Bimini Capital Management (BMNM) AI Stock Analysis

• Market Cap: $34.44M
• Dividend Yield: N/A
• Average Volume (3M): 4.68K
• Price to Earnings (P/E): 38.8
• Beta (1Y): 1.14
• Revenue Growth: 22.95%
• EPS Growth: N/A
• Country: US
• Employees: 10
• Sector: Financial
• Sector Strength: 70
• Industry: REIT - Mortgage
• EPS (TTM): 0.18
• Shares Outstanding: 10,005,457
• 10 Day Avg. Volume: 9,938
• 30 Day Avg. Volume: 4,679
• PEG Ratio: 0.11
• Price to Book (P/B): 1.47
• Price to Sales (P/S): 0.77
• P/FCF Ratio: 3.13
• Enterprise Value/Market Cap: 4.41
• Enterprise Value/Revenue: 8.13
• Enterprise Value/Gross Profit: 7.94
• Enterprise Value/Ebitda: 13.96
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: $4.00 ▲(16.28% Upside)
• Action: Reiterated Date: 01/31/26
• Date: Action: Reiterated 01/31/26

The score is held back primarily by weaker financial performance and balance-sheet leverage risk, despite improved operating cash flow. Strong technical momentum and generally positive corporate developments provide meaningful support, while an elevated P/E limits the valuation contribution.

Positive Factors

Strategic shift to asset management

Acquiring an 80% stake in a $1.6B AUM adviser represents a durable strategic pivot from financing RMBS to fee‑based asset management. This creates recurring, capital‑light revenue streams, reduces reliance on leveraged spread income, and materially diversifies the company’s long‑term business model.

Recent positive operating cash flow

Positive operating cash flow despite a net loss indicates the company can generate real cash from core activities, improving short‑term liquidity and debt servicing ability. Over 2–6 months this supports operational stability and provides runway to execute strategic transitions like the TJIM acquisition.

Strengthened board and distribution experience

Adding a director with institutional sales and investment‑banking experience strengthens management capabilities and capital markets access. This enhances the firm’s ability to grow AUM, secure distribution, and execute partnerships — durable governance and commercial benefits for an asset‑management pivot.

Negative Factors

Elevated balance‑sheet leverage

A ~4x debt‑to‑equity ratio leaves the firm highly exposed to funding‑cost shocks and asset price moves. For a mortgage‑focused profile, persistent leverage constrains strategic flexibility, increases refinancing and margin‑call risk, and can amplify losses during market stress, impairing long‑term resilience.

Revenue volatility and recent decline

Material revenue swings and a 28% drop in 2024 highlight structural sensitivity to rate cycles, prepayment behavior and fair‑value drivers. This undermines predictability of fee and interest income, complicates budgeting for an asset‑management transition, and raises execution risk over the medium term.

Profitability and ROE weakness

Persistent net losses and negative ROE despite strong operating margins indicate reliance on non‑cash valuation swings and uneven earnings quality. This reduces retained capital, limits reinvestment and dividend capacity, and makes sustained profitability uncertain during the firm’s structural shift.

Bimini Capital Management Business Overview & Revenue Model

Company Description

Bimini Capital Management, Inc., through its subsidiaries, engages in the asset management business in the United States. The company operates in two segments, Asset Management and Investment Portfolio. It administers business activities and day-to-day operations, as well as invests in residential mortgage-backed securities; and provides investment advisory services. The company was formerly known as Opteum Inc. and changed its name to Bimini Capital Management, Inc. in September 2007. Bimini Capital Management, Inc. was incorporated in 2003 and is headquartered in Vero Beach, Florida.

How the Company Makes Money

Bimini Capital Management generates revenue primarily through the interest income derived from its portfolio of mortgage-backed securities. The company purchases agency residential MBS, which pay periodic interest to the holder, thereby providing Bimini with a steady income stream. Additionally, the company may engage in hedging activities to manage the interest rate risk associated with holding these securities. Earnings are also influenced by the leverage employed in acquiring the MBS, as borrowing costs and interest rate spreads can significantly impact profitability. Bimini's revenue model relies heavily on the performance of the mortgage market, interest rate fluctuations, and the company's ability to effectively manage its investment portfolio.

Bimini Capital Management Financial Statement Overview

Summary

Mixed fundamentals: operating performance improved and operating cash flow was positive, but revenue was volatile with a sharp 2024 decline and the company still posted a net loss. Balance-sheet leverage remains a key risk despite improvement, keeping overall financial strength below average.

Income Statement

Profitability has been volatile. 2024 returned to strong operating performance (EBIT margin ~71%), but the company still posted a net loss (about -10% net margin). Revenue has also been choppy, with a sharp decline in 2024 (down ~28%) following modest/sluggish growth in prior years, highlighting sensitivity to the rate/credit cycle and uneven earnings quality.

Balance Sheet

Leverage is the key constraint. Debt-to-equity improved materially in 2024 (~4.0x) versus 2023 (~14.1x), but it remains elevated and equity is relatively small versus the asset base. Returns on equity are negative in 2024 and 2023, and the history shows meaningful swings, which increases balance-sheet risk for a mortgage REIT profile.

