Bimini Capital Management Inc (OTCPK:BMNM)

Q2 2026 Bimini Capital Management Inc Earnings Call Transcript

Aug 7, 2026 / 02:00 PM GMT

Release Date Price: $2.5 (-5.66%)

Transcript 10-Q8-K

Key Points

Positve

Bimini Capital Management Inc (BMNM) successfully closed the acquisition of Tom Johnson Investment Management, diversifying its asset management business beyond agency RMBS and enhancing earnings consistency.
Advisory service revenues increased significantly to $6.8 million in Q2 2026, up from $3.8 million in Q2 2025, driven by the TJIM acquisition.
The company funded the TJIM acquisition without incurring debt, using available cash and portfolio proceeds, and retained a portion of its investment portfolio.
Bimini Capital Management Inc (BMNM) remains profitable and cash flow positive year-to-date, with expectations of continued profitability.
Orchid Island Capital reported a strong economic return of 6.2% for the quarter, leading to a 3.4% increase in management fee revenue for Bimini.
The company is proactively planning for the expiration of its NOLs by considering debt paydown and balance sheet transition, positioning for long-term sustainability.

Negative

Market conditions for agency RMBS and risk assets were uneven, with volatility driven by geopolitical events (war with Iran) and Federal Reserve policy uncertainty.
The investment portfolio market value declined significantly to $37.9 million as of June 30, 2026, from $120.8 million a year earlier, reducing income-generating assets.
The company faces the imminent expiration of its NOLs, with most expected to be used or expired by end of 2028, leading to future tax liabilities.
The acquisition of TJIM resulted in material non-cash tax accruals and transaction costs, which negatively impacted reported earnings for the quarter.
Management acknowledged limited liquidity in the stock, with few sellers and a shareholder base that is reluctant to sell, making share buybacks and tender offers less effective.
The company's reliance on Orchid Island Capital for a significant portion of its revenue creates concentration risk, and monetizing that management agreement is complicated by management conflicts.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BMNM.PK - Bimini Capital Management, Inc.
Q2 2026 Bimini Capital Management Inc Earnings Call
Aug 07, 2026 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Hello and welcome to Veneman Capital Management Second Quarter 2026 Earnings Call.

At this time, all participants are in a listen-only mode.

After the speaker's presentation, there will be a question-and-answer session. To ask the question during the session, you will need to press *11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press *11 again.

I would now like to hand the conference over to Melissa Alfonso. You may begin.

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Unidentified_2 [2]
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