Bimini Capital Management Announces First Quarter 2026 Results
Rhea-AI Summary
Bimini Capital Management (OTCQX: BMNM) reported first quarter 2026 net income of approximately $0.8 million ($0.08 per share) and book value per share of $1.34 at March 31, 2026. The company completed an 80% acquisition of Tom Johnson Investment Management (TJIM) on April 1, 2026, adding ~$1.6 billion AUM. Advisory revenues rose to $5.1 million. The Agency MBS portfolio fair value declined to $16.07 million from $88.93 million at year-end 2025 after portfolio liquidations to fund the acquisition. Repurchase obligations fell to $15.2 million and liquidity was ~$16.5 million.
AI-generated analysis. Not financial advice.
Positive
- Advisory revenue increased to $5.1M, up 9% QoQ and 43% YoY
- Completed acquisition of 80% of TJIM, adding ~$1.6B AUM
- Book value per share rose to $1.34 from $1.26 at year-end 2025
- Repurchase obligations reduced to $15.2M, lowering funding leverage
Negative
- MBS portfolio fair value declined to $16.07M from $88.93M at 12/31/2025
- Investment portfolio reported a net loss of $0.7M in Q1 2026
- Interest revenue from MBS fell 20% QoQ and 33% YoY
- Orchid reported a Q1 2026 net loss of $20.2M, affecting related results
- Expenses increased 27% YoY due to approximately $0.6M of TJIM acquisition costs
News Market Reaction – BMNM
On the day this news was published, BMNM gained 9.52%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
VERO BEACH, Fla., May 07, 2026 (GLOBE NEWSWIRE) -- Bimini Capital Management, Inc. (OTCQX: BMNM), (“Bimini Capital,” “Bimini,” or the “Company”), today announced results of operations for the three-month period ended March 31, 2026.
First Quarter 2026 Highlights
- Net income of approximately
$0.8 million , or$0.08 per common share, compared to net income of approximately$0.6 million , or$0.06 per common share, in the first quarter of 2025 - Book value per share of
$1.34 at March 31, 2026, compared to$1.26 at December 31, 2025 - Company to discuss results on Friday, May 8, 2026, at 10:00 AM ET
Management Commentary
Commenting on the first quarter results, Robert E. Cauley, Chairman and Chief Executive Officer of Bimini, said, “On April 1, 2026, Bimini Advisors Holdings, LLC, the parent of our registered investment advisor, Bimini Advisors, LLC completed the acquisition of eighty percent (
“Regarding our results for the quarter, uneven market conditions for the Agency RMBS market caused Orchid Island Capital, Inc. ("Orchid") and Bimini’s investment portfolio segment to report modest losses for the quarter. Orchid reported a net loss of
“Finally, regarding market conditions during the first quarter of 2026 the fixed income markets experienced a period of calm as 2025 came to close and we entered 2026. Interest rates have remained in a very tight range, implied interest rate volatility has continued the steady decline that began in April of 2025, and Agency RMBS performed well during the first two months of the first quarter of 2026. Other sectors of the fixed income markets performed well over this period as well, and spreads on investment grade corporate bonds reached levels not seen since 1998. As 2026 began, economic activity remained resilient, including the labor market. However, the outlook has since changed after war broke out in the Middle East - the world’s most critical oil and chemical supply region suffered intense military attacks leading to supply interruptions. Inflation, which was already sticky, may move even higher and the economic outlook has become very uncertain as the effect of the war on growth, both in the US and globally, has deteriorated. The ultimate outcome of the war remains uncertain nor is the end in sight at this moment. To date the economy in the US has remained resilient but there is still uncertainty if it can continue to do so.”
Details of First Quarter 2026 Results of Operations
Bimini reported net income of approximately
Interest revenue from our mortgage-backed securities ("MBS") portfolio decreased
Interest charges on the trust preferred and other long-term debt of
Management of Orchid Island Capital, Inc.
Orchid is managed and advised by Bimini's subsidiary, Bimini Advisors, LLC ("Bimini Advisors"). As manager, Bimini Advisors is responsible for administering Orchid’s business activities and day-to-day operations. Pursuant to the terms of a 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 March 31, 2026, Bimini’s statement of operations included dividends of
Book Value Per Share
The Company's book value per share on March 31, 2026 was
Portfolio
The following tables summarize the MBS portfolio as of March 31, 2026 and December 31, 2025:
| ($ in thousands) | |||||||||||||
| Weighted | |||||||||||||
| Average | |||||||||||||
| Weighted | Maturity | ||||||||||||
| Fair | Average | in | Longest | ||||||||||
| Value | Coupon | Months | Maturity | ||||||||||
| March 31, 2026 | $ | 16,066 | 5.35 | % | 322 | 1-May-53 | |||||||
| December 31, 2025 | $ | 88,929 | 5.73 | % | 331 | 1-Aug-54 | |||||||
| ($ in thousands) | ||||||||||||||||
| March 31, 2026 | December 31, 2025 | |||||||||||||||
| Percentage of | Percentage of | |||||||||||||||
| Agency | Fair Value | Entire Portfolio | Fair Value | Entire Portfolio | ||||||||||||
| Fannie Mae | $ | 2,305 | 14.3 | % | $ | 21,924 | 24.7 | % | ||||||||
| Freddie Mac | 13,761 | 85.7 | % | 67,005 | 75.3 | % | ||||||||||
| Total Portfolio | $ | 16,066 | 100.0 | % | $ | 88,929 | 100.0 | % | ||||||||
As of March 31, 2026, the Company's portfolio had an effective duration of 3.483, indicating that an interest rate increase of
Financing and Liquidity
As of March 31, 2026, the Company had outstanding repurchase obligations of approximately
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 our outstanding borrowings under repurchase obligations as of March 31, 2026.
