Bimini Capital Management Announces Second Quarter 2026 Results
Rhea-AI Summary
Bimini Capital Management (OTCQX: BMNM) reported second quarter 2026 net income of $0.4 million, or $0.04 per common share, up from $0.04 million, or $0.00 per share, a year earlier. For the first six months of 2026, net income attributable to stockholders rose to $1.2 million, or $0.12 per share, versus $0.6 million, or $0.06 per share, in 2025.
Advisory services revenue reached $6.8 million in Q2 2026, compared with $3.8 million in Q2 2025, and $11.9 million year-to-date versus $7.4 million in the prior-year period, driven by growth at Orchid Island Capital and the April 1, 2026 acquisition of 80% of Tom Johnson Investment Management, which contributed $1.7 million and lifted AUM to $1.7 billion.
Bimini’s book value per share increased to $1.38 at June 30, 2026, from $1.26 at December 31, 2025, as stockholders’ equity rose to $13.8 million. The MBS portfolio was reduced to $16.0 million from $88.9 million at year-end to help fund the TJIM acquisition, cutting repurchase agreements to $15.0 million and leaving liquidity of $7.6 million.
Positive
- Net income growth to $0.4 million in Q2 2026 from $0.04 million in Q2 2025
- Year-to-date net income attributable to stockholders up to $1.18 million from $0.60 million
- Advisory services revenue Q2 2026 $6.8 million vs. $3.8 million in Q2 2025
- TJIM acquisition added $1.7 million advisory fees and $1.7 billion AUM in Q2 2026
- Book value per share increased to $1.38 at June 30, 2026 from $1.26 at December 31, 2025
- Repurchase agreements reduced to $15.0 million from $85.3 million at December 31, 2025
Negative
- Operating expenses rose to $4.8 million in Q2 2026 from $2.8 million in Q2 2025
- Acquisition-related costs totaled $1.5 million in the first six months of 2026
- MBS interest income declined to $0.3 million in Q2 2026 from $1.6 million in Q2 2025
- Effective duration of MBS portfolio increased to 3.495 from 2.229, raising rate sensitivity
- Income tax provision increased to $1.5 million year-to-date 2026 vs. $0.2 million in 2025
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VERO BEACH, Fla., Aug. 06, 2026 (GLOBE NEWSWIRE) -- Bimini Capital Management, Inc. (OTCQX: BMNM), (“Bimini Capital,” “Bimini,” or the “Company”), today announced results of operations for the six and three-month periods ended June 30, 2026.
Second Quarter 2026 Highlights
- Net income of
$0.4 million , or$0.04 per common share, in the second quarter of 2026, compared to net income of$0.04 million , or$0.00 per common share, in the second quarter of 2025
- Net income of
$1.2 million , or$0.12 per common share, in the six months ended June 30, 2026, compared to net income of$0.6 million , or$0.06 per common share, in the six months ended June 30, 2025
- Book value per share of
$1.38 at June 30, 2026, compared to$1.34 at March 31, 2026
- Company to discuss results on Friday, August 7, 2026, at 10:00 AM ET
Management Commentary
Commenting on the second quarter results, Robert E. Cauley, Chairman and Chief Executive Officer of Bimini, said, “In spite of a fairly turbulent macro backdrop, the second quarter of 2026 was favorable for levered mortgage-backed securities ("MBS") investors and the equity market. The first quarter of 2026 ended with war in the Middle East as the markets’ primary focus. Unfortunately, that is still the case. However, the economy in the U.S. has proven to be incredibly resilient and as the third quarter unfolds growth seems to be poised to accelerate. That being said, inflation has not moderated meaningfully, and the war continues to place upward pressure on many commodity prices. These conditions are likely to lead the Federal Reserve to raise overnight funding rates and longer-maturity rates have already increased. So while the third quarter of 2026 has been even more turbulent so far, most risk markets continue to perform well.
“Regarding our results for the quarter, Orchid Island Capital, Inc. ("Orchid") generated a
“On April 1, 2026, Bimini Advisors Holdings, LLC, the parent of our registered investment advisor, Bimini Advisors, LLC, completed the acquisition of eighty percent (
Richard Parry, President and Chief Investment Officer of TJIM, added: “Our equity models reflect a consistent value and quality orientation. As of June 30, 2026, our Core and Diversified Stock Income models traded at approximately 15 times forward earnings against roughly 20 times for their benchmark, the S&P 500 Index—a valuation discount of approximately 25 percent. A weighted average market capitalization of approximately
Second Quarter and Year-to-Date 2026 Results of Operations
Bimini reported net income of
Advisory services revenue increased to
Interest income from the Company's MBS portfolio declined to
Operating expenses were
Management of Orchid Island Capital, Inc.