Cash Flow

Cash generation looks better than reported earnings in recent periods. Operating cash flow was positive in 2024 (~$3.2M) and exceeded net income (net loss year), indicating earnings are affected by non-cash items or timing effects. However, free cash flow fell sharply in 2024 versus 2023, and the longer history shows extreme variability (including very weak cash generation in 2019), so consistency remains a concern.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	18.66M	13.07M	10.64M	12.15M	8.04M	10.09M
Gross Profit	19.12M	13.07M	10.64M	12.07M	7.97M	10.02M
EBITDA	10.87M	9.43M	0.00	-5.76M	0.00	0.00
Net Income	916.04K	-1.31M	-3.98M	-19.82M	275.41K	-5.49M
Balance Sheet
Total Assets	139.75M	154.85M	125.60M	86.32M	122.08M	128.70M
Cash, Cash Equivalents and Short-Term Investments	10.98M	5.67M	3.72M	6.01M	8.42M	10.91M
Total Debt	127.31M	27.37M	114.30M	27.42M	27.44M	27.61M
Total Liabilities	130.51M	148.03M	117.47M	74.19M	89.08M	94.21M
Stockholders Equity	9.24M	6.82M	8.13M	12.12M	33.00M	34.49M
Cash Flow
Free Cash Flow	4.96M	3.19M	1.70M	5.43M	5.53M	837.40K
Operating Cash Flow	4.96M	3.19M	1.70M	5.48M	5.53M	1.30M
Investing Cash Flow	13.41M	-30.49B	-47.06M	7.62M	1.35M	141.98M
Financing Cash Flow	-13.09M	30.25B	43.05M	-16.14M	-7.98M	-144.75M

Bimini Capital Management Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.44
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BMNM, the sentiment is Positive. The current price of 3.44 is above the 20-day moving average (MA) of 3.19, above the 50-day MA of 2.91, and above the 200-day MA of 1.63, indicating a bullish trend. The MACD of 0.04 indicates Positive momentum. The RSI at 57.15 is Neutral, neither overbought nor oversold. The STOCH value of 78.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BMNM.

Bimini Capital Management Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LOAN	69 Neutral	$50.67M	9.57	12.23%	9.28%	-8.80%	-5.99%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
CHMI	57 Neutral	$95.52M	135.42	4.55%	21.65%	22.14%	―
BMNM	56 Neutral	$34.44M	38.77	10.43%	―	22.95%	―
LFT	53 Neutral	$69.12M	13.55	4.14%	23.03%	-31.69%	-72.10%
SACH	53 Neutral	$48.17M	-1.30	-16.33%	19.80%	-63.70%	-325.57%
GPMT	45 Neutral	$81.06M	-1.48	-7.12%	7.97%	-28.13%	62.49%

Bimini Capital Management Corporate Events

Bimini Capital Buys Majority Stake in TJIM Adviser

On January 13, 2026, Bimini Capital Management announced that its wholly owned subsidiary Bimini Advisors Holdings agreed to acquire 80% of Tom Johnson Investment Management, LLC (TJIM), a privately held registered investment adviser with approximately $1.6 billion in assets under management across equity and fixed income strategies, in a cash transaction valued at 2.5 times 80% of TJIM’s 2025 revenue, with any amount above $12 million paid in deferred installments. The deal, targeted to close by the end of the first quarter of 2026 subject to customary due diligence, regulatory and client consents, and new employment agreements for TJIM’s leadership, includes options for either party to trigger the eventual purchase of the remaining 20% stake after the third anniversary of closing and is intended to transform Bimini into a pure asset management firm with a more diversified asset base, while preserving TJIM’s existing management team, incentivizing staff retention through potential equity participation, and leveraging Bimini’s public company infrastructure and capital markets access to support future asset growth.

The most recent analyst rating on (BMNM) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Bimini Capital Management stock, see the BMNM Stock Forecast page.

Bimini Capital Management Amends Rights Agreement

On December 10, 2025, Bimini Capital Management announced an amendment to its Rights Agreement, extending its expiration to December 21, 2030, and increasing the purchase price from $4.76 to $10.20. This amendment aims to preserve stockholder value and protect the company’s net operating loss carryforwards from ownership changes that could limit their use under Section 382 of the Internal Revenue Code. The amendment will be submitted for stockholder approval at the 2026 annual meeting, with automatic termination if not approved by June 30, 2026.

Ashley B. Griffith Joins Bimini Capital’s Board

On November 5, 2025, Frank E. Jaumot resigned as a director of Bimini Capital Management, and on November 6, 2025, Ashley B. Griffith was appointed as a Class I director. Griffith brings extensive experience in institutional sales within the investment banking sector, which may strengthen Bimini’s strategic direction. In the third quarter of 2025, Bimini reported a significant increase in net income to $1.8 million, reflecting a favorable environment for leveraged Agency RMBS investors. The company’s advisory service revenues and interest revenues showed substantial growth compared to the previous year, indicating strong operational performance despite a challenging economic backdrop due to a government shutdown and interest rate cuts.