| ($ in thousands) | ||||||||||||||||
| Repurchase Agreement Obligations | ||||||||||||||||
| Weighted | Weighted | |||||||||||||||
| Total | Average | Average | ||||||||||||||
| Outstanding | % of | Borrowing | Maturity | |||||||||||||
| Counterparty | Balances | Total | Rate | (in Days) | ||||||||||||
| Mitsubishi UFJ Securities (USA), Inc. | $ | 8,234 | 54.2 | % | 3.79 | % | 13 | |||||||||
| Brean | 6,493 | 42.8 | % | 3.79 | % | 23 | ||||||||||
| South Street Securities, LLC | 457 | 3.0 | % | 3.79 | % | 13 | ||||||||||
| $ | 15,184 | 100.0 | % | 3.79 | % | 17 | ||||||||||
Summarized Consolidated Financial Statements
The following is a summarized presentation of the unaudited consolidated balance sheets as of March 31, 2026, and December 31, 2025, and the unaudited consolidated statements of operations for the three month periods ended March 31, 2026 and 2025. Amounts presented are subject to change.
| BIMINI CAPITAL MANAGEMENT, INC. CONSOLIDATED BALANCE SHEETS (Unaudited - Amounts Subject to Change) | ||||||||
| March 31, 2026 | December 31, 2025 | |||||||
| ASSETS | ||||||||
| Mortgage-backed securities | $ | 16,065,567 | $ | 88,928,525 | ||||
| Cash equivalents and restricted cash | 16,594,454 | 14,318,059 | ||||||
| Orchid Island Capital, Inc. common stock, at fair value | 4,000,569 | 4,097,311 | ||||||
| Accrued interest receivable | 72,989 | 415,092 | ||||||
| Deferred tax assets, net | 17,022,785 | 17,239,648 | ||||||
| Other assets | 4,695,214 | 4,695,337 | ||||||
| Total Assets | $ | 58,451,578 | $ | 129,693,972 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Repurchase agreements | $ | 15,184,000 | $ | 85,326,000 | ||||
| Long-term debt | 27,340,751 | 27,346,546 | ||||||
| Other liabilities | 2,502,976 | 4,398,629 | ||||||
| Total Liabilities | 45,027,727 | 117,071,175 | ||||||
| Stockholders' equity | 13,423,851 | 12,622,797 | ||||||
| Total Liabilities and Stockholders' Equity | $ | 58,451,578 | $ | 129,693,972 | ||||
| Class A Common Shares outstanding | 10,005,457 | 10,005,457 | ||||||
| Book value per share | $ | 1.34 | $ | 1.26 | ||||
| BIMINI CAPITAL MANAGEMENT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited - Amounts Subject to Change) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Advisory services | $ | 5,126,844 | $ | 3,582,289 | ||||
| Interest and dividend income | 1,368,673 | 1,947,040 | ||||||
| Interest expense | (1,192,966 | ) | (1,844,020 | ) | ||||
| Net revenues | 5,302,551 | 3,685,309 | ||||||
| Other expense | (557,866 | ) | (27,745 | ) | ||||
| Expenses | 3,726,768 | 2,924,157 | ||||||
| Net income before income tax provision | 1,017,917 | 733,407 | ||||||
| Income tax provision | 216,863 | 180,837 | ||||||
| Net income | $ | 801,054 | $ | 552,570 | ||||
| Basic and Diluted Net (Loss) Income Per Share of: | ||||||||
| CLASS A COMMON STOCK | $ | 0.08 | $ | 0.06 | ||||
| CLASS B COMMON STOCK | $ | 0.08 | $ | 0.06 | ||||
| Three Months Ended March 31, | ||||||||
| Key Balance Sheet Metrics | 2026 | 2025 | ||||||
| Average MBS(1) | $ | 52,497,043 | $ | 121,656,646 | ||||
| Average repurchase agreements(1) | 50,255,000 | 116,345,999 | ||||||
| Average stockholders' equity(1) | 13,023,325 | 7,097,692 | ||||||
| Key Performance Metrics | ||||||||
| Average yield on MBS(2) | 8.87 | % | 5.73 | % | ||||
| Average cost of funds(2) | 5.55 | % | 4.49 | % | ||||
| Average economic cost of funds(3) | 4.94 | % | 4.13 | % | ||||
| Average interest rate spread(4) | 3.32 | % | 1.24 | % | ||||
| Average economic interest rate spread(5) | 3.93 | % | 1.60 | % | ||||
| (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. 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. Historically, Bimini invested 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) with the objective of earning returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows. On April 1, 2026, the Company completed the acquisition of eighty percent of the membership interests of TJIM, a privately held registered investment adviser. At the time of the closing, TJIM had approximately
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 8, 2026, at 10:00 AM ET. Participants can register and receive dial-in information at https://register-conf.media-server.com/register/BI53c17286d0a342e48c467f03bfad88b0. A live audio webcast of the conference call can be accessed at https://edge.media-server.com/mmc/p/y26azoiy 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