The following is a summary of the Bimini Capital Management, Inc (BMNM) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Agency RMBS returns for Q2 were positive at 0.2% but faced relative underperformance against duration swaps.

• Orchid Island Capital reported a Q2 net loss of $5 million, but Bimini's advisory service revenues increased by 8% to $3.2 million.

• Bimini reported a consolidated net loss before taxes of $0.2 million for Q2, a downturn from a net income before taxes of $0.6 million in Q1.

• Dividend income from Orchid shares remained stable at $0.2 million.

• Net interest income from the investment portfolio was $0.3 million.

Business Progress:

• Bimini continues to leverage its advisory services with an increase in revenues attributed to Orchid Island's ongoing capital raising ventures.

• Bimini retains an investment position in Orchid Island, sharing in dividend distributions.

Opportunities:

• With the Fed potentially lowering interest rates, Bimini and the mortgage REIT sector may witness favorable capital raising conditions and enhanced net interest and margin.

Risks:

• A scenario causing long inventory rates to increase more than short-term rates (bear steepening of the curve) presents a risk, potentially leading to elevated volatility and wider MBS spreads.

More details: BIMINI CAPITAL MANAGEMENT INC IR

