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Bimini Capital Management Announces First Quarter 2025 Results

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Bimini Capital Management (OTCQB: BMNM) reported Q1 2025 results with net income of $0.6 million, or $0.06 per share. The company's book value per share stood at $0.74. Key highlights include: - Advisory service revenues increased 22% YoY to $3.6 million - Net interest income grew 64% YoY, boosted by Fed rate cuts - Interest revenue rose 25% YoY - Portfolio generated ~4.4% return on invested capital - Total MBS portfolio value of $121 million with 98.1% in Fixed Rate MBS - Outstanding repurchase obligations of $115.5 million with 4.47% borrowing rate - Company maintains $4.5 million in liquidity
Bimini Capital Management (OTCQB: BMNM) ha riportato i risultati del primo trimestre 2025 con un utile netto di 0,6 milioni di dollari, pari a 0,06 dollari per azione. Il valore contabile per azione dell'azienda si è attestato a 0,74 dollari. I punti salienti includono: - I ricavi dai servizi di consulenza sono aumentati del 22% su base annua, raggiungendo 3,6 milioni di dollari - Il reddito netto da interessi è cresciuto del 64% su base annua, favorito dai tagli dei tassi della Fed - I ricavi da interessi sono aumentati del 25% su base annua - Il portafoglio ha generato un rendimento di circa il 4,4% sul capitale investito - Il valore totale del portafoglio MBS è di 121 milioni di dollari, con il 98,1% in MBS a tasso fisso - Obbligazioni di riacquisto in essere per 115,5 milioni di dollari con un tasso di interesse del 4,47% - L'azienda mantiene una liquidità di 4,5 milioni di dollari
Bimini Capital Management (OTCQB: BMNM) reportó los resultados del primer trimestre de 2025 con un ingreso neto de 0,6 millones de dólares, o 0,06 dólares por acción. El valor contable por acción de la compañía se situó en 0,74 dólares. Los aspectos destacados incluyen: - Los ingresos por servicios de asesoría aumentaron un 22% interanual, alcanzando 3,6 millones de dólares - El ingreso neto por intereses creció un 64% interanual, impulsado por los recortes de tasas de la Fed - Los ingresos por intereses aumentaron un 25% interanual - La cartera generó un rendimiento aproximado del 4,4% sobre el capital invertido - El valor total de la cartera de MBS es de 121 millones de dólares, con un 98,1% en MBS a tasa fija - Obligaciones pendientes de recompra por 115,5 millones de dólares con una tasa de interés del 4,47% - La compañía mantiene una liquidez de 4,5 millones de dólares
Bimini Capital Management (OTCQB: BMNM)는 2025년 1분기 실적을 발표하며 순이익 60만 달러, 주당 0.06달러를 기록했습니다. 회사의 주당 장부 가치는 0.74달러였습니다. 주요 내용은 다음과 같습니다: - 자문 서비스 수익이 전년 대비 22% 증가하여 360만 달러를 기록 - 연준 금리 인하로 순이자 수익이 전년 대비 64% 증가 - 이자 수익이 전년 대비 25% 상승 - 포트폴리오가 투자 자본 대비 약 4.4% 수익률 창출 - 총 MBS 포트폴리오 가치는 1억 2100만 달러, 그중 98.1%가 고정 금리 MBS - 미상환 환매채무 1억 1550만 달러, 차입 금리 4.47% - 회사는 450만 달러의 유동성을 유지
Bimini Capital Management (OTCQB : BMNM) a annoncé les résultats du premier trimestre 2025 avec un revenu net de 0,6 million de dollars, soit 0,06 dollar par action. La valeur comptable par action de la société s'élevait à 0,74 dollar. Les points clés incluent : - Les revenus des services de conseil ont augmenté de 22 % en glissement annuel pour atteindre 3,6 millions de dollars - Le revenu net d'intérêts a augmenté de 64 % en glissement annuel, stimulé par les baisses des taux de la Fed - Les revenus d’intérêts ont progressé de 25 % en glissement annuel - Le portefeuille a généré un rendement d'environ 4,4 % sur le capital investi - La valeur totale du portefeuille MBS est de 121 millions de dollars, dont 98,1 % en MBS à taux fixe - Obligations de rachat en cours de 115,5 millions de dollars avec un taux d’emprunt de 4,47 % - La société maintient une liquidité de 4,5 millions de dollars
Bimini Capital Management (OTCQB: BMNM) meldete die Ergebnisse für das erste Quartal 2025 mit einem Nettoeinkommen von 0,6 Millionen US-Dollar bzw. 0,06 US-Dollar je Aktie. Der Buchwert je Aktie lag bei 0,74 US-Dollar. Wichtige Highlights sind: - Die Einnahmen aus Beratungsdienstleistungen stiegen im Jahresvergleich um 22 % auf 3,6 Millionen US-Dollar - Das Nettozinseinkommen wuchs um 64 % im Jahresvergleich, begünstigt durch Zinssenkungen der Fed - Die Zinserträge stiegen um 25 % im Jahresvergleich - Das Portfolio erzielte eine Rendite von etwa 4,4 % auf das investierte Kapital - Gesamtwert des MBS-Portfolios beträgt 121 Millionen US-Dollar, davon 98,1 % in festverzinslichen MBS - Ausstehende Rückkaufverpflichtungen in Höhe von 115,5 Millionen US-Dollar mit einem Zinssatz von 4,47 % - Das Unternehmen hält eine Liquidität von 4,5 Millionen US-Dollar
Positive
  • Net income of $0.6 million achieved in Q1 2025
  • Advisory service revenues increased 22% year-over-year
  • Net interest income grew 64% compared to Q1 2024
  • Interest revenue increased 25% year-over-year
  • Portfolio generated 4.4% return on invested capital
Negative
  • Small market capitalization with only $7.4 million in stockholders' equity
  • High leverage with $115.5 million in repurchase obligations against $121 million portfolio
  • Limited liquidity of $4.5 million

