Bimini Capital Management Earnings Call Transcripts
Fiscal Year 2026
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Nine-month consolidated net revenues were $18.3 million versus $12 million in 2025, with YTD profitability and positive cash flow. The TJIM acquisition broadened the business, while high rates and volatility pressured Q3 RMBS returns.
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Q2 2026 saw strong advisory revenue growth and a transformational acquisition of TJIM, diversifying earnings and assets. The company remains profitable, is considering debt reduction, and expects to utilize most NOLs by 2028, with normalized EPS around $0.25.
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Q1 2026 results were impacted by market disruptions from the war in Iran, leading to modest losses in the investment portfolio but growth in advisory revenues. The company completed the acquisition of an 80% stake in TJIM and transitioned from REIT to money manager status.
Fiscal Year 2025
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Strong Q4 and full-year results driven by stable fixed-income markets and advisory revenue growth. Announced acquisition of TJIM to diversify advisory services, funded by cash and portfolio liquidation, with no new debt. Economic outlook uncertain due to geopolitical risks.
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Q3 2025 saw solid Agency RMBS performance, with advisory service revenues up 35% year-over-year and net income of $1.8 million. Book value per share rose to $0.92, and favorable market conditions are expected to persist into Q4.
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Q2 2025 saw initial market turmoil from tariff announcements, but conditions improved, leading to modest net income and strong advisory revenue growth. RMBS losses were offset by gains in advisory services, and favorable market conditions are expected to support future growth.
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Stable Q1 2025 market conditions led to strong advisory and investment results, with advisory revenues up 22% year-over-year and net interest income up 64%. Uncertainty remains for Q2 due to new tariffs and potential Fed actions.
Fiscal Year 2024
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Q4 2024 saw net income before taxes of $500,000, reversing a prior loss, but a $2.1 million tax provision resulted in a net loss of $1.5 million. Advisory and investment segments both grew, with positive cash flow and increased MBS holdings amid a volatile economic outlook.
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Q3 2024 saw robust economic growth and a 50 bp Fed rate cut, but recent data suggest less economic weakening than expected. Net income before taxes improved to $0.8M, with RMBS portfolio growth and stable funding costs. Market uncertainty remains amid shifting Fed and political outlooks.
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Net loss before taxes was $0.2M for the quarter, with advisory revenues up 8% sequentially. Fed rate cuts are anticipated, which could improve net interest margins and benefit the mortgage REIT sector.