Bimini Capital Management, Inc.

Bimini Capital Management, Inc. is a specialty finance company operating in two business segments: investing in mortgage-backed securities (MBS) and managing Orchid Island Capital, Inc. (Orchid). The company's own portfolio invests in MBS and Orchid common stock. These MBS are primarily backed by single-family residential mortgage loans, with principal and interest payments guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae (collectively, "GSEs"). These are referred to as "Agency MBS" and primarily consist of traditional pass-through (PT) Agency MBS, such as mortgage PT certificates and collateralized mortgage obligations (CMOs) issued by the GSEs, as well as structured Agency MBS like interest only securities (IOs), inverse interest only securities (IIOs), and principal only securities (POs). The company's operations are divided into two reportable segments: the investment portfolio segment and the asset management segment. The investment portfolio segment, conducted through its wholly owned subsidiary Royal Palm Capital, LLC, generates revenue from interest and dividend income on its investments. The asset management segment involves Bimini Capital, through its SEC-registered investment advisor subsidiary Bimini Advisors, LLC, serving as the external manager of Orchid. In this capacity, Bimini Advisors is responsible for administering Orchid's business activities and day-to-day operations, for which Bimini Capital receives management fees and expense reimbursements. Bimini Advisors, LLC is a wholly owned subsidiary of Bimini Advisors Holdings, LLC, which is a wholly owned subsidiary of Royal Palm.