Orchid is externally managed and advised by Bimini Advisors, LLC (“Bimini Advisors”), a subsidiary of Bimini. Pursuant to a management agreement, Bimini Advisors administers Orchid’s business activities and day-to-day operations and provides Orchid with its management team, including its officers, as well as support personnel. Bimini also holds an investment in Orchid common stock, which is accounted for under the fair value option, with changes in fair value recognized in current-period results. For the three months ended June 30, 2026, Bimini recognized
Tom Johnson Investment Management, LLC
Bimini Advisors Holdings, LLC, a subsidiary of Bimini, holds an
For the three months ended June 30, 2026, TJIM generated advisory fees of
Book Value Per Share
The Company's book value per share on June 30, 2026 was
Portfolio
The following tables summarize the MBS portfolio as of June 30, 2026 and December 31, 2025:
| ($ in thousands) | ||||||||||||||
| Weighted | ||||||||||||||
| Average | ||||||||||||||
| Weighted | Maturity | |||||||||||||
| Fair | Average | in | Longest | |||||||||||
| Value | Coupon | Months | Maturity | |||||||||||
| June 30, 2026 | $ | 15,985 | 5.35 | % | 319 | 5/1/2053 | ||||||||
| December 31, 2025 | $ | 88,929 | 5.73 | % | 331 | 8/1/2054 | ||||||||
| ($ in thousands) | ||||||||||||||||
| June 30, 2026 | December 31, 2025 | |||||||||||||||
| Percentage of | Percentage of | |||||||||||||||
| Agency | Fair Value | Entire Portfolio | Fair Value | Entire Portfolio | ||||||||||||
| Fannie Mae | $ | 2,287 | 14.3 | % | $ | 21,924 | 24.7 | % | ||||||||
| Freddie Mac | 13,698 | 85.7 | % | 67,005 | 75.3 | % | ||||||||||
| Total Portfolio | $ | 15,985 | 100.0 | % | $ | 88,929 | 100.0 | % | ||||||||
As of June 30, 2026, the Company's portfolio had an effective duration of 3.495, indicating that an interest rate increase of
Financing and Liquidity
As of June 30, 2026, the Company had outstanding repurchase obligations of
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 June 30, 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. | $ | 6,424 | 42.8 | % | 3.76 | % | 13 | |||||||||
| Brean Capital, LLC | 6,406 | 42.6 | % | 3.76 | % | 27 | ||||||||||
| Marex Capital Markets Inc. | 1,751 | 11.6 | % | 3.77 | % | 42 | ||||||||||
| South Street Securities, LLC | 452 | 3.0 | % | 3.77 | % | 13 | ||||||||||
| $ | 15,033 | 100.0 | % | 3.76 | % | 22 | ||||||||||
Summarized Consolidated Financial Statements
The following is a summarized presentation of the unaudited consolidated balance sheets as of June 30, 2026, and December 31, 2025, and the unaudited consolidated statements of operations for the six and three month periods ended June 30, 2026 and 2025. Amounts presented are subject to change.
