# EDGAR Filing Document

**Accession Number:** 0001275477
**File Stem:** 0001437749-25-033612
**Filing Date:** 2025-11
**Character Count:** 35008
**Document Hash:** 099cc6ece199dd4679cbb726edecd9ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-033612.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001437749-25-033612

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251105

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BIMINI CAPITAL MANAGEMENT, INC.
- **CENTRAL INDEX KEY:** 0001275477
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 721571637
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32171
- **FILM NUMBER:** 251458726

**BUSINESS ADDRESS:**
- **STREET 1:** 3305 FLAMINGO DRIVE
- **CITY:** VERO BEACH
- **STATE:** FL
- **ZIP:** 32963
- **BUSINESS PHONE:** 772 231 1400

**MAIL ADDRESS:**
- **STREET 1:** 3305 FLAMINGO DRIVE
- **CITY:** VERO BEACH
- **STATE:** FL
- **ZIP:** 32963

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Opteum Inc.
- **DATE OF NAME CHANGE:** 20060217

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BIMINI MORTGAGE MANAGEMENT INC
- **DATE OF NAME CHANGE:** 20040106

?xml version='1.0' encoding='ASCII'? bcmi20250802_8k.htm

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM **8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **November 5, 2025**

---

| |
|:---|
| **Bimini Capital Management, Inc.** |
| **(Exact name of registrant as specified in its charter)**  |

---

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-32171** | **72-1571637** |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

**3305 Flamingo Drive**, **Vero Beach**, **Florida 32963**

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code **(**772**) **231-1400**

**N/A**

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None.

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**ITEM 2.02. Results of Operations and Financial Condition.**

On November 6, 2025, Bimini Capital Management, Inc. (the "Company") issued the press release attached hereto as Exhibit 99.1 announcing the Company's consolidated results of operations for the nine-month period ended September 30, 2025. The attached press release is incorporated herein by reference. Neither the information furnished under this "Item 2.02 Results of Operations and Financial Condition," nor Exhibit 99.1 shall be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or deemed incorporated by reference in any disclosure document of the Company, except as shall be expressly set forth by specific reference in such document.

**ITEM 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers**

(b) On November 5, 2025, Frank E. Jaumot resigned as director of the Company, effective immediately. Mr. Jaumot's resignation was not a result of a disagreement with the Company relating to the Company's operations, policies or practices.

(d) On November 6, 2025, Ashley B. Griffith was appointed as a Class I director of the Company with a term expiring at the annual meeting of stockholders in 2028.

Mr. Griffith, 53, is currently a Director in Institutional Sales at Hovde Group, a boutique investment banking firm focused on the community and regional banking sector. He has held this position since early 2024. He has spent most of his 25+ year career in institutional sales at various investment banking firms, focused mostly on the financial sector. Prior to joining Hovde Group, he served as Managing Director – Institutional Sales at Compass Point Research and Trading (2020-2024), and at Sandler O'Neill, Evercore and Fox-Pitt, Kelton. Earlier in his career, Ashley worked in sell-side equity research focusing on the banking and media & entertainment sectors. Ashley graduated from Hobart College with a bachelor's degree in Math. He is the son-in-law of Robert Dwyer, a director of the Corporation.

There are no arrangements or understandings between Mr. Griffith and any other persons pursuant to which Mr. Griffith was appointed to the Board, nor does Mr. Griffith have any direct or indirect material interest in any transaction required to be disclosed under Item 404(a) of Regulation S-K. As a director of the Company, Mr. Griffith will be entitled to receive the same compensation for service as a director as is provided to other non-employee directors of the Company on a pro-rata annual basis. The Board has determined that Mr. Griffith is an independent director within the meaning of Rule 5605(a)(2) as set forth in the listing standards of The NASDAQ Stock Market, LLC. Mr. Griffith is expected to serve on the Audit Committee of the Board.

On November 6, 2025, the Company issued the press release attached hereto as Exhibit 99.2 announcing Mr. Jaumot's resignation and Mr. Griffith's appointment. Exhibit 99.2 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or deemed incorporated by reference in any disclosure document of the Company, except as shall be expressly set forth by specific reference in such document.

