false 0001275477 0001275477 2024-08-01 2024-08-01
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  August 1, 2024
 
 
Bimini Capital Management, Inc.
(Exact name of registrant as specified in its charter)
 
 
Maryland
001-32171
72-1571637
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
 
3305 Flamingo Drive, Vero Beach, Florida 32963
(Address of Principal Executive Offices) (Zip Code)
 
Registrant’s telephone number, including area code (772) 231-1400
 
N/A
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act: None.
 
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐  
 
 
ITEM 2.02.   RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
 
On August 1, 2024, Bimini Capital Management, Inc., (the “Company”) issued the press release attached hereto as Exhibit 99.1 announcing the Company’s consolidated results of operations for the period ended June 30, 2024.
 
The information furnished under this “Item 2.02 Results of Operations and Financial Condition,” including the exhibit related hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any disclosure document of the Company, except as shall be expressly set forth by specific reference in such document.
 
 
ITEM 9.01.   EXHIBITS.
 
(d)         Exhibits
 
 
Exhibit 104 – Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 

 
Signatures
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: August 1, 2024
 
BIMINI CAPITAL MANAGEMENT, INC.
   
   
 
By:
/s/ Robert E. Cauley
   
Robert E. Cauley
   
Chairman and Chief Executive Officer
 
 

Exhibit 99.1

 

logo.jpg

 

BIMINI CAPITAL MANAGEMENT ANNOUNCES Second QUARTER 2024 RESULTS

 

VERO BEACH, Fla., (August 1, 2024) – Bimini Capital Management, Inc. (OTCQB: BMNM), (“Bimini Capital,” “Bimini,” or the “Company”), today announced results of operations for the three-month period ended June 30, 2024.

 

Second Quarter 2024 Highlights

 

 

Net loss of $0.3 million, or $0.03 per common share

 

Book value per share of $0.81

 

Company to discuss results on Friday, August 2, 2024, at 10:00 AM ET

 

Management Commentary

 

Commenting on the second quarter results, Robert E. Cauley, Chairman and Chief Executive Officer, said, “The long-awaited pivot on the part of the Federal Reserve may finally be at hand.  Persistently strong growth of the U.S. economy and above trend inflation appear to have moderated sufficiently that the Fed now sees the risks to the economy as balanced – implying there is equal risk of more growth or a slow-down.  Because the Fed sees its current monetary policy as restrictive, the Fed may begin to reverse some of the tightening that occurred in 2022 and 2023 and ease monetary policy.  Economic data released for April, May and June show moderating inflation that appears headed towards the Fed’s 2% target as well as a labor market more in balance with supply and demand roughly equal.  Should such conditions persist, the Fed should begin lowering the Fed funds rate this year, perhaps starting in September.

 

“The developments described above led risk assets to perform very well during the second quarter of 2024, with the S&P 500 returning nearly 5%.  Less risky assets also generated positive returns for the quarter, although the returns were much more modest.  Agency RMBS returns for the quarter were 0.2% (absolute total return) but returns versus comparable duration swaps (a proxy for hedge returns) were slightly negative, owing largely to very poor relative performance over the last week of the second quarter.  When the first quarter of 2024 ended the spread of the current coupon, 30-year fixed rate Agency MBS was trading at a spread to the 5-year U.S. treasury of approximately 138 basis points, near the low end of the prevailing range since mid-2022, shortly after the Fed began their policy firming. The same spread was just under 150 basis points at the end of the second quarter.

 

“Orchid Island Capital reported a net loss for the second quarter 2024 of $5.0 million and its shareholders equity increased from $481.6 million to $555.9 million. As a result, Bimini's advisory service revenues of approximately $3.2 million represented an 8% increase over the first quarter. With the prospect of the Fed lowering interest rates on the horizon, the mortgage REIT sector may perform well and benefit from favorable capital raising opportunities. However, the market has expected the Fed to begin an interest rate cutting cycle several times over the recent past and the Fed has yet to do so.

 

“Continuing with our advisory services segment highlights, Orchid is obligated to reimburse us for direct expenses paid on its behalf and to pay to us Orchid’s pro rata share of overhead as defined in the management agreement. Such amounts are included in the $3.2 million of quarterly advisory services revenue. As a stockholder of Orchid, we will also continue to share in distributions, if any, paid by Orchid to its stockholders. Our operating results are also impacted by changes in the market value of our holdings of Orchid common shares, although these market value changes do not impact our cash flows from Orchid.

