Fri, Mar 7, 6:46 PM (50 days ago)
Bimini Capital Management, Inc. (BMNM) reported a consolidated net loss of $1.3 million for the year ended December 31, 2024, improving from a $4.0 million loss in 2023. Revenue totaled $19.4 million, driven by advisory services of $12.8 million and interest income of $5.8 million. Operating expenses rose to $11.3 million, reflecting increased compensation and advisory costs. The company’s mortgage-backed securities (MBS) portfolio, valued at $122.3 million, generated $6.7 million in interest income, while interest expense totaled $7.5 million. Bimini operates through two segments: asset management and investment portfolio. The asset management segment, which manages Orchid Island Capital, contributed significantly to revenue. The company faces risks from interest rate fluctuations, prepayment rates, and competition for MBS assets. The economic outlook remains uncertain as the Federal Reserve adjusts interest rates amid ongoing inflationary pressures. The company has a robust liquidity position with $5.7 million in cash. Bimini's strategic focus includes managing interest rate risk through derivatives. The future outlook remains contingent on market conditions, regulatory changes, and the performance of its investments.