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.
Bimini Capital Management, Inc. (OTCQB:BMNM) announced its third-quarter 2022 earnings results, scheduled for release post-market on November 10, 2022. An earnings conference call will follow on November 14, 2022, at 10:00 AM ET. Investors can access the call via a link provided, with a live audio webcast available on the company's investor relations website. Bimini, an asset manager, primarily invests in residential mortgage-related securities and manages Orchid Island Capital, Inc. (NYSE:ORC) through its subsidiary, Bimini Advisors.
Bimini Capital Management, with ticker BMNM, reported a net loss of $1.2 million, or $0.11 per share, for Q2 2022. Book value per share fell to $2.66. The losses stemmed from adverse market conditions, particularly in Agency MBS securities, which underperformed due to rising interest rates driven by inflation concerns. Advisory service revenue reached $3.3 million, contributing to total assets of approximately $93.3 million. Management anticipates potential dividend reductions and reduced management fees due to declines in shareholder equity at Orchid Island Capital, which Bimini advises.
Bimini Capital Management (BMNM) will announce its second quarter 2022 results on August 11, 2022, after market close. An earnings conference call will take place the following day, August 12, 2022, at 10:00 AM ET, accessible via live audio webcast or dial-in registration. Bimini primarily invests in residential mortgage-related securities and serves as the external manager for Orchid Island Capital (ORC), a real estate investment trust. Bimini's management strategy aims at maximizing the yield spread on its assets.
Bimini Capital Management (OTCQB: BMNM) reported a net loss of $3.5 million, or $0.33 per share, for Q1 2022 amid volatile market conditions influenced by rapid Federal Reserve interest rate hikes. The company's book value per share decreased to $2.77. Advisory service revenue was $3.1 million, while the firm faced substantial mark-to-market losses on its investments, including a $3.2 million loss on Orchid shares. The company is focusing on preserving cash and mitigating risks amid a challenging economic landscape impacted by inflation and geopolitical issues.
Bimini Capital Management (OTC: BMNM) announced the release of its first quarter 2022 financial results scheduled for May 12, 2022, after trading hours. An earnings conference call will follow on May 13, 2022, at 10:00 AM ET. Participants can obtain dial-in details through a provided link. Bimini Capital primarily invests in residential mortgage-related securities and manages Orchid Island Capital (NYSE: ORC). The company is headquartered in Vero Beach, Florida.
Bimini Capital Management reported a net loss of $0.6 million, or $0.05 per share, for Q4 2021. The book value per share stands at $3.08. Advisory service revenues increased by 66% year-over-year, driven by Orchid's strong capital growth, which raised approximately $115.5 million in net proceeds. However, the Agency RMBS portfolio saw a 6% decrease, with mark-to-market losses of around $1.9 million. Overall, Bimini anticipates rising funding costs in 2022 due to changing economic conditions linked to Fed policies.
Bimini Capital Management, Inc. (OTCQB:BMNM) will release its fourth quarter 2021 results on March 10, 2022, after trading ends. An earnings conference call and live audio webcast will take place on March 11, 2022, at 10:00 AM ET. Interested participants can find dial-in information and access the webcast via the company’s investor relations page. Bimini primarily invests in residential mortgage-related securities and manages Orchid Island Capital, Inc. (NYSE:ORC) as its external manager.
On November 16, 2021, Orchid Island Capital (NYSE: ORC) and Bimini Capital (OTCQB: BMNM) announced a Third Amendment to their Management Agreement, allowing for internalization of funding and custody operations. Bimini will terminate its arrangements with AVM, taking over repurchase agreement trading and administrative services. As part of this transition, Bimini hired Patrick Doyle, effective December 1, 2021, to lead these services. This move aims to enhance operational efficiency and liquidity management for both Orchid and Bimini.
Bimini Capital Management (OTCQB: BMNM) reported a net income of $0.5 million, or $0.04 per share, for Q3 2021. The company's book value per share stood at $3.13. Key highlights include a 17% increase in advisory services revenue from Orchid Island Capital, attributed to a strong capital base growth. However, Bimini recorded mark-to-market losses of $0.8 million on its Orchid shares. The third quarter also witnessed a decline in the Agency RMBS portfolio by 7%, alongside modest operating expense reductions of 4% compared to Q2 2021. The company will discuss these results on November 9, 2021.
Bimini Capital Management, Inc. (OTCQB:BMNM) will announce its third quarter 2021 results on November 8, 2021, after market close. An earnings conference call is scheduled for November 9, 2021, at 10:00 AM ET, with details available through their website. Bimini primarily invests in residential mortgage-related securities and manages Orchid Island Capital, Inc. (NYSE: ORC), a real estate investment trust, through its subsidiary. Bimini's strategy focuses on earning returns from spreads between asset yields and borrowing costs.