 

“The investment portfolio generated net interest income of $0.3 million inclusive of dividends on our shares of Orchid Island. Mark to market gains and losses on our MBS portfolio, hedge positions and shares of Orchid netted to a net loss of $0.3 million, and we recorded a net loss before taxes for the quarter of $0.2 million versus net income before taxes of $0.6 million for the first quarter of 2024.” 

 

 

 

Details of Second Quarter 2024 Results of Operations

 

The Company reported a net loss of $0.3 million for the three-month period ended June 30, 2024. Advisory service revenue for the quarter was $3.2 million. We recorded interest and dividend income of $1.5 million and interest expense on repurchase agreements of $1.2 million and on long-term debt of $0.6 million. We recorded an unrealized $0.3 million mark to market loss on our shares of Orchid common stock, and net realized losses and unrealized losses of $0.2 million on our MBS portfolio. These losses were partially offset by mark to market gains of $0.2 million on our derivative hedge positions. The results for the quarter also included operating expenses of $2.8 million and an income tax provision of $0.1 million.

 

Management of Orchid Island Capital, Inc.

 

Orchid is managed and advised by Bimini. As Manager, Bimini is responsible for administering Orchid’s business activities and day-to-day operations. Pursuant to the terms of the management agreement, Bimini Advisors provides Orchid with its management team, including its officers, along with appropriate support personnel. Bimini also maintains a common stock investment in Orchid which is accounted for under the fair value option, with changes in fair value recorded in the statement of operations for the current period. For the three months ended June 30, 2024, Bimini’s statement of operations included a fair value adjustment of $(0.3) million and dividends of $0.2 million from its investment in Orchid’s common stock. Also, during the three months ended June 30, 2024, Bimini recorded $3.2 million in advisory services revenue for managing Orchid’s portfolio consisting of $2.3 million of management fees, $0.7 million in overhead reimbursement and $0.2 million in repurchase, clearing and administrative fees.

 

Book Value Per Share

 

The Company's Book Value Per Share on June 30, 2024 was $0.81. The Company computes Book Value Per Share by dividing total stockholders' equity by the total number of shares outstanding of the Company's Class A Common Stock. At June 30, 2024, the Company's stockholders’ equity was $8.1 million, with 10,005,457 Class A Common shares outstanding.

 

Capital Allocation and Return on Invested Capital

 

The Company allocates capital between two MBS sub-portfolios, the pass-through MBS portfolio (“PT MBS”) and the structured MBS portfolio, consisting of interest only (“IO”) and inverse interest-only (“IIO”) securities. The table below details the changes to the respective sub-portfolios during the quarter.

 

Portfolio Activity for the Quarter

 
           

Structured Security Portfolio

         
                Inverse                  
    Pass     Interest     Interest                  
   

Through

   

Only

   

Only

                 
   

Portfolio

   

Securities

   

Securities

   

Sub-total

   

Total

 

Market Value - March 31, 2024

  $ 86,232,385     $ 2,427,367     $ 3,572     $ 2,430,939     $ 88,663,324  

Securities purchased

    48,547,475       -       -       -       48,547,475  

Securities sold

    (46,252,051 )     -       -       -       (46,252,051 )

(Losses) gains on sales

    (561,604 )     -       -       -       (561,604 )

Return of investment

    n/a       (82,020 )     (160 )     (82,180 )     (82,180 )

Pay-downs

    (4,305,120 )     n/a       n/a       n/a       (4,305,120 )

Discount accreted due to pay-downs

    (25,153 )     n/a       n/a       n/a       (25,153 )

Mark to market gains

    324,809       105,130       89       105,219       430,028  

Market Value - June 30, 2024

  $ 83,960,741     $ 2,450,477     $ 3,501     $ 2,453,978     $ 86,414,719  

 

The tables below present the allocation of capital between the respective portfolios at June 30, 2024 and March 31, 2024, and the return on invested capital for each sub-portfolio for the three-month period ended June 30, 2024. Capital allocation is defined as the sum of the market value of securities held, less associated repurchase agreement borrowings, plus cash and cash equivalents and restricted cash associated with repurchase agreements. Capital allocated to non-portfolio assets is not included in the calculation.