**ITEM 9.01. EXHIBITS.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits

[Exhibit 99.1 ― Press Release dated November 6, 2025](ex_847179.htm)

[Exhibit 99.2 ― Press Release dated November 6, 2025](ex_884206.htm)

Exhibit 104 – Cover Page Interactive Data File (embedded within the Inline XBRL document)

------

**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: November 6, 2025 |  | BIMINI CAPITAL MANAGEMENT, INC. |
|  | By: | /s/ Robert E. Cauley |
|  |  | Robert E. Cauley |
|  |  | Chairman and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![logo.jpg](logo.jpg)

**BIMINI CAPITAL MANAGEMENT ANNOUNCES Third QUARTER 2025 RESULTS**

VERO BEACH, Fla., (November 6, 2025) – Bimini Capital Management, Inc. (OTCQB: BMNM), ("Bimini Capital," "Bimini," or the "Company"), today announced results of operations for the three-month period ended September 30, 2025.

**Third Quarter 2025 Highlights**

● Net income of approximately $1.8 million , or $0.18 per common share, compared to net income of approximately $0.3 million , or $0.03 per common share, in the third quarter of 2024

● Book value per share of $0.92

● Company to discuss results on Friday, November 7, 2025 , at 10:00 AM ET

**Management Commentary**

Commenting on third quarter results, Robert E. Cauley, Chairman and Chief Executive Officer, said, "Unlike the second quarter, the third quarter of 2025 was generally free of market moving events unlike the second. As a result, interest rates were generally range bound and slightly lower on the quarter, implied interest rate volatility continued to decline steadily, and mortgage spreads tightened modestly but still offer attractive returns on a historical basis. In all it was a very favorable environment for levered Agency Residential Mortgage Backed Securities ("RMBS") investors, and the companies in the sector generated strong financial results for the quarter, including Orchid Island Capital, Inc. ("Orchid"). The quarter was also conducive to capital raising by the mortgage Real Estate Investment Trust ("REIT") sector and most companies in the space did so, including Orchid once again.

"Like the second quarter of 2025, our advisory service revenues for the nine and three months ended September 30, 2025, continued to expand, increasing by 26% and 35%, respectively, over the comparable 2024 periods. Likewise, interest revenues for the nine and three months ended September 30, 2025, increased 17% and 3%, respectively, over the comparable 2024 periods. Our advisory services segment generated net income of $2.4 million, and our investment portfolio generated net income of $0.3 million for the third quarter of 2025. On a consolidated basis, Bimini generated net income of $1.8 million, or $0.18 per share, during the three months ended September 30, 2025. For the nine months ended September 30, 2025, Bimini recorded net income of $2.4 million, or $0.24 per share.

"As the fourth quarter unfolds the markets are faced with a prolonged government shutdown that commenced on October 1, 2025. Economic data related to the labor market release during the third quarter of 2025 was quite weak, and the Fed shifted its balance of risks outlook towards economic weakness, leading to two 25 basis point interest rate cuts – in September and October. Interest rate volatility has remained low – both realized and implied in the swaptions market, and Agency RMBS have continued to perform well. The market remains generally conducive to both Agency mortgage REIT performance and capital raising. Without most economic data available due to the government shutdown, markets are unable to clearly discern the evolving performance of the economy, and the Federal Reserve may withhold further monetary policy steps until there is more clarity on the economic outlook. In the interim the Company should continue to benefit from the favorable market conditions."

**Details of Third Quarter 2025 Results of Operations**

Bimini's advisory service revenues of approximately $4.5 million represented a 35% increase over the third quarter of 2024 and a 17% increase over the second quarter of 2025. This was a result of Orchid's increased stockholders' equity from $912.0 million at June 30, 2025 to $1.1 billion at September 30, 2025. Orchid reported net income for the third quarter of 2025 of $72.1 million and generated a 6.7% return on its book value for the quarter – not annualized. Orchid also raised $152.3 million in new equity during the quarter.

Interest revenue from Royal Palm's MBS portfolio increased 3% from the third quarter of 2024, but decreased 3% from the second quarter of 2025. Repurchase agreement ("Repo") funding costs decreased by approximately 16% in the third quarter of 2025 compared to the 2024 third quarter and by 3% from the second quarter of 2025. Net interest income, inclusive of dividends from holdings of Orchid common shares, increased by approximately 84% over the third quarter of 2024, but decreased by approximately 2% from the second quarter of 2025 owing primarily to the sale of assets in the MBS portfolio during the first half of 2025. These amounts represent net interest income from the investment portfolio and do not include interest charges on our trust preferred or other long-term debt.