VERO BEACH, Fla., May 01, 2025 (GLOBE NEWSWIRE) -- Bimini Capital Management, Inc. (OTCQB: BMNM), (“Bimini Capital,” “Bimini,” or the “Company”), today announced results of operations for the three-month period ended March 31, 2025.

First Quarter 2025 Highlights

  • Net income of $0.6 million, or $0.06 per common share
  • Book value per share of $0.74
  • Company to discuss results on Friday, May 2, 2025, at 10:00 AM ET

Management Commentary 

Commenting on the first quarter results, Robert E. Cauley, Chairman and Chief Executive Officer, said, “While economic data and events generally are never uniformly stable or consistent, the first quarter of 2025 was relatively uneventful.  Interest rates were generally range bound, and volatility was low for most of the quarter.  These are ideal conditions for a levered investment strategy in Agency RMBS.  Accordingly, the Company and the Agency RMBS market generated attractive returns for the period.  Orchid Island Capital’s stock also traded well during the quarter – at least until the last week of the quarter. Orchid was able to take advantage of these conditions and the performance of its common stock price and raise additional capital, enhancing the Company’s advisory service revenues going forward. 

“Although we did not add to the RMBS portfolio at our Royal Palm Capital subsidiary this quarter we did several times during 2024, and with funding costs down as a result of Fed rates cuts late in 2024, our net interest income, inclusive of dividends from our holdings of Orchid, increased substantially.

“While the first quarter market conditions were very supportive of our two operating segments, conditions so far in the second quarter have been challenging.  At the moment, there remains considerable uncertainty about how the tariffs introduced by the new administration will ultimately impact the economy and markets. To the extent the economy slows, leading to potential additional rate cuts by the Fed, and/or longer-term interest rates rise as a result of the inflationary impacts of the tariffs, both the Company’s investment portfolio as well as Orchid’s could benefit from enhanced net interest margins resulting from the steeper interest rate curve.”

Details of First Quarter 2025 Results of Operations

Orchid reported net income for the first quarter 2025 of $17.1 million and generated a 2.60% return on its book value for the quarter – not annualized. Orchid also raised $205.4 million during the quarter and its shareholders equity increased from $668.5 million at December 31, 2024 to $855.9 million at March 31, 2025. As a result, Bimini's advisory service revenues of approximately $3.6 million represented a 22% increase over the first quarter of 2024 and a 6% increase over the fourth quarter of 2024. 

