Filing Details

CUSIP No.  090319104

 

 

1.

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 [    ]

 

 

(b)

 [      ]

 

3.

SEC Use Only

 

4.

 

5.

            [   ]

 

6.

Citizenship or Place of Organization
U.S.

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
1,095,180

8.

Shared Voting Power
0

9.

Sole Dispositive Power
1,095,180

10.

Shared Dispositive Power
0

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
1,095,180

 

12.

 

13.

Percent of Class Represented by Amount in Row (11)
8.6%

 

14.

Item 1.

Security and Issuer

This Amendment No. 1 to Schedule 13D relates to the Class A Common Stock, $0.001 par value per share (the "Common Stock"), of Bimini Capital Management, Inc. (the "Issuer").  The Issuer's principal executive offices are located at 3305 Flamingo Drive, Vero Beach, FL 32963.

 

Item 2.

Identity and Background

The Reporting Person filing this statement is G. Hunter Haas, IV, c/o Bimini Capital Management, Inc., 3305 Flamingo Drive, Vero Beach FL 32963.  Mr. Haas is the President, Chief Investment Officer, Chief Financial Officer and Treasurer of the Issuer.

 

During the last five years, the Reporting Person has not (i) been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

 

The Reporting Person is a United States citizen.

Item 3.

Source and Amount of Funds or Other Consideration

The Reporting Person has acquired the Common Stock beneficially owned by him for cash using personal funds or as compensation for serving as an officer of the Issuer and

 

The Reporting Person did not acquire the Common Stock beneficially owned by him using funds or other consideration borrowed or otherwise obtained for the purpose of acquiring, holding, trading or voting such Common Stock.

 

Item 4.

Purpose of Transaction

The Reporting Person acquired the shares of Common Stock beneficially owned by him for investment purposes.  The Reporting Person may acquire additional shares of Common Stock for cash or as compensation and may otherwise acquire or dispose of shares of Common Stock in the future.  Other than as described herein, the Reporting Person has no current plans or proposals which relate to, or could result in, any of the matters referred to in paragraphs (a) through (j), inclusive, of Item 4 of Schedule 13D.

Item 5.

Interest in Securities of the Issuer

The Reporting Person beneficially owns 1,095,180 shares of Class A Common Stock, which represents approximately 8.6% of the Issuer's outstanding shares of Class A Common Stock.

 

The Reporting Person is has the sole power to vote and dispose of his shares.

 

On January 12, 2018, the Reporting Person purchased 41,666 shares of Common Stock (the "Shares") from the Issuer at a price of $2.40 per share in a private transaction.  The Shares were purchased in connection with the 2017 cash bonus paid by the Company to the Reporting Person for services performed during the year ended December 31, 2017.  Specifically, the Company's Compensation Committee and Board of Directors determined that the Reporting Person could elect to use a portion of such cash bonus to purchase shares of Common Stock at a price equal to the closing market price of the Common Stock on January 11, 2018 (the date for making such election).  Pursuant to that arrangement, the Reporting Person purchased the 41,666 Shares.

 

The Reporting Person has not effected any other transactions in the Issuer's securities during the last 60 days.

Item 6.

Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

As an executive officer of the Issuer, the Reporting Person may receive future compensation in the form of Class A Common Stock, options, phantom stock or other securities convertible into Class A Common Stock.  There currently are no other contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Person and any other person with respect to any securities of the Issuer, including, but not limited to, transfer or voting of any other securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

Item 7.

Material to Be Filed as Exhibits

None.