Interest charges on the trust preferred and other long-term debt of $0.54 million were virtually unchanged from the second quarter of 2025 and were down 10% from the third quarter of 2024. Expenses of $3.0 million increased by 5% from the second quarter of 2025 and by 13% over the third quarter of 2024. Bimini recorded an income tax provision of $0.4 million for the third quarter of 2025.

------

**Management of Orchid Island Capital, Inc.**

Orchid is managed and advised by Bimini. As Manager, Bimini is responsible for administering Orchid's business activities and day-to-day operations. Pursuant to the terms of a management agreement, our subsidiary, Bimini Advisors, provides Orchid with its management team, including its officers, along with appropriate support personnel. Bimini also maintains a common stock investment in Orchid, which is accounted for under the fair value option, with changes in fair value recorded in the statement of operations for the current period. For the three months ended September 30, 2025, Bimini's statement of operations included dividends of $0.2 million from its investment in Orchid common stock. Also, during the three months ended September 30, 2025, Bimini recorded $4.5 million in advisory services revenue for managing Orchid's portfolio, consisting of $3.3 million of management fees, $0.9 million in overhead reimbursement, and $0.3 million in repurchase, clearing and administrative fees.

**Book Value Per Share**

The Company's book value per share on September 30, 2025 was $0.92. The Company computes book value per share by dividing total stockholders' equity by the total number of outstanding shares of the Company's Class A Common Stock. At September 30, 2025, the Company's stockholders' equity was $9.2 million, with 10,005,457 Class A Common shares outstanding.

**Capital Allocation and Return on Invested Capital**

The Company allocates capital between two MBS sub-portfolios, the pass-through MBS portfolio and the structured MBS portfolio, consisting of interest-only and inverse interest-only securities. The table below details the changes to the respective sub-portfolios during the quarter.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Activity for the Quarter** | **Portfolio Activity for the Quarter** | **Portfolio Activity for the Quarter** | **Portfolio Activity for the Quarter** | **Portfolio Activity for the Quarter** | **Portfolio Activity for the Quarter** |
|  |  | **Structured Security Portfolio** | **Structured Security Portfolio** | **Structured Security Portfolio** |  |
|  | | | **Inverse** |  |  |
|  | **Pass** | **Interest-** | **Interest-** |  |  |
|  | **Through** | **Only** | **Only** |  |  |
|  | **Portfolio** | **Securities** | **Securities** | **Sub-total** | **Total** |
| **Market Value - June 30, 2025** | $**105433767** | $**2183340** | $**6522** | $**2189862** | $**107623629** |
| Return of investment | n/a | (78246) | (302) | (78548) | (78548) |
| Pay-downs | (3976821) | n/a | n/a | n/a | (3976821) |
| Discount accreted due to pay-downs | (28230) | n/a | n/a | n/a | (28230) |
| Mark to market gains (losses) | 897033 | (29666) | 233 | (29433) | 867600 |
| **Market Value - September 30, 2025** | $**102325749** | $**2075428** | $**6453** | $**2081881** | $**104407630** |

