Bimini Capital Management, Inc. (Bimini Capital) is primarily in the business of investing in mortgage-backed securities. Bimini Capital is operating as a real estate investment trust (REIT). Bimini Capital is focused to generate net interest income from its portfolio of mortgage-backed securities (MBS), which is the difference between the interest income the Company receives from mortgage-backed securities and the interest it pays on the debt used to finance these investments, plus certain administrative expenses. Its MBS portfolio consists of pass-through certificates, collateralized mortgage obligations (CMOs) and agency MBS derivatives. As of December 31, 2008, 82.1% and 17.9% of the Company’s portfolio was issued by Federal National Mortgage Association, and Federal Home Loan Mortgage Corporation, respectively. As of December 31, 2008, its portfolio had a weighted average coupon of 5.19%.