Bimini Capital Management, INC.: management transactions · United States · SEC (Form 4)

About Bimini Capital Management, INC.

Bimini Capital Management, Inc. (BMNM) is a U.S.-based specialty finance company quoted on the OTCQX market, with its business centered on residential mortgage-related securities and interest-rate-driven portfolio management. The company is headquartered in Vero Beach, Florida, United States. Founded in September 2003, Bimini operates as a holding company through subsidiaries including Royal Palm Capital and Bimini Advisors. Its business model has two core components: first, a proprietary investment portfolio focused primarily on Agency mortgage-backed securities (MBS) guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae; second, an asset-management platform through its role as external manager of Orchid Island Capital, Inc. (NYSE: ORC), a publicly traded mortgage REIT. Operationally, Bimini is a niche financial operator rather than a traditional lender or broad-based asset manager. Its primary activities include investing in Agency RMBS for its own account, managing leverage and hedging strategies, and earning management and reimbursement fees from Orchid Island Capital under its external management agreement. The company’s roots are closely tied to Orchid Island: Bimini was the original platform from which Orchid was launched, giving it a long operating history in the U.S. residential mortgage securities market. That background remains important because it underscores Bimini’s specialization in a highly technical segment of specialty finance. From a competitive standpoint, Bimini participates in a relatively small but sophisticated universe of mortgage REITs, asset managers, and spread-based fixed-income investors. Its differentiating factors are its experience in Agency RMBS, its portfolio construction and hedging discipline, and its combination of self-investment income with advisory fee revenue. At the same time, the business is inherently sensitive to interest-rate moves, funding costs, mortgage spreads, implied volatility, and capital-market conditions. Recent developments are material. In March 2026, Bimini reported fourth-quarter and full-year 2025 results, including net income of $3.4 million for Q4, full-year net income of $5.8 million, book value per share of $1.26, and a new $2.5 million share repurchase program. In January 2026, the company announced an agreement for its subsidiary to acquire 80% of Tom Johnson Investment Management, a transaction intended to broaden and diversify its advisory-services segment. For investors, BMNM therefore represents a small-cap U.S. financial name with a distinct mortgage-backed-securities footprint, OTCQX listing status, and an indirect NYSE connection through its management of Orchid Island Capital.