---

The tables below present the allocation of capital between the respective portfolios at September 30, 2025 and June 30, 2025, and the return on invested capital for each sub-portfolio for the three-month period ended September 30, 2025. Capital allocation is defined as the sum of the market value of securities held, less associated repurchase agreement borrowings, plus cash and cash equivalents and restricted cash associated with repurchase agreements. Capital allocated to non-portfolio assets is not included in the calculation.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Capital Allocation** | **Capital Allocation** | **Capital Allocation** | **Capital Allocation** | **Capital Allocation** | **Capital Allocation** |
|  |  | **Structured Security Portfolio** | **Structured Security Portfolio** | **Structured Security Portfolio** |  |
|  | | | **Inverse** |  |  |
|  | **Pass-** | **Interest-** | **Interest-** |  |  |
|  | **Through** | **Only** | **Only** |  |  |
|  | **Portfolio** | **Securities** | **Securities** | **Sub-total** | **Total** |
| **September 30, 2025** |  |  |  |  |  |
| Market value | $102325749 | $2075428 | $6453 | $2081881 | $104407630 |
| Cash equivalents and restricted cash | 10979924 |  |  |  | 10979924 |
| Repurchase agreement obligations | (99953000) |  |  |  | (99953000) |
| Total | $13352673 | $2075428 | $6453 | $2081881 | $15434554 |
| % of Total | 86.5% | 13.5% | 0.0% | 13.5% | 100.0% |
| **June 30, 2025** |  |  |  |  |  |
| Market value | $105433767 | $2183340 | $6522 | $2189862 | $107623629 |
| Cash equivalents and restricted cash | 6583906 |  |  |  | 6583906 |
| Repurchase agreement obligations | (101742000) |  |  |  | (101742000) |
| Total | $10275673 | $2183340 | $6522 | $2189862 | $12465535 |
| % of Total | 82.4% | 17.5% | 0.1% | 17.6% | 100.0% |

---

------

The returns on invested capital in the PT MBS and structured MBS portfolios were approximately 10.2% and 0.1%, respectively, for the three months ended September 30, 2025. The combined portfolio generated a return on invested capital of approximately 8.4%.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Returns for the Quarter Ended September 30, 2025** | **Returns for the Quarter Ended September 30, 2025** | **Returns for the Quarter Ended September 30, 2025** | **Returns for the Quarter Ended September 30, 2025** | **Returns for the Quarter Ended September 30, 2025** | **Returns for the Quarter Ended September 30, 2025** |
|  |  | **Structured Security Portfolio** | **Structured Security Portfolio** | **Structured Security Portfolio** |  |
|  | | | **Inverse** |  |  |
|  | **Pass** | **Interest-** | **Interest-** |  |  |
|  | **Through** | **Only** | **Only** |  |  |
|  | **Portfolio** | **Securities** | **Securities** | **Sub-total** | **Total** |
| Interest income (net of repo funding cost) | $346062 | $30878 | $93 | $30971 | $377033 |
| Realized and unrealized gains (losses) | 868803 | (29666) | 233 | (29433) | 839370 |
| Hedge losses | (169953) | n/a | n/a | n/a | (169953) |
| Total Return | $1044912 | $1212 | $326 | $1538 | $1046450 |
| Beginning capital allocation | $10275673 | $2183340 | $6522 | $2189862 | $12465535 |
| Return on invested capital for the quarter<sup>(1)</sup> | 10.2% | 0.1% | 5.0% | 0.1% | 8.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Calculated by dividing the Total Return by the Beginning Capital Allocation, expressed as a percentage.

**Prepayments**

For the third quarter of 2025, the Company received approximately $4.1 million in scheduled and unscheduled principal repayments and prepayments, which equated to a three-month constant prepayment rate ("CPR") of approximately 16.8%. Prepayment rates on the two MBS sub-portfolios were as follows (in CPR):

---

| | | | |
|:---|:---|:---|:---|
|  | **PT** | **Structured** |  |
|  | **MBS Sub-** | **MBS Sub-** | **Total** |
| **Three Months Ended** | **Portfolio** | **Portfolio** | **Portfolio** |
| September 30, 2025 | 16.4 | 18.8 | 16.8 |
| June 30, 2025 | 10.3 | 7.3 | 9.9 |
| March 31, 2025 | 7.5 | 6.2 | 7.3 |
| December 31, 2024 | 10.9 | 12.5 | 11.1 |
| September 30, 2024 | 6.3 | 6.7 | 6.3 |
| June 30, 2024 | 10.9 | 5.5 | 10.0 |
| March 31, 2024 | 18.0 | 9.2 | 16.5 |

