Bimini Capital Management, Inc.

Bimini Capital Management, Inc. is a specialty finance company organized around two activities: investing its own capital in Agency mortgage-backed securities and earning fees by managing Orchid Island Capital. Its investment portfolio is concentrated in mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae, with a focus on traditional pass-through securities and structured Agency MBS such as IOs, IIOs, and POs. The company also operates an SEC-registered advisory business through Bimini Advisors, which provides external management services to Orchid and receives management fees and reimbursements. In practice, Bimini is a leveraged mortgage REIT-style platform whose results are driven by mortgage spreads, financing costs, and the size of the capital base it manages.

24,5 %

+21,9 %

— Bimini Capital Management, Inc.
%
Investment Portfolio45% Proprietary investment activities in Agency MBS and Orchid common stock funded with repurchase agreements and equity capital.
Asset Management55% External advisory and management services provided to Orchid Island Capital through Bimini Advisors.
Interest and Dividend Income0% Income earned on the company’s securities portfolio, including MBS and equity investments.

Bimini’s direct customers are primarily Orchid Island Capital and, to a lesser extent, any future externally managed...

  • Orchid Island Capitalprimary

    Buys external management and advisory services from Bimini Advisors to run its Agency MBS portfolio.

  • Proprietary capital allocationprimary

    Bimini deploys its own capital into Agency MBS and Orchid common stock to generate investment returns.

  • Future managed platformsemerging

    Potential additional externally managed vehicles or asset pools that could expand fee revenue over time.

Bimini is a U.S.-based company with operations and investments centered in the United States...

  • •Headquartered in the United States
  • •Revenue is generated from U.S. advisory services to Orchid
  • •Investment portfolio is concentrated in U.S. Agency MBS
  • •Performance is driven by U.S. interest rates and mortgage market conditions
  • •No meaningful non-U.S. operating footprint was disclosed

Bimini’s strategy is to earn returns from a leveraged Agency MBS portfolio while also monetizing its advisory platform...

01
Expand advisory fee base through Orchid capital growthshort-term

Advisory revenue scales with the capital managed for Orchid, so asset growth directly supports recurring fee income.

02
Manage leverage and repo funding prudentlyshort-term

The proprietary portfolio depends on repurchase financing, so funding discipline is essential to protect returns and liquidity.

03
Reposition the business mix if TJIM closesmedium-term

The acquisition could materially change capital deployment, segment reporting, and the earnings mix.

Bimini’s results are highly sensitive to mortgage market conditions, interest rates, and the availability and cost of...

high

Interest rate and mortgage market volatility

Agency MBS valuations, prepayment behavior, and spread income are highly sensitive to rate moves and market sentiment.

Scope
Proprietary MBS portfolio and earnings from interest income
Materiality
high
high

Repo financing and leverage risk

The investment portfolio is funded through repurchase agreements, so higher funding costs or reduced availability can pressure returns and liquidity.

Scope
Investment portfolio segment
Materiality
high
high

Valuation risk on MBS and Orchid equity holdings

Fair value changes can materially affect reported earnings and book value, especially in volatile markets.

Scope
Investment portfolio segment
Materiality
high
medium

Client concentration risk

A large share of advisory revenue comes from Orchid, making Bimini dependent on one external management relationship.

Scope
Asset management segment
Materiality
high
medium

Key-person risk

The company has a very small workforce and depends heavily on senior executives for portfolio, financing, and advisory decisions.

Scope
Corporate and operating functions
Materiality
high
Fair value measurement of MBS
Can materially affect net income and book value
Level 2 valuation inputs
Introduces estimation uncertainty into asset values
Advisory fee recognition
Drives recurring revenue in the asset management segment
Interest expense on repurchase agreements
Affects net interest income and segment profitability

Orchid Island Capital, Inc.

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: 11/08/2026