Bimini Capital Management reports recurring developments as an asset manager with advisory services and a portfolio of residential mortgage-related securities. The company’s updates cover operating results, book value and common-share earnings, management fees from serving as external manager of Orchid Island Capital, and activity in Agency RMBS issued by Fannie Mae, Freddie Mac and Ginnie Mae.
Company news also includes changes to its advisory platform, including the completed purchase of an 80% interest in Tom Johnson Investment Management, a registered investment adviser with individual-account, sub-advisory and wrap-program mandates. Governance and capital-structure items include stockholder-rights-plan amendments tied to net operating loss carryforwards and related stockholder voting matters.
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Bimini Capital Management will release its first quarter 2023 results on May 11, 2023, after trading closes. An earnings conference call is scheduled for May 12, 2023, at 10:00 AM ET. This call will be accessible via a live audio webcast on their investor relations page. Bimini specializes in investing in residential mortgage-related securities and manages Orchid Island Capital as an external manager, generating revenue through management fees. The company operates from Vero Beach, Florida.
Bimini Capital Management reported a net loss of $12.0 million, or $1.17 per share, for the fourth quarter of 2022. The company’s book value per share is $1.21, with stockholders' equity decreasing to $12.1 million. Advisory service revenues remained stable at $3.3 million, while income from investments fell. The Agency MBS market saw negative returns of 11.9% for 2022, but a 2.1% recovery in Q4. The company added $2.2 million in new MBS during Q4, with unrealized gains of $0.7 million. Bimini will discuss these results on March 10, 2023.
Bimini Capital Management (BMNM) is set to release its fourth quarter 2022 financial results after market close on March 9, 2023. An earnings conference call will follow on March 10, 2023, at 10:00 AM ET, accessible via a live audio webcast on the company's investor relations site.
Bimini primarily invests in residential mortgage-related securities from Fannie Mae, Freddie Mac, and Ginnie Mae. Its subsidiary, Bimini Advisors, serves as the external manager for Orchid Island Capital (NYSE: ORC), earning management fees and overseeing day-to-day operations.
Bimini Capital Management (OTCQB: BMNM) reported a net loss of $3.2 million ($0.31 per share) for Q3 2022, driven by volatile market conditions and rising interest rates. The book value per share decreased to $2.38, down from $3.08. Advisory service revenue was $3.3 million, while net revenues totaled $3.45 million. The company faced significant losses in its Agency MBS portfolio, with Orchid Island Capital reporting a loss of $84.5 million. Management is focusing on maintaining cash reserves until market conditions stabilize.