| BIMINI CAPITAL MANAGEMENT, INC. CONSOLIDATED BALANCE SHEETS (Unaudited - Amounts Subject to Change) | ||||||||
| June 30, 2026 | December 31, 2025 | |||||||
| ASSETS | ||||||||
| Mortgage-backed securities | $ | 15,984,754 | $ | 88,928,525 | ||||
| U.S. Treasury securities | 995,469 | - | ||||||
| Cash equivalents and restricted cash | 6,616,809 | 14,318,059 | ||||||
| Orchid Island Capital, Inc. common stock, at fair value | 3,966,425 | 4,097,311 | ||||||
| Identifiable intangibles, net | 9,530,000 | - | ||||||
| Goodwill | 4,838,864 | - | ||||||
| Accrued interest receivable | 1,702,629 | - | ||||||
| Deferred tax assets, net | 15,714,512 | 17,239,648 | ||||||
| Other assets | 5,016,692 | 5,110,429 | ||||||
| Total Assets | $ | 64,366,154 | $ | 129,693,972 | ||||
| LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY | ||||||||
| Repurchase agreements | $ | 15,033,000 | $ | 85,326,000 | ||||
| Long-term debt | 27,335,067 | 27,346,546 | ||||||
| Accrued compensation | - | - | ||||||
| Other liabilities | 5,036,447 | 4,398,629 | ||||||
| Total Liabilities | 47,404,514 | 117,071,175 | ||||||
| Redeemable noncontrolling interest | 3,203,914 | - | ||||||
| Stockholders' equity | 13,757,726 | 12,622,797 | ||||||
| Total Liabilities, Noncontrolling interest and Stockholders' Equity | $ | 64,366,154 | $ | 129,693,972 | ||||
| Class A Common Shares outstanding | 9,990,256 | 10,005,457 | ||||||
| Book value per share | $ | 1.38 | $ | 1.26 | ||||
| BIMINI CAPITAL MANAGEMENT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited - Amounts Subject to Change) | ||||||||||||||||
| Six Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Advisory services | $ | 11,932,689 | $ | 7,393,135 | $ | 6,805,845 | $ | 3,810,846 | ||||||||
| Interest and dividend income | 1,790,755 | 3,733,656 | 422,082 | 1,786,616 | ||||||||||||
| Interest expense | (1,836,113 | ) | (3,575,435 | ) | (643,148 | ) | (1,731,415 | ) | ||||||||
| Net revenues | 11,887,331 | 7,551,356 | 6,584,779 | 3,866,047 | ||||||||||||
| Other (expense) income | (491,105 | ) | (1,025,540 | ) | 66,760 | (997,795 | ) | |||||||||
| Expenses | 8,571,688 | 5,743,131 | 4,844,918 | 2,818,974 | ||||||||||||
| Net income before income tax provision | 2,824,538 | 782,685 | 1,806,621 | 49,278 | ||||||||||||
| Income tax provision | 1,525,136 | 187,383 | 1,308,273 | 6,546 | ||||||||||||
| Net income | 1,299,402 | 595,302 | 498,348 | 42,732 | ||||||||||||
| Less: income (loss) attributable to noncontrolling interests | 124,291 | - | 124,291 | - | ||||||||||||
| Net income attributable to Bimini Capital Management, Inc. stockholders | $ | 1,175,111 | $ | 595,302 | $ | 374,057 | $ | 42,732 | ||||||||
| Basic and Diluted Net (Loss) Income Per Share of: | ||||||||||||||||
| CLASS A COMMON STOCK | $ | 0.12 | $ | 0.06 | $ | 0.04 | $ | - | ||||||||
| CLASS B COMMON STOCK | $ | 0.12 | $ | 0.06 | $ | 0.04 | $ | - | ||||||||
| Six Months Ended June 30, | ||||||||
| Key Balance Sheet Metrics | 2026 | 2025 | ||||||
| Average MBS(1) | $ | 16,025,158 | $ | 114,294,375 | ||||
| Average repurchase agreements(1) | 15,108,500 | 108,626,500 | ||||||
| Average stockholders' equity(1) | 13,590,789 | 7,395,343 | ||||||
| Key Performance Metrics | ||||||||
| Average yield on MBS(2) | 6.27 | % | 5.54 | % | ||||
| Average cost of funds(2) | 3.83 | % | 4.39 | % | ||||
| Average economic cost of funds(3) | 1.68 | % | 3.97 | % | ||||
| Average interest rate spread(4) | 2.44 | % | 1.15 | % | ||||
| Average economic interest rate spread(5) | 4.59 | % | 1.57 | % | ||||
| (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 acquired eighty percent of the membership interests of TJIM. At the time of the closing, TJIM had
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, August 7, 2026, at 10:00 AM ET. Participants can register and receive dial-in information at https://register-conf.media-server.com/register/BI956f0f961ba14fccbe24002f55b3cc24. A live audio webcast of the conference call can be accessed at https://edge.media-server.com/mmc/p/ooynthfk 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.
This press release was published by a CLEAR® Verified individual.
CONTACT: Bimini Capital Management, Inc. Robert E. Cauley, 772-231-1400 Chairman and Chief Executive Officer https://ir.biminicapital.com