---

**Portfolio**

The following tables summarize the MBS portfolio as of September 30, 2025 and December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *($ in thousands)* |  | |  |  |  |  |
|  |  |  |  |  | **Weighted** |  |
|  |  |  | **Percentage** |  | **Average** |  |
|  |  |  | **of** | **Weighted** | **Maturity** |  |
|  | **Fair** |  | **Entire** | **Average** | **in** | **Longest** |
| **Asset Category** | **Value** |  | **Portfolio** | **Coupon** | **Months** | **Maturity** |
| **September 30, 2025** |  |  |  |  |  |  |
| Fixed Rate MBS | $102326 |  | 98.0% | 5.60% | 330 | 1-Aug-54 |
| Structured MBS | 2082 |  | 2.0% | 2.90% | 275 | 15-May-51 |
| Total MBS Portfolio | $104408 |  | 100.0% | 5.26% | 329 | 1-Aug-54 |
| **December 31, 2024** |  |  |  |  |  |  |
| Fixed Rate MBS | $120056 |  | 98.1% | 5.60% | 341 | 1-Jan-55 |
| Structured MBS | 2292 |  | 1.9% | 2.85% | 281 | 15-May-51 |
| Total MBS Portfolio | $122348 |  | 100.0% | 5.26% | 340 | 1-Jan-55 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *($ in thousands)* |  | |  |  | |  |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  |  | **Percentage of** |  |  | **Percentage of** |
| **Agency** | **Fair Value** |  | **Entire Portfolio** | **Fair Value** |  | **Entire Portfolio** |
| Fannie Mae | $29528 |  | 28.3% | $32692 |  | 26.7% |
| Freddie Mac | 74880 |  | 71.7% | 89656 |  | 73.3% |
| Total Portfolio | $104408 |  | 100.0% | $122348 |  | 100.0% |

---

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Weighted Average Pass Through Purchase Price | $102.99 | $102.72 |
| Weighted Average Structured Purchase Price | $4.48 | $4.48 |
| Weighted Average Pass Through Current Price | $101.74 | $99.63 |
| Weighted Average Structured Current Price | $14.02 | $13.71 |
| Effective Duration <sup>(1)</sup> | 2.699 | 3.622 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Effective duration is the approximate percentage change in price for a 100 basis point change in rates. An effective duration of 2.699 indicates that an interest rate increase of 1.0% would be expected to cause a 2.699 % decrease in the value of the MBS in the Company's investment portfolio at September 30, 2025 . An effective duration of 3.622 indicates that an interest rate increase of 1.0% would be expected to cause a 3.622 % decrease in the value of the MBS in the Company's investment portfolio at December 31, 2024 . These figures include the structured securities in the portfolio but not the effect of the Company's hedges. Effective duration quotes for individual investments are obtained from The Yield Book, Inc.

**Financing and Liquidity**

As of September 30, 2025, the Company had outstanding repurchase obligations of approximately $100.0 million with a net weighted average borrowing rate of 4.36%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $104.8 million. At September 30, 2025, the Company's liquidity was approximately $9.7 million, consisting of unpledged MBS and cash and cash equivalents.

We may pledge more of our structured MBS as part of a repurchase agreement funding but retain cash in lieu of acquiring additional assets. In this way, we can, at a modest cost, retain higher levels of cash on hand and decrease the likelihood that we will have to sell assets in a distressed market in order to raise cash. Below is a list of outstanding borrowings under repurchase obligations at September 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *($ in thousands)* |  | |  |  |  | |
| **Repurchase Agreement Obligations** | **Repurchase Agreement Obligations** | **Repurchase Agreement Obligations** | **Repurchase Agreement Obligations** | **Repurchase Agreement Obligations** | **Repurchase Agreement Obligations** |  |
|  |  |  |  | **Weighted** | **Weighted** |  |
|  | **Total** |  |  | **Average** | **Average** |  |
|  | **Outstanding** |  | **% of** | **Borrowing** | **Maturity** |  |
| **Counterparty** | **Balances** |  | **Total** | **Rate** | **(in Days)** |  |
| Marex Capital Markets Inc. | $21903 |  | 22.0% | 4.33% | 23 |  |
| DV Securities, LLC | 18517 |  | 18.5% | 4.48% | 28 |  |
| Mirae Asset Securities (USA) Inc. | 18209 |  | 18.2% | 4.27% | 44 |  |
| South Street Securities, LLC | 15731 |  | 15.7% | 4.31% | 23 |  |
| Clear Street LLC | 15095 |  | 15.1% | 4.30% | 20 |  |
| Mitsubishi UFJ Securities (USA), Inc. | 10498 |  | 10.5% | 4.49% | 15 |  |
|  | $99953 |  | 100.0% | 4.36% | 26 |  |

---

------

**Summarized Consolidated Financial Statements**

The following is a summarized presentation of the unaudited consolidated balance sheets as of September 30, 2025, and December 31, 2024, and the unaudited consolidated statements of operations for the nine and three month periods ended September 30, 2025 and 2024. Amounts presented are subject to change.

