Bimini Capital Q3 profit falls
BMNM•Bimini Capital’s third-quarter net income and EPS declined from a year earlier, while book value per share rose from the previous quarter. Advisory services revenue increased following its acquisition of an 80% stake in TJIM.
1. Quarterly results
Bimini Capital reported third-quarter EPS of $0.10 and operating expenses of $3.90 million. Net income and EPS declined from the prior year, while book value per share increased from the previous quarter.
2. Acquisition effects
Higher advisory services revenue was primarily driven by the acquisition of an 80% stake in TJIM and increased management fees from Orchid. Interest income fell sharply after the company sold most of its mortgage-backed securities portfolio to fund the acquisition, and operating expenses rose due to acquisition costs and the consolidation of TJIM’s operations.
3. Company outlook
Bimini Capital said it remains well positioned despite challenging market conditions. It maintains an underweight allocation to corporate credit, expects resilience to future rate increases and sees potential reallocation opportunities for fixed-income strategies amid attractive yields.
