Bimini Capital Management, Inc. reported a net loss of $1.5 million for the three-month period ended December 31, 2024. This loss was primarily influenced by an income tax provision of $2.1 million, resulting from an updated projected utilization of deferred tax assets and an increased valuation allowance.
Advisory service revenue for the fourth quarter was $3.4 million, a slight increase from $3.3 million in the third quarter of 2024. Orchid Island Capital reported net income of $5.6 million for the quarter, with its shareholders' equity increasing from $656.0 million to $668.5 million, which is expected to further boost Bimini's advisory revenue in the first quarter of 2025.
The company's investment portfolio generated net interest income of $0.3 million, alongside $0.2 million in dividends from Orchid stock. The MBS portfolio expanded by $4.0 million during the fourth quarter of 2024, contributing to a total increase of $29.5 million for the full year, driven by positive operating cash flows.
For the full year ended December 31, 2024, Bimini reported a net loss of $1.3 million, net of a $3.1 million income tax provision. The company's Book Value Per Share was $0.68 at year-end 2024, with liquidity at approximately $5.9 million, consisting of unpledged MBS and cash and cash equivalents.
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