BIMINI CAPITAL MANAGEMENT Business Summary

Bimini Capital Management, Inc. (BMNM) operates as a specialty finance company primarily focused on the residential mortgage-backed securities (RMBS) market through two core business segments: Asset Management and Investment Portfolio. The company generates revenue through recurring management fees and expense reimbursements as the external manager of Orchid Island Capital, Inc. (NYSE: ORC), as well as through net interest income derived from the spread between the yield on its own RMBS holdings and its borrowing costs. In early 2026, Bimini accelerated its strategic pivot toward a pure-play asset management model by announcing the acquisition of an 80% stake in Tom Johnson Investment Management (TJIM), a move designed to diversify its fee-based revenue streams and scale its assets under management (AUM) beyond the mortgage sector. Within the competitive landscape, Bimini contends with larger mortgage REITs and specialty finance firms such as AGNC Investment Corp., ARMOUR Residential REIT, Inc., Chimera Investment Corporation, and Invesco Mortgage Capital Inc., positioning itself as a micro-cap specialist that leverages a lean operational structure and deep technical expertise in Agency RMBS to drive shareholder value. The leadership team is anchored by Chairman and CEO Robert E. Cauley, CFA, a founding member who has led the firm since its 2003 inception and previously managed multi-billion dollar mortgage funds at Federated Investment Management. He is supported by G. Hunter Haas IV, who serves as President, Chief Investment Officer, and Chief Financial Officer, bringing a background in asset-backed structuring from Lehman Brothers and Barclays. The executive suite also includes Vice President and Controller Jerry Sintes, a CPA with extensive experience in bank financial management. The company’s Board of Directors was recently refreshed in November 2025 with the appointment of Ashley B. Griffith, an institutional sales veteran from Hovde Group, who joined long-standing independent director Robert Dwyer. To protect its significant net operating loss (NOL) carryforwards—valued at approximately $253.9 million as of late 2025—the company maintains a robust Stockholder Rights Plan, reflecting a disciplined approach to capital preservation and long-term tax-efficient growth.