 

 

 

Capital Allocation

 
           

Structured Security Portfolio

         
                Inverse                  
    Pass     Interest     Interest                  
   

Through

   

Only

   

Only

                 
   

Portfolio

   

Securities

   

Securities

   

Sub-total

   

Total

 

June 30, 2024

                                       

Market value

  $ 83,960,741     $ 2,450,477     $ 3,501     $ 2,453,978     $ 86,414,719  

Cash equivalents and restricted cash

    6,223,538       -       -       -       6,223,538  

Repurchase agreement obligations

    (82,875,999 )     -       -       -       (82,875,999 )

Total(1)

  $ 7,308,280     $ 2,450,477     $ 3,501     $ 2,453,978     $ 9,762,258  

% of Total

    74.9 %     25.1 %     0.0 %     25.1 %     100.0 %

March 31, 2024

                                       

Market value

  $ 86,232,385     $ 2,427,367     $ 3,572     $ 2,430,939     $ 88,663,324  

Cash equivalents and restricted cash

    4,670,617       -       -       -       4,670,617  

Repurchase agreement obligations

    (84,598,999 )     -       -       -       (84,598,999 )

Total(1)

  $ 6,304,003     $ 2,427,367     $ 3,572     $ 2,430,939     $ 8,734,942  

% of Total

    72.2 %     27.8 %     0.0 %     27.8 %     100.0 %

 

The returns on invested capital in the PT MBS and structured MBS portfolios were approximately 0.6% and 6.2%, respectively, for the three months ended June 30, 2024. The combined portfolio generated a return on invested capital of approximately 2.1%.

 

Returns for the Quarter Ended June 30, 2024

 
           

Structured Security Portfolio

         
                Inverse                  
    Pass     Interest     Interest                  
   

Through

   

Only

   

Only

                 
   

Portfolio

   

Securities

   

Securities

   

Sub-total

   

Total

 

Interest income (expense) (net of repo cost)

  $ 84,536     $ 45,491     $ (7 )   $ 45,484     $ 130,020  

Realized and unrealized losses (gains)

    (261,948 )     105,130       89       105,219       (156,729 )

Hedge gains

    212,457       n/a       n/a       n/a       212,457  

Total Return

  $ 35,045     $ 150,621     $ 82     $ 150,703     $ 185,748  

Beginning capital allocation

  $ 6,304,003     $ 2,427,367     $ 3,572     $ 2,430,939     $ 8,734,942  

Return on invested capital for the quarter(1)

    0.6 %     6.2 %     2.3 %     6.2 %     2.1 %

 

(1)

Calculated by dividing the Total Return by the Beginning Capital Allocation, expressed as a percentage.

 

Prepayments

 

For the second quarter of 2024, the Company received approximately $4.4 million in scheduled and unscheduled principal repayments and prepayments, which equated to a 3-month constant prepayment rate (“CPR”) of approximately 10.0% for the second quarter of 2024. Prepayment rates on the two MBS sub-portfolios were as follows (in CPR):

 

   

PT

   

Structured

       
   

MBS Sub-

   

MBS Sub-

   

Total

 

Three Months Ended

 

Portfolio

   

Portfolio

   

Portfolio

 

June 30, 2024

  10.9     5.5     10.0  

March 31, 2024

  18.0     9.2     16.5  

December 31, 2023

  8.9     4.6     8.0  

September 30, 2023

  4.3     6.6     4.8  

June 30, 2023

  8.0     13.0     9.6  

March 31, 2023

  2.4     10.3     5.0  

 

 

 

Portfolio

 

The following tables summarize the MBS portfolio as of June 30, 2024 and December 31, 2023:

 

($ in thousands)

                                 
                           

Weighted

   
           

Percentage

           

Average

   
           

of

   

Weighted

   

Maturity

   
   

Fair

   

Entire

   

Average

   

in

 

Longest

Asset Category

 

Value

   

Portfolio

   

Coupon

   

Months

 

Maturity

June 30, 2024

                                 

Fixed Rate MBS

  $ 83,961       97.2 %     5.46 %     340  

1-Apr-54

Structured MBS

    2,454       2.8 %     2.84 %     286  

15-May-51

Total MBS Portfolio

  $ 86,415       100.0 %     5.00 %     339  

1-Apr-54

December 31, 2023

                                 

Fixed Rate MBS

  $ 90,181       97.3 %     6.00 %     343  

1-Nov-53

Structured MBS

    2,550       2.7 %     2.84 %     290  

15-May-51

Total MBS Portfolio

  $ 92,731       100.0 %     5.44 %     341  

1-Nov-53

 

($ in thousands)

                               
   

June 30, 2024

   

December 31, 2023

 
           

Percentage of

           

Percentage of

 

Agency

 

Fair Value

   

Entire Portfolio

   

Fair Value

   

Entire Portfolio

 

Fannie Mae

  $ 11,405       13.2 %   $ 38,204       41.2 %

Freddie Mac

    75,010       86.8 %     54,527       58.8 %

Total Portfolio

  $ 86,415       100.0 %   $ 92,731       100.0 %

 

