When NCT did all of their spin-offs, they provided tax guidance which was nearly spot on (obviously for legal reasons they said it was an estimate). NRF has 90% of the numbers at this point...unless they are planning a major deal in the works before the end of the year.
It's obvious based on their sources of income that they company will fail the REIT tests for 2015 given the amount of management fees they are receiving from Orchid Island Capital since they will not receive 75% of their income from good REIT asset sources. I don't see this as a negative in the short and medium term given the significant amount of NOLs for Bimini Capital.
What I would be very interested in is if there was a way to restructure Bimini Capital, Bimini Advisors, and MortCo into a single entity and NOT lose the 263.9 mm in NOLs contained within MortCo. If possible, they might be able to attract some sort of preferred equity investment to get the company growing again. Albeit more than likely a pipe dream at this point given management controls a third of the company's stock, but one can fantasize..
They need to institute a share buyback with some of the cash on hand. Maybe a $50 million to start with - it would allow them to buy back 5-6% of the float. Or liquidate the trust - I wouldn't mind getting the NAV back at this point. Management has lost institutional investor trust with that Holiday purchase.