The income gain included net interest income of $1.3 million, along with a $1.1-million realized gain on the sale of mortgage-backed securities. The company says it sold $105.5 million worth of MBS during the first three months of 2009.
Also in the first quarter, Bimini Capital estimates it incurred a loss for REIT tax purposes of $1.4 million, resulting in a cumulative tax net operating loss carryforward of $22.5 million. As of March 31, the company says, it has approximately $69.6 million of REIT tax capital loss carryforwards.
"We believe we are making significant strides to position the company for recovery," Robert Cauley, chairman and CEO of Bimini Capital, stated in a release. He noted that the first-quarter operating profit is its first since the end of 2007.
In a related note, Bimini Capital recently appointed Frank Jaurnot to its board of directors. Jaurnot is director of accounting and auditing for Ahearn Jasco & Co.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