   

June 30, 2024

   

December 31, 2023

 

Weighted Average Pass Through Purchase Price

  $ 103.23     $ 104.43  

Weighted Average Structured Purchase Price

  $ 4.48     $ 4.48  

Weighted Average Pass Through Current Price

  $ 99.09     $ 101.55  

Weighted Average Structured Current Price

  $ 13.78     $ 13.46  

Effective Duration (1)

    3.486       2.508  

 

(1)

Effective duration is the approximate percentage change in price for a 100 basis point change in rates. An effective duration of 3.486 indicates that an interest rate increase of 1.0% would be expected to cause a 3.486% decrease in the value of the MBS in the Company’s investment portfolio at June 30, 2024. An effective duration of 2.508 indicates that an interest rate increase of 1.0% would be expected to cause a 2.508% decrease in the value of the MBS in the Company’s investment portfolio at December 31, 2023. These figures include the structured securities in the portfolio but not the effect of the Company’s hedges. Effective duration quotes for individual investments are obtained from The Yield Book, Inc.

 

 

 

Financing and Liquidity

 

As of June 30, 2024, the Company had outstanding repurchase obligations of approximately $82.9 million with a net weighted average borrowing rate of 5.47%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $86.6 million. At June 30, 2024, the Company’s liquidity was approximately $5.2 million, consisting of unpledged MBS and cash and cash equivalents.

 

We may pledge more of our structured MBS as part of a repurchase agreement funding but retain cash in lieu of acquiring additional assets. In this way, we can, at a modest cost, retain higher levels of cash on hand and decrease the likelihood we will have to sell assets in a distressed market in order to raise cash. Below is a list of outstanding borrowings under repurchase obligations at June 30, 2024.

 

($ in thousands)

                               

Repurchase Agreement Obligations

 
                   

Weighted

   

Weighted

 
   

Total

           

Average

   

Average

 
   

Outstanding

   

% of

   

Borrowing

   

Maturity

 

Counterparty

 

Balances

   

Total

   

Rate

   

(in Days)

 

DV Securities, LLC Repo

  $ 19,933       24.1 %     5.45 %     89  

Mirae Asset Securities (USA) Inc.

    19,916       24.0 %     5.47 %     80  

South Street Securities, LLC

    17,085       20.6 %     5.47 %     86  

Mitsubishi UFJ Securities, Inc.

    12,398       15.0 %     5.51 %     25  

Marex Capital Markets Inc.

    9,552       11.5 %     5.45 %     50  

Clear Street LLC

    3,992       4.8 %     5.45 %     15  
    $ 82,876       100.0 %     5.47 %     69  

 

(1)

Equal to the fair value of securities sold (including accrued interest receivable) and cash posted as collateral, if any, minus the sum of repurchase agreement liabilities, accrued interest payable and securities posted by the counterparty (if any).

 

Summarized Consolidated Financial Statements

 

The following is a summarized presentation of the unaudited consolidated balance sheets as of June 30, 2024, and December 31, 2023, and the unaudited consolidated statements of operations for the six and three months ended June 30, 2024 and 2023. Amounts presented are subject to change.

 

BIMINI CAPITAL MANAGEMENT, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited - Amounts Subject to Change)

 

   

June 30, 2024

   

December 31, 2023

 

ASSETS

               

Mortgage-backed securities

  $ 86,414,719     $ 92,730,852  

Cash equivalents and restricted cash

    6,223,538       4,470,286  

Orchid Island Capital, Inc. common stock, at fair value

    4,746,052       4,797,269  

Accrued interest receivable

    427,607       488,660  

Deferred tax assets, net

    18,542,508       19,047,680  

Other assets

    4,084,849       4,063,267  

Total Assets

  $ 120,439,273     $ 125,598,014  
                 

LIABILITIES AND STOCKHOLDERS' EQUITY

               

Repurchase agreements

  $ 82,875,999     $ 86,906,999  

Long-term debt

    27,382,035       27,394,417  

Other liabilities

    2,114,235       3,168,857  

Total Liabilities

    112,372,269       117,470,273  

Stockholders' equity

    8,067,004       8,127,741  

Total Liabilities and Stockholders' Equity

  $ 120,439,273     $ 125,598,014  

Class A Common Shares outstanding

    10,005,457       10,005,457  

Book value per share

  $ 0.81     $ 0.81  

 

 

 

BIMINI CAPITAL MANAGEMENT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited - Amounts Subject to Change)

 

   

