Bimini Capital Management (BMNM) Q3 2026 earnings summary

Executive summary

• Q3 net income attributable to stockholders was $1.02m, or $0.10/share, vs. $1.82m, or $0.18/share, a year earlier; nine-month net income was $2.20m vs. $2.42m

• Book value/share rose to $1.47 at September 30 from $1.38 at June 30

• The April 1 acquisition of an 80% TJIM stake expanded operations into fee-based equity, fixed-income and wealth advisory services

• Nine-month consolidated net revenues were $18.3m vs. $12m in 2025; operations were profitable year to date and cash-flow positive

Financial highlights

• Advisory services revenue was $6.6m in Q3 vs. $4.5m YoY, and $18.6m for nine months vs. $11.9m

• Q3 revenue was $7.06m vs. $6.20m YoY; net revenues were $6.40m vs. $4.50m, and pretax income was $1.27m vs. $2.19m

• Operating expenses were $3.9m in Q3 vs. $3.0m and $12.5m for nine months vs. $8.7m; nine-month 2026 included $1.63m of acquisition-related costs

• Nine-month tax provision was $1.67m vs. $0.56m; a $1.1m increase in the deferred-tax valuation allowance followed the TJIM acquisition

• Q3 other expense was $1.20m vs. $0.67m of other income; nine-month other expense was $1.69m vs. $0.36m

Outlook and guidance

• Management cited diversification as reducing reliance on the leveraged RMBS strategy; TJIM identified potential fixed-income opportunities as investors and advisors rebalance portfolios

• All but ~$5.5m of former mortgage-company NOLs are expected to be used or expire by end-2028, falling to ~$1m by end-2029; plans account for becoming a tax-paying entity

• Potential repayment of trust preferred debt with available cash is under consideration if Fed rate increases raise funding costs; debt matures at end-2035

• Through November 5, repo facilities remained available on comparable terms, with maturities through November 19; no material capital expenditure commitments were reported