Bimini Capital Management (BMNM) Q2 2026 earnings summary

Executive summary

• The acquisition of 80% of Tom Johnson Investment Management (TJIM) was completed on April 1, 2026, expanding into fee-based investment management and wealth advisory services, diversifying the asset base and revenue streams.

• Advisory service revenues, including TJIM, rose significantly year-over-year and sequentially, supporting a more consistent earnings profile.

• Market conditions in Q2 2026 were volatile due to geopolitical tensions and shifting Fed policy, but risk assets and corporate earnings performed well.

• Revenue mix shifted, with recurring management fees from AUM now a significant component.

• TJIM manages over $1.7 billion in AUM, serving institutional and high-net-worth clients.

Financial highlights

• Advisory service revenues reached $6.8 million in Q2 2026 (up from $3.8 million in Q2 2025) and $11.9 million for the first half of 2026 (up from $7.4 million in 2025).

• Net income attributable to stockholders for the first half of 2026 was $1.2 million ($0.12 per share), up from $0.6 million ($0.06 per share) year-over-year.

• Operating expenses increased to $4.8 million in Q2 2026, including $0.9 million in acquisition-related costs.

• Interest income from MBS fell to $0.3 million in Q2 2026 (from $1.6 million in Q2 2025) due to portfolio liquidation.

• Book value per share at June 30, 2026, was $1.38, with stockholders' equity at $13.8 million.

Outlook and guidance

• Management expects continued turbulence in macroeconomic conditions, with persistent inflation and geopolitical risks likely to keep upward pressure on interest rates.

• The company expects to remain profitable and cash flow positive going forward.

• Anticipates full utilization of NOLs by 2028-2029, after which it will become a tax-paying entity.

• Plans to pay down trust-preferred debt with available cash are under consideration, especially if funding costs rise.

• Management expects continued growth in recurring advisory revenues and long-term opportunities in asset and wealth management.