Inc. common stock
856,4687,422,723
(38,935)
Realized and unrealized losses on forward settling TBA securities
0
1,441,406856,468
Changes in operating assets and liabilities:
Accrued interest receivable
(45,524)29,838
516,444(45,524)
Due from affiliates
(302,326)(13,034)
32,057(302,326)
Other assets
(84,426)391,964
1,558,632(84,426)
Accrued interest payable
(51,990)79,128
(561,918)(51,990)
Other liabilities
(98,625)(1,241,306)
(26,123)(98,625)
NET CASH PROVIDED BY OPERATING
ACTIVITIES
3,495,4464,710,744
154,3653,495,446
CASH FLOWS FROM INVESTING ACTIVITIES:
From mortgage-backed securities investments:
Purchases
(26,189,505)(21,009,391)
(43,129,835)(26,189,505)
Sales
13,063,24823,096,853
171,155,24913,063,248
Principal repayments
6,982,304
11,762,188
11,170,005
Costs associated with termination ofPayments received on retained interests in securitizations
065,928
58,735
Net settlement of forward settling TBA contracts
0
(1,500,000)-
Purchases of Orchid Island Capital, Inc. common stockproperty and equipment
0(46,176)
(4,071,593)-
NET CASH PROVIDED BY (USED IN) PROVIDED BY INVESTING ACTIVITIES
(1,364,069)9,089,518
133,682,561(1,364,069)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from repurchase agreements
195,962,000268,710,690
501,460,570195,962,000
Principal repayments on repurchase agreements
(197,873,114)(284,094,690)
(640,729,398)
Proceeds from long-term debt
0
152,165(197,873,114)
Principal repayments on long-term debt
(16,108)(16,926)
(15,238)(16,108)
Class A common shares repurchased and retired
(1,570,509)(812,649)
0(1,570,509)
NET CASH USED IN FINANCING ACTIVITIES
(3,497,731)(16,213,575)
(139,131,901)(3,497,731)
NET DECREASE IN CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
(1,366,354)(2,413,313)
(5,294,975)(1,366,354)
CASH, CASH EQUIVALENTS
AND RESTRICTED CASH, beginning of the period
10,911,3579,812,410
12,385,11710,911,357
CASH, CASH EQUIVALENTS
AND RESTRICTED CASH, end of the period
$
9,545,0037,399,097
$
7,090,1429,545,003
SUPPLEMENTAL DISCLOSURES OF CASH
FLOW INFORMATION:
Cash paid (received) during the period for:
Interest expense
$
896,0521,173,272
$
2,485,589
Income taxes
$
0
$
(1,568,363)896,052
See Notes to Condensed Consolidated Financial Statements