Q3 2024 Bimini Capital Management Inc Earnings Call Transcript
Key Points
- Bimini Capital Management Inc (BMNM) reported a net income of $17.3 million for the third quarter of 2024.
- Shareholders' equity increased significantly from $555.9 million to $656 million.
- The RMBS portfolio at Royal Palm has grown by approximately 28% year-to-date and 37% since June 30th, 2024.
- Net interest income for the year-to-date period was $1.04 million, up from $0.88 million for the first nine months of 2023.
- The company reported a net income before taxes of $0.8 million for the quarter, a positive turnaround from a net loss before taxes of $0.2 million in the second quarter of 2024.
- Advisory service revenues are down 11% year-to-date despite a 4% increase over the second quarter.
- Orchid's capital base declined over the course of 2023 and the decline has not been fully reversed.
- Funding costs have remained high, varying slightly between 5.5% and 5.6% for the past four quarters.
- The market's anticipation of further Federal Reserve rate cuts may not align with actual economic conditions, potentially affecting future financial performance.
- Mortgages have underperformed their hedges as interest rates have risen, impacting returns.
Good morning and welcome to the third quarter, 2024 earnings conference call for Bimini Capital Management. This call is being recorded today, November 2024.
At this time, the company would like to remind the listeners that statements made during today's conference call relating to matters that are not historical facts are forward-looking statements subject to the safe harbor provisions of the private Securities Litigation Reform Act of 1,995. Listener cautioned that such forward-looking statements are based on information currently available on the management's good faith belief with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements.
Important factors that could cause such differences are described in the company's filings with the securities and exchange commission, including the company's most recent annual report on form 10-K.
The company assumes no negation to update such forward-looking statements to reflect actual results, changes
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