**BIMINI CAPITAL MANAGEMENT, INC.**

**CONSOLIDATED BALANCE SHEETS**

**(Unaudited - Amounts Subject to Change)**

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** |  |  |
| Mortgage-backed securities | $104407630 | $122348170 |
| Cash equivalents and restricted cash | 10979924 | 7422746 |
| Orchid Island Capital, Inc. common stock, at fair value | 3989188 | 4427372 |
| Accrued interest receivable | 505547 | 601640 |
| Deferred tax assets, net | 15372984 | 15930953 |
| Other assets | 4493621 | 4122776 |
| Total Assets | $139748894 | $154853657 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Repurchase agreements | $99953000 | $117180999 |
| Long-term debt | 27352127 | 27368158 |
| Other liabilities | 3204315 | 3483093 |
| Total Liabilities | 130509442 | 148032250 |
| Stockholders' equity | 9239452 | 6821407 |
| Total Liabilities and Stockholders' Equity | $139748894 | $154853657 |
| Class A Common Shares outstanding | 10005457 | 10005457 |
| Book value per share | $0.92 | $0.68 |

---

**BIMINI CAPITAL MANAGEMENT, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited - Amounts Subject to Change)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Advisory services | $11850846 | $9396828 | $4457711 | $3300512 |
| Interest and dividend income | 5473053 | 4781408 | 1739397 | 1690252 |
| Interest expense | (5276945) | (5558657) | (1701510) | (1980863) |
| Net revenues | 12046954 | 8619579 | 4495598 | 3009901 |
| Other (expense) income | (356123) | 1067454 | 669417 | 420726 |
| Expenses | 8714817 | 8439314 | 2971686 | 2627343 |
| Net income before income tax provision | 2976014 | 1247719 | 2193329 | 803284 |
| Income tax provision | 557969 | 1052231 | 370586 | 547059 |
| Net income | $2418045 | $195488 | $1822743 | $256225 |
| **Basic and Diluted Net (Loss) Income Per Share of:** |  |  |  |  |
| CLASS A COMMON STOCK | $0.24 | $0.02 | $0.18 | $0.03 |
| CLASS B COMMON STOCK | $0.24 | $0.02 | $0.18 | $0.03 |

---

------

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| | | |
|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| **Key Balance Sheet Metrics** | **2025** | **2024** |
| Average MBS<sup>(1)</sup> | $106015627 | $102421681 |
| Average repurchase agreements<sup>(1)</sup> | 100847500 | 97949499 |
| Average stockholders' equity<sup>(1)</sup> | 8328081 | 8195116 |
| **Key Performance Metrics** |  |  |
| Average yield on MBS<sup>(2)</sup> | 5.79% | 5.80% |
| Average cost of funds<sup>(2)</sup> | 4.59% | 5.61% |
| Average economic cost of funds<sup>(3)</sup> | 4.16% | 5.75% |
| Average interest rate spread<sup>(4)</sup> | 1.20% | 0.19% |
| Average economic interest rate spread<sup>(5)</sup> | 1.63% | 0.05% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Average MBS, repurchase agreements and stockholders' equity balances are calculated using two data points, the beginning and ending balances.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Portfolio yields and costs of funds are calculated based on the average balances of the underlying investment portfolio/repurchase agreement balances and are annualized for the quarterly periods presented.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Represents interest cost of our borrowings and the effect of derivative agreements attributed to the period related to hedging activities, divided by average repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Average interest rate spread is calculated by subtracting average cost of funds from average yield on MBS.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Average economic interest rate spread is calculated by subtracting average economic cost of funds from average yield on MBS.

**About Bimini Capital Management, Inc.**

Bimini Capital Management, Inc. invests primarily in, but is not limited to investing in, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Its objective is to earn returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows. In addition, Bimini generates a significant portion of its revenue serving as the manager of the MBS portfolio of, and providing certain repurchase agreement trading, clearing and administrative services to, Orchid.

