Bimini Capital Posts 10-Cent Quarterly Earnings

Bimini Capital Management's third-quarter 2026 earnings fell from the prior year even as advisory revenue rose after its TJIM acquisition.

Updated on Nov. 8, 2026 in Corporate Finance

Bimini Capital Posts 10-Cent Quarterly Earnings

Bimini Capital Management reported basic and diluted earnings of $0.10 per share for the three months ended Sept. 30, 2026, down from $0.18 a year earlier. Net income attributable to stockholders was $1,020,658, compared with $1,822,743 in the prior-year quarter.

Why it matters

The decline came despite higher advisory revenue, which rose as Bimini's 80% stake in Tom Johnson Investment Management, LLC contributed to the business. Net other expense, driven by unrealized losses on securities and Orchid Island Capital common stock, weighed on the bottom line.

The quarterly filing shows total revenue rising to $7,061,714 from $6,197,108, while net other expense reached $1,194,855 compared with $669,417 in net other income a year earlier. The filing does not indicate how the unrealized securities losses will develop in later quarters.

The players

Bimini Capital Management

A Florida-based holding company whose subsidiary Bimini Advisors manages a mortgage-backed securities portfolio for Orchid Island Capital.

Orchid Island Capital

A publicly traded real estate investment trust that invests primarily in agency mortgage-backed securities and is managed by Bimini Advisors.

The details

Bimini Advisors manages a mortgage-backed securities portfolio for Orchid Island Capital and earns management fees tied to growth in that company's average equity. Gains of $452,341 on derivative instruments partly offset unrealized losses of $771,609 on mortgage-backed securities and Treasuries and $876,370 on Orchid Island common stock.

• April 1, 2026: Bimini acquired an 80% ownership stake in Tom Johnson Investment Management, LLC.
• Q3 2025: Earnings were $0.18 per share in the year-earlier quarter.
• Sept. 30, 2026: The three months ended with Bimini reporting $0.10 per share.

Market Dynamics

Bimini's advisory income depends on the equity base of Orchid Island Capital, so its fee growth tracks that REIT's capital raising and asset growth. Quarterly results of externally managed mortgage REITs therefore tend to reflect both fee income and mark-to-market swings on the securities they hold.

Shareholders of Bimini's Class A and Class B common stock saw per-share earnings fall by almost half year over year. Investors weighing mortgage REIT exposure should note that unrealized securities losses can move reported earnings sharply from one quarter to the next.

The takeaway

Advisory fees can grow steadily while net income still falls when investment-portfolio marks move against the company. Investors should read quarterly results for both fee income and unrealized gains or losses before drawing conclusions about earnings trends.