Monitor the integration of TJIM and its AUM growth trajectory; the shift from MBS portfolio income to advisory fees is a structural change. Watch for cash burn given the low $7.6M liquidity position and $1.5M in acquisition costs incurred YTD.
Price Chart
Executive Summary
Bimini Capital Management reported Q2 2026 net income of $0.4M ($0.04/share), up from $0.04M ($0.00/share) in Q2 2025, driven by the first full quarter of the TJIM acquisition which contributed $1.7M in advisory revenue. The legacy MBS portfolio has been largely liquidated to fund the acquisition, shifting the business mix toward advisory services. Book value per share rose to $1.38 from $1.34 at Q1 2026, but liquidity dropped sharply to $7.6M from $16.5M.
Key Facts
- Net income of $0.4M ($0.04/share) in Q2 2026 vs $0.04M ($0.00/share) in Q2 2025.
- Advisory services revenue increased to $6.8M in Q2 2026 from $3.8M in Q2 2025, including $1.7M from TJIM.
- MBS portfolio reduced to $16.0M at June 30, 2026 from $88.9M at Dec 31, 2025, funding the TJIM acquisition.
- Book value per share increased to $1.38 from $1.34 at March 31, 2026.
- Liquidity decreased to $7.6M at June 30, 2026 from $16.5M at March 31, 2026.
- Operating expenses rose to $4.8M in Q2 2026 from $2.8M in Q2 2025, including $0.9M in TJIM acquisition-related costs.
- TJIM's AUM grew to $1.7B at June 30, 2026 from $1.6B at March 31, 2026.
Financial Impact
Net income of $0.4M in Q2 2026, advisory revenue $6.8M, liquidity $7.6M
Risk Factors
- Low liquidity ($7.6M) post-acquisition limits financial flexibility.
- MBS portfolio largely liquidated, removing a historical income stream.
- Integration risk from the TJIM acquisition and reliance on AUM-based advisory fees.
- Macroeconomic uncertainty from Middle East conflict and potential Fed rate hikes could impact AUM and portfolio valuations.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-026342 |
| Document: bcmi20260623_8k.htm | 0001437749-26-026342 |
| Document: 0001437749-26-026342-index-headers.html | 0001437749-26-026342 |
| Document: 0001437749-26-026342-index.html | 0001437749-26-026342 |
| Document: 0001437749-26-026342.txt | 0001437749-26-026342 |
| 8-K Data (Synthetic) | 0001437749-26-026342 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 6w ago | 8-K | $3.32 $3.14 | ▼ −5.42% | ▼ −8.40% | $2.75 (−17.17%) |
Aug 6, 2026 11w ago | 8-K | $2.50 $3.45 | ▲ +38.00% | ▲ +38.40% | $2.75 (+10.00%) |
US Market Status
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