Bimini Capital Management (BMNM) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 was $0.8 million ($0.08 per share), up from $0.6 million ($0.06 per share) in Q1 2025, driven by higher advisory revenues and lower interest expense.

• Advisory service revenue increased to $5.1 million in Q1 2026, accounting for 79% of total revenues and reflecting strong growth in the asset management segment.

• The acquisition of an 80% stake in Tom Johnson Investment Management (TJIM) was completed on April 1, 2026, expanding advisory services and shifting business focus toward asset management.

• Orchid Island Capital, managed by the company, reported a net loss of $20.2 million for Q1 2026.

• Book value per share rose to $1.34 at March 31, 2026, from $1.26 at December 31, 2025.

Financial highlights

• Total revenues for Q1 2026 were $6.5 million, up from $5.5 million in Q1 2025.

• Advisory services revenue was $5.1 million in Q1 2026, up from $3.6 million in Q1 2025.

• Net interest income increased 6% sequentially and 5% year-over-year despite a smaller MBS portfolio.

• Expenses were $3.7 million, up 27% year-over-year due to $0.6 million in TJIM acquisition costs.

• Stockholders’ equity increased to $1.392 billion at March 31, 2026.

Outlook and guidance

• Management expects to discuss TJIM's results in the next quarter.

• Market conditions for leveraged agency RMBS investing have improved in Q2 2026, partially reversing Q1 losses.

• Economic outlook remains uncertain due to ongoing conflict in the Middle East and potential for higher inflation.

• Future earnings are expected to be deployed into a more conservatively managed Agency MBS portfolio.

• Market uncertainty due to the Iran war and inflation is expected to keep leverage and asset selection defensive.