Bimini Capital Management (BMNM) Q4 2025 earnings summary

Executive summary

• Fixed-income markets were stable in Q4 2025, with strong risk sentiment and positive returns across all major sectors for the quarter and full year.

• Agency RMBS generated returns of 1.7% for Q4 and 8.58% for 2025; investment-grade corporate bond spreads reached lows not seen since 1998.

• Reported net income of $3.4 million ($0.34 per share) for Q4 2025 and $5.8 million ($0.58 per share) for the full year 2025.

• Book value per share rose to $1.26 at year-end 2025, up from $0.68 at year-end 2024.

• Announced a $2.5 million share repurchase plan to be executed over 24 months using available cash.

• Entered agreement to acquire 80% of Tom Johnson Investment Management, LLC, expected to close early Q2 2026.

Financial highlights

• Advisory services revenue rose to $4.7M in Q4 2025 and $16.6M for the year, up from $12.8M in 2024.

• Net interest and dividend income increased to $2.45M in 2025 from $1.52M in 2024, despite a 27% portfolio reduction.

• Interest and dividend income totaled $1.7 million in Q4 and $7.1 million for the year.

• Operating expenses were $3.9 million in Q4 and $12.6 million for the year.

• Q4 2025 net income was $1.52M; after a $1.87M tax benefit, net income after tax was $3.38M.

• Full-year pre-tax income was $4.49M, with a $1.31M tax benefit, resulting in $5.8M after-tax net income and an 85% return on beginning equity.

• Book value per share at December 31, 2025 was $1.26, with stockholders' equity of $12.6 million.

Outlook and guidance

• Economic outlook has become uncertain due to geopolitical conflict in Iran, potentially impacting inflation and market stability.

• Company expects to operate a smaller agency RMBS portfolio post-acquisition, with lower leverage.

• Future positive cash flows will be redeployed into the portfolio or used to scale Royal Palm.

• Further details on the acquisition and business strategy to be provided in Q1 2026 earnings call.