Six Months Ended June 30,

   

Three Months Ended June 30,

 
   

2024

   

2023

   

2024

   

2023

 

Advisory services

  $ 6,096,316     $ 6,898,860     $ 3,167,055     $ 3,516,450  

Interest and dividend income

    3,091,156       1,670,104       1,492,191       839,562  

Interest expense

    (3,577,794 )     (2,183,490 )     (1,762,116 )     (1,129,285 )

Net revenues

    5,609,678       6,385,474       2,897,130       3,226,727  

Other income (expense)

    646,728       (106,205 )     (280,003 )     (621,397 )

Expenses

    5,811,971       4,551,869       2,782,576       2,223,012  

Net income (loss) before income tax provision

    444,435       1,727,400       (165,449 )     382,318  

Income tax provision

    505,172       436,420       108,396       96,811  

Net (loss) income

  $ (60,737 )   $ 1,290,980     $ (273,845 )   $ 285,507  
                                 

Basic and Diluted Net (Loss) Income Per Share of:

                               

CLASS A COMMON STOCK

  $ (0.01 )   $ 0.13     $ (0.03 )   $ 0.03  

CLASS B COMMON STOCK

  $ (0.01 )   $ 0.13     $ (0.03 )   $ 0.03  

 

   

Three Months Ended June 30,

 

Key Balance Sheet Metrics

 

2024

   

2023

 

Average MBS(1)

  $ 87,539,021     $ 54,705,200  

Average repurchase agreements(1)

    83,737,499       51,893,294  

Average stockholders' equity(1)

    8,203,927       13,272,305  
                 

Key Performance Metrics

               

Average yield on MBS(2)

    5.88 %     4.14 %

Average cost of funds(2)

    5.53 %     4.35 %

Average economic cost of funds(3)

    5.32 %     4.49 %

Average interest rate spread(4)

    0.35 %     (0.21 )%

Average economic interest rate spread(5)

    0.56 %     (0.35 )%

 

(1)

Average MBS, repurchase agreements and stockholders’ equity balances are calculated using two data points, the beginning and ending balances.

(2)

Portfolio yields and costs of funds are calculated based on the average balances of the underlying investment portfolio/repurchase agreement balances and are annualized for the quarterly periods presented.

(3)

Represents interest cost of our borrowings and the effect of derivative agreements attributed to the period related to hedging activities, divided by average repurchase agreements.

(4)

Average interest rate spread is calculated by subtracting average cost of funds from average yield on MBS.

(5)

Average economic interest rate spread is calculated by subtracting average economic cost of funds from average yield on MBS.

 

 

 

 

About Bimini Capital Management, Inc.

 

Bimini Capital Management, Inc. invests primarily in, but is not limited to investing in, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Its objective is to earn returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows. In addition, Bimini generates a significant portion of its revenue serving as the manager of the MBS portfolio of, and providing certain repurchase agreement trading, clearing and administrative services to, Orchid Island Capital, Inc.

 

Forward Looking Statements

 

Statements herein relating to matters that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and on management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements. Important factors that could cause such differences are described in Bimini Capital Management, Inc.'s filings with the Securities and Exchange Commission, including Bimini Capital Management, Inc.'s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Bimini Capital Management, Inc. assumes no obligation to update forward-looking statements to reflect subsequent results, changes in assumptions or changes in other factors affecting forward-looking statements.

 

Earnings Conference Call Details

 

An earnings conference call and live audio webcast will be hosted Friday, August 2, 2024, at 10:00 AM ET. The conference call may be accessed by dialing toll free (888) 330-2214. The conference ID is 5305210.  A live audio webcast of the conference call can be accessed via the investor relations section of the Company's website at https://ir.biminicapital.com or at https://events.q4inc.com/attendee/418634405.

 

 

CONTACT:

Bimini Capital Management, Inc.

Robert E. Cauley, 772-231-1400

Chairman and Chief Executive Officer

https://ir.biminicapital.com

 

 
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Document And Entity Information
Aug. 01, 2024
Document Information [Line Items]  
Entity, Registrant Name Bimini Capital Management, Inc.
Document, Type 8-K
Document, Period End Date Aug. 01, 2024
Entity, Incorporation, State or Country Code MD
Entity, File Number 001-32171
Entity, Tax Identification Number 72-1571637
Entity, Address, Address Line One 3305 Flamingo Drive
Entity, Address, City or Town Vero Beach
Entity, Address, State or Province FL
Entity, Address, Postal Zip Code 32963
City Area Code 772
Local Phone Number 231-1400
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0001275477

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