Bimini Capital Management Inc (NASDAQ: BMNM) is a mortgage REIT and investment management company that invests in Agency mortgage-backed securities and manages an external client. The company generates revenue through two streams: net interest income from its own Agency MBS portfolio, funded primarily through repurchase agreements, and advisory fee income earned by its subsidiary Bimini Advisors from managing Orchid Island Capital. Bimini Advisors charges Orchid a tiered monthly management fee of 1.5% annualized on the first $250 million of Orchid's equity, 1.25% on equity between $250 million and $500 million, and 1.00% on equity above $500 million, as disclosed in the FY2025 10-K filed March 13, 2026. Bimini holds Orchid Island Capital common stock, generating dividend income as a third, smaller revenue line. The MBS portfolio carried a fair value of $88.9 million as of the periods reported in the FY2025 filing, funded by repurchase agreements with an ending balance of $85.3 million as of December 31, 2025.

Revenue model

Three revenue streams: (1) net interest income from an Agency MBS portfolio financed via short-term repurchase agreements, (2) tiered AUM-based advisory fees from managing Orchid Island Capital through Bimini Advisors, and (3) dividend income from Orchid Island Capital common stock holdings. The advisory fee is recurring and AUM-linked. Interest income is spread-dependent.

Products and services

Pass-through Agency MBS (PT Agency MBS) and structured Agency MBS held on balance sheet; interest rate hedges including futures contracts and interest rate swaps and swaptions used to manage duration and prepayment risk on the MBS portfolio; external investment management services provided to Orchid Island Capital via Bimini Advisors.

Customers and end markets

Primary external advisory client is Orchid Island Capital Inc., a publicly traded mortgage REIT. The management agreement with Orchid includes a termination fee equal to three times the average annual management fee if terminated without cause. No other external advisory clients are identified in the filing excerpts.

Value-chain role

Bimini operates as both a balance-sheet investor in Agency MBS and an external investment manager. As an investor, it buys government-guaranteed MBS and finances positions through repurchase agreement borrowings. As a manager via Bimini Advisors, it provides portfolio management, officer staffing, and day-to-day operational administration to Orchid Island Capital.

Geographic exposure

Not specified in the filing excerpts.

Competitors

mortgage REITs (unnamed), investment banking firms, savings and loan associations, banks, insurance companies, mutual funds, government-sponsored entities, Federal Reserve

Source: SEC 10-K, filed 2026-03-13

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