Royal Palm did not add to the RMBS portfolio during the first quarter of 2025 but did so several times during 2024, and interest revenue increased 25% over the first quarter of 2024 and 4% over the fourth quarter of 2024.  With funding costs down as a result of Fed rates cuts late in 2024, net interest income, inclusive of dividends from holdings of Orchid common shares, increased approximately 64% over the first quarter of 2024 and by approximately 35% over the fourth quarter of 2024.  Note these figures represent just the net interest income from the investment portfolio, and do not include interest charges on our trust preferred or other long-term debt.

Interest charges on the preferred trust and other long-term debt of $0.54 million were down 8% from the fourth quarter of 2024 and 12% from the first quarter of 2024. Expenses of $2.92 million increased 4% from the fourth quarter of 2024 and decreased 3% from the first quarter of 2024.  Bimini recorded an income tax provision of $0.2 million for the first quarter of 2025.

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 a management agreement, our subsidiary, 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 March 31, 2025, Bimini’s statement of operations included a fair value adjustment of $(0.1) million and dividends of $0.2 million from its investment in Orchid common stock. Also, during the three months ended March 31, 2025, Bimini recorded $3.6 million in advisory services revenue for managing Orchid’s portfolio, consisting of $2.7 million of management fees, $0.6 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 March 31, 2025 was $0.74. 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 March 31, 2025, the Company's stockholders’ equity was $7.4 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 and the structured MBS portfolio, consisting of interest-only and inverse interest-only 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 - December 31, 2024$120,055,716  $2,285,605  $6,849  $2,292,454  $122,348,170 
Securities purchased -   -   -   -   - 
Return of investment n/a   (77,876)  (346)  (78,222)  (78,222)
Pay-downs (2,793,832)  n/a   n/a   n/a   (2,793,832)
Discount accreted due to pay-downs 19,415   n/a   n/a   n/a   19,415 
Mark to market gains 1,423,056   45,169   1,368   46,537   1,469,593 
Market Value - March 31, 2025$118,704,355  $2,252,898  $7,871  $2,260,769  $120,965,124 


The tables below present the allocation of capital between the respective portfolios at March 31, 2025 and December 31, 2024, and the return on invested capital for each sub-portfolio for the three-month period ended March 31, 2025. 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 
March 31, 2025                   
Market value$118,704,355  $2,252,898  $7,871  $2,260,769  $120,965,124 
Cash equivalents and restricted cash 5,500,438   -   -   -   5,500,438 
Repurchase agreement obligations (115,510,999)  -   -   -   (115,510,999)
Total$8,693,794  $2,252,898  $7,871  $2,260,769  $10,954,563 
% of Total 79.4%  20.5%  0.1%  20.6%  100.0%
December 31, 2024                   
Market value$120,055,716  $2,285,605  $6,849  $2,292,454  $122,348,170 
Cash equivalents and restricted cash 7,422,746   -   -   -   7,422,746 
Repurchase agreement obligations (117,180,999)  -   -   -   (117,180,999)
Total$10,297,463  $2,285,605  $6,849  $2,292,454  $12,589,917 
% of Total 81.8%  18.2%  0.1%  18.2%  100.0%


The returns on invested capital in the PT MBS and structured MBS portfolios were approximately 4.6% and 3.7%, respectively, for the three months ended March 31, 2025. The combined portfolio generated a return on invested capital of approximately 4.4%.

Returns for the Quarter Ended March 31, 2025 
     Structured Security Portfolio     
       Inverse         
 Pass  Interest-  Interest-         
 Through  Only  Only         
 Portfolio  Securities  Securities  Sub-total  Total 
Interest income (net of repo cost)$397,204  $38,427  $43  $38,470  $435,674 
Realized and unrealized gains 1,442,471   45,169   1,368   46,537   1,489,008 
Hedge losses (1,368,795)  n/a   n/a   n/a   (1,368,795)
Total Return$470,880  $83,596  $1,411  $85,007  $555,887 
Beginning capital allocation$10,297,463  $2,285,605  $6,849  $2,292,454  $12,589,917 
Return on invested capital for the quarter(1) 4.6%  3.7%  20.6%  3.7%  4.4%