**Forward Looking Statements**

Statements herein relating to matters that are not historical facts are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and on management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements. Important factors that could cause such differences are described in Bimini Capital Management, Inc.'s filings with the Securities and Exchange Commission, including Bimini Capital Management, Inc.'s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Bimini Capital Management, Inc. assumes no obligation to update forward-looking statements to reflect subsequent results, changes in assumptions or changes in other factors affecting forward-looking statements, except as may be required by applicable law.

**Earnings Conference Call Details**

An earnings conference call and live audio webcast will be hosted Friday, November 7, 2025, at 10:00 AM ET. Participants can register and receive dial-in information at https://register-conf.media-server.com/register/BIc095834801924b8887982b5950fc3ce4. A live audio webcast of the conference call can be accessed at https://edge.media-server.com/mmc/p/e376u7h7 or via the investor relations section of the Company's website at https://ir.biminicapital.com. An audio archive of the webcast will be available on the website for 30 days after the call.

CONTACT:

Bimini Capital Management, Inc.

Robert E. Cauley, 772-231-1400

Chairman and Chief Executive Officer

https://ir.biminicapital.com

## Exhibit 99.2

**Exhibit 99.2**

![logo.jpg](logo.jpg)

**BIMINI CAPITAL MANAGEMENT ANNOUNCES BOARD OF DIRECTORS CHANGES**

VERO BEACH, Fla. (November 6, 2025) – Bimini Capital Management, Inc. (OTCQB:BMNM) ("Bimini" or the "Company") today announced that Frank E. Jaumot has resigned as a director of the Company. Mr. Jaumot has been associated with the Company in various capacities dating back to its initial capital raise and has served as a director since 2009. Chairman and CEO Robert E. Cauley stated, "We are tremendously thankful for the many contributions Frank has made to Bimini since our earliest days and wish him all the best in his retirement." Mr. Jaumot stated, "On a personal note, I would like to thank the Board and management for the opportunity to serve the Company and its shareholders over the past twenty-plus years."

On November 6, 2025, Ashley B. Griffith was appointed as a Class I director of the Company with a term expiring at the annual meeting of stockholders in 2028. Mr. Griffith replaces Mr. Jaumot and assumes his Class I director position effective today.

Mr. Griffith, 53, is currently a Director in Institutional Sales at Hovde Group, a boutique investment banking firm focused on the community and regional banking sector. He has held this position since early 2024. He has spent most of his 25+ year career in institutional sales at various investment banking firms, focused mostly on the financial sector. Prior to joining Hovde Group, he served as Managing Director – Institutional Sales at Compass Point Research and Trading (2020-2024), and at Sandler O'Neill, Evercore and Fox-Pitt, Kelton. Earlier in his career, he worked in sell-side equity research focusing on the banking and media and entertainment sectors. Ashley graduated from Hobart College with a bachelor's degree in Math. He is the son-in-law of Robert Dwyer, a director of the Corporation.

**About Bimini Capital Management, Inc.**

Bimini Capital Management, Inc. is an asset manager that invests primarily in residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae).

Through our wholly-owned subsidiary, Bimini Advisors Holdings, LLC ("Bimini Advisors"), we serve as the external manager of Orchid Island Capital, Inc. ("Orchid"). Orchid is a publicly-traded real estate investment trust (NYSE: ORC). Orchid is managed to earn returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows. As Orchid's external manager, Bimini Advisors receives management fees and expense reimbursements for managing Orchid's investment portfolio and day-to-day operations. Pursuant to the terms of the management agreement, Bimini Advisors provides Orchid with its management team, including its officers, along with appropriate support personnel. Bimini Advisors is at all times subject to the supervision and oversight of Orchid's board of directors and has only such functions and authority as are delegated to it.

We also manage the portfolio of our wholly-owned subsidiary, Royal Palm Capital, LLC ("Royal Palm"). Royal Palm is managed with an investment strategy similar to that of Orchid. Bimini Capital Management, Inc. and its subsidiaries are headquartered in Vero Beach, Florida.

CONTACT:

Bimini Capital Management, Inc.

Robert E. Cauley, 772-231-1400

Chairman and Chief Executive Officer

<u>https://ir.biminicapital.com</u>