Bimini Capital Management Inc. Posts $0.10 Q3 EPS as Net Income Falls

Bimini Capital Management, Inc. posted third-quarter 2026 earnings of $0.10 per share, down from a year earlier, as net income declined despite higher revenue from advisory services.

Basic and diluted earnings per share were $0.10 for both Class A and Class B common stock for the three months ended Sept. 30. Each share class had earnings of $0.18 in the year-earlier quarter. Net income attributable to stockholders fell to $1,020,658 from $1,822,743.

Total revenue increased to $7,061,714 from $6,197,108. Advisory services revenue rose to $6,643,805 from $4,457,711. Tom Johnson Investment Management, LLC (TJIM), in which Bimini acquired an 80% ownership stake on April 1, 2026, contributed $1.69 million in third-quarter advisory revenue. The acquisition expanded Bimini’s advisory business into equity and fixed-income markets beyond mortgage-backed securities.

Net other expense was $1,194,855, compared with $669,417 in net other income a year earlier. The latest quarter included $771,609 in unrealized losses on mortgage-backed securities and U.S. Treasury securities, plus $876,370 in unrealized losses on Orchid Island Capital common stock. Gains of $452,341 on derivative instruments partly offset those losses.

Bimini subsidiary Bimini Advisors manages a mortgage-backed securities portfolio for Orchid Island Capital and provides related services. Advisory revenue also reflected higher management fees tied to growth in Orchid Island Capital’s average equity.

“The Company’s results for the quarter demonstrate the benefits of our recent pivot to a more diversified asset manager with less reliance on the levered RMBS strategy,” Robert E. Cauley, Bimini’s chairman and chief executive, said.