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


Prepayments

For the first quarter of 2025, the Company received approximately $2.9 million in scheduled and unscheduled principal repayments and prepayments, which equated to a 3-month constant prepayment rate (“CPR”) of approximately 7.3%. Prepayment rates on the two MBS sub-portfolios were as follows (in CPR):

 PTStructured 
 MBS Sub-MBS Sub-Total
Three Months EndedPortfolioPortfolioPortfolio
March 31, 20257.56.27.3
December 31, 202410.912.511.1
September 30, 20246.36.76.3
June 30, 202410.95.510.0
March 31, 202418.09.216.5


Portfolio

The following tables summarize the MBS portfolio as of March 31, 2025 and December 31, 2024:

($ in thousands)   
        Weighted 
    Percentage   Average 
    of Weighted Maturity 
 Fair Entire Average inLongest
Asset CategoryValue Portfolio Coupon MonthsMaturity
March 31, 2025         
Fixed Rate MBS$118,704 98.1%5.60%3381-Jan-55
Structured MBS 2,261 1.9%2.86%27915-May-51
Total MBS Portfolio$120,965 100.0%5.27%3371-Jan-55
December 31, 2024         
Fixed Rate MBS$120,056 98.1%5.60%3411-Jan-55
Structured MBS 2,292 1.9%2.85%28115-May-51
Total MBS Portfolio$122,348 100.0%5.26%3401-Jan-55


($ in thousands)  
 March 31, 2025 December 31, 2024 
   Percentage of   Percentage of 
AgencyFair ValueEntire
Portfolio		 Fair ValueEntire
Portfolio		 
Fannie Mae$31,70526.2%$32,69226.7%
Freddie Mac 89,26073.8% 89,65673.3%
Total Portfolio$120,965100.0%$122,348100.0%


 March 31, 2025December 31, 2024
Weighted Average Pass Through Purchase Price$102.72$102.72
Weighted Average Structured Purchase Price$4.48$4.48
Weighted Average Pass Through Current Price$100.85$99.63
Weighted Average Structured Current Price$14.02$13.71
Effective Duration (1) 3.257 3.622


(1)Effective duration is the approximate percentage change in price for a 100 basis point change in rates. An effective duration of 3.257 indicates that an interest rate increase of 1.0% would be expected to cause a 3.257% decrease in the value of the MBS in the Company’s investment portfolio at March 31, 2025. An effective duration of 3.622 indicates that an interest rate increase of 1.0% would be expected to cause a 3.622% decrease in the value of the MBS in the Company’s investment portfolio at December 31, 2024. 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 March 31, 2025, the Company had outstanding repurchase obligations of approximately $115.5 million with a net weighted average borrowing rate of 4.47%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $121.4 million. At March 31, 2025, the Company’s liquidity was approximately $4.5 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 that 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 March 31, 2025.

($ in thousands)  
Repurchase Agreement Obligations
     Weighted Weighted
 Total  Average Average
 Outstanding% of Borrowing Maturity
CounterpartyBalancesTotal Rate (in Days)
South Street Securities, LLC$25,95222.5%4.46%21
Marex Capital Markets Inc. 24,04020.8%4.45%39
DV Securities, LLC Repo 19,28216.7%4.45%21
Mirae Asset Securities (USA) Inc. 18,87016.3%4.51%51
Clear Street LLC 16,36514.2%4.46%49
Mitsubishi UFJ Securities, Inc. 11,0029.5%4.49%49
 $115,511100.0%4.47%36


Summarized Consolidated Financial Statements

The following is a summarized presentation of the unaudited consolidated balance sheets as of March 31, 2025, and December 31, 2024, and the unaudited consolidated statements of operations for the three months ended March 31, 2025 and 2024. Amounts presented are subject to change.


BIMINI CAPITAL MANAGEMENT, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited - Amounts Subject to Change)
 
 March 31, 2025 December 31, 2024
ASSETS     
Mortgage-backed securities$120,965,124 $122,348,170
Cash equivalents and restricted cash 5,500,438  7,422,746
Orchid Island Capital, Inc. common stock, at fair value 4,279,414  4,427,372
Accrued interest receivable 587,536  601,640
Deferred tax assets, net 15,750,116  15,930,953
Other assets 4,356,674  4,122,776
Total Assets$151,439,302 $154,853,657
      
LIABILITIES AND STOCKHOLDERS' EQUITY     
Repurchase agreements$115,510,999 $117,180,999
Long-term debt 27,362,762  27,368,158
Other liabilities 1,191,564  3,483,093
Total Liabilities 144,065,325  148,032,250
Stockholders' equity 7,373,977  6,821,407
Total Liabilities and Stockholders' Equity$151,439,302 $154,853,657
Class A Common Shares outstanding 10,005,457  10,005,457
Book value per share$0.74 $0.68



BIMINI CAPITAL MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - Amounts Subject to Change)
 
 Three Months Ended March 31, 
 2025  2024 
Advisory services$3,582,289  $2,929,261 
Interest and dividend income 1,947,040   1,598,965 
Interest expense (1,844,020)  (1,815,678)
Net revenues 3,685,309   2,712,548 
Other (expense) income (27,745)  926,731 
Expenses 2,924,157   3,029,395 
Net income before income tax provision 733,407   609,884 
Income tax provision 180,837   396,776 
Net income$552,570  $213,108 
        
Basic and Diluted Net (Loss) Income Per Share of:       
CLASS A COMMON STOCK$0.06  $0.02 
CLASS B COMMON STOCK$0.06  $0.02 


 Three Months Ended March 31, 
Key Balance Sheet Metrics2025  2024 
Average MBS(1)$121,656,646  $90,697,087 
Average repurchase agreements(1) 116,345,999   85,752,999 
Average stockholders' equity(1) 7,097,692   8,234,295 
        
Key Performance Metrics       
Average yield on MBS(2) 5.73%  6.15%
Average cost of funds(2) 4.49%  5.63%
Average economic cost of funds(3) 4.13%  5.54%
Average interest rate spread(4) 1.24%  0.52%
Average economic interest rate spread(5) 1.60%  0.61%


(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, except as may be required by applicable law.

Earnings Conference Call Details

An earnings conference call and live audio webcast will be hosted Friday, May 2, 2025, at 10:00 AM ET. Participants can register and receive dial-in information at https://register-conf.media-server.com/register/BIa731c864bb5447568e7b00d74642ab23. A live audio webcast of the conference call can be accessed at https://edge.media-server.com/mmc/p/cq5fazei or via the investor relations section of the Company's website at https://ir.biminicapital.com. An audio archive of the webcast will be available on the website for 30 days after the call.

CONTACT:
Bimini Capital Management, Inc.
Robert E. Cauley, 772-231-1400
Chairman and Chief Executive Officer
https://ir.biminicapital.com


FAQ

What was Bimini Capital Management's (BMNM) earnings per share in Q1 2025?

Bimini Capital Management reported earnings of $0.06 per common share in Q1 2025.

What is BMNM's book value per share as of March 31, 2025?

Bimini Capital Management's book value per share was $0.74 as of March 31, 2025.

How much did Bimini Capital's advisory service revenue grow in Q1 2025?

Advisory service revenues increased 22% year-over-year to $3.6 million in Q1 2025.

What was BMNM's total MBS portfolio value in Q1 2025?

The total MBS portfolio value was approximately $121 million, with 98.1% in Fixed Rate MBS.

What was Bimini Capital's return on invested capital for Q1 2025?

The combined portfolio generated approximately 4.4% return on invested capital for Q1 2025.
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BMNM Latest News

Apr 8, 2025
Bimini Capital Management to Announce First Quarter 2025 Results
Mar 6, 2025
Bimini Capital Management Announces Fourth Quarter 2024 Results
Jan 13, 2025
Bimini Capital Management to Announce Fourth Quarter 2024 Results
Oct 31, 2024
Bimini Capital Management Announces Third Quarter 2024 Results
Oct 7, 2024
Bimini Capital Management to Announce Third Quarter 2024 Results

BMNM Stock Data

10.07M
5.47M
44.87%
Asset Management
Financial Services
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United States
Vero Beach