BMNM Research | Milton Maxwell

BMNM

Bimini Capital Management, Inc.

2.0000

-0.0700-3.38%

Dec 16, 4:00:00 PM EST

Upcoming Earnings

Report date

-/-

Earnings Call Transcripts

This Quarter (Q1 '26)

No earnings call transcript available yet

Last Quarter (Q4 '25)

No earnings call transcript available

Key Stats

Market Cap

20.14M

P/E (TTM)

22.22

Basic EPS (TTM)

0.09

Dividend Yield

Recent Filings

10-K

FY2025 results

3/13/26Mar 13, 2026

Bimini Capital swung to $5.8M net income in FY2025 ended December 31, 2025, up from a $1.3M loss in 2024, powered by advisory fees from Orchid that soared 30% y/y to $16.6M as Orchid's equity doubled to $1.4B. Investment portfolio net interest income improved to $1.6M from $0.7M, with Q4 economic margins hitting 2.1% (derived) on falling repo costs, while MBS balances shrank to $88.9M. Q4 prepayments accelerated to 16.6% CPR, yet unrealized MBS gains added $2.7M for the year. No dividends paid; new $2.5M buyback authorized. Pending TJIM acquisition could pivot to pure asset management. Interest rate volatility remains a quarterly threat.

8-K

Q4 profit, $2.5M buyback

3/12/26Mar 12, 2026

Bimini Capital reported Q4 2025 net income of $3.4M ($0.34/share), lifting full-year to $5.8M ($0.58/share), with book value at $1.26/share. Advisory revenues hit $4.7M, fueled by Orchid's equity surge. Board approved $2.5M Class A share repurchase plan over 24 months. Plan non-binding, uses cash.

8-K

Bimini to acquire 80% of TJIM

1/14/26Jan 14, 2026

Bimini Advisors Holdings, indirect subsidiary of Bimini Capital Management, signed a deal on January 13, 2026, to buy 80% of Tom Johnson Investment Management, a registered investment adviser with ~$1.6B AUM. Purchase price equals 2.5x 80% of TJIM's 2025 revenue, paid in cash at closing with excess over $12M deferred in three equal installments at 5% interest; sellers retain 20% with mutual put/call rights after year three if EBITDA margin hits 30%. Closing hinges on client consents, due diligence, and Richard Parry's three-year employment deal. Client retention risks closing.

8-K

Extends rights plan to 2030

12/10/25Dec 10, 2025

Bimini Capital amended its stockholder rights plan on December 10, 2025, extending expiration to December 21, 2030, and hiking the purchase price from $4.76 to $10.20. This guards $253.9 million in NOLs as of September 30, 2025, against Section 382 ownership changes that could curb tax offsets. Stockholders vote in 2026. Higher dilution deters takeovers.

10-Q

Q3 FY2025 results

11/7/25Nov 7, 2025

Bimini Capital swung to net income of $1.8M in Q3 ended September 30, 2025 ($0.18 per Class A share), up sharply from $0.3M y/y, driven by advisory services revenue jumping 35% y/y to $4.5M from Orchid (72% of total revenues). Total revenues climbed 24% y/y to $6.2M while expenses edged up 13% to $3.0M; net revenues expanded to $4.5M. Cash swelled to $9.6M with $0.8M operating cash flow YTD, funding $100M repurchase agreements (4.36% rate) and $27.4M long-term debt; equity hit $9.2M. Investment portfolio posted $0.4M net interest income. Orchid ties amplify interest rate risk.

About

Bimini Capital Management, Inc., through its subsidiaries, operates as a specialty finance company in the United States. It operates through two segments: Asset Management and Investment Portfolio. The Asset Management segment includes investment advisory services by Bimini Advisors to Orchid Island Capital, Inc. and Royal Palm Capital, LLC. Its Investment Portfolio segment engages in investment activities conducted by Royal Palm Capital, LLC. It also invests in residential mortgage-backed securities. The company was formerly known as Opteum Inc. and changed its name to Bimini Capital Management, Inc. in September 2007. Bimini Capital Management, Inc. was founded in 2003 and is based in Vero Beach, Florida.

CEO

Mr. Robert E. Cauley C.F.A., CPA

IPO

9/16/2004

Website

https://www.biminicapital.com

Employees

Sector

Financial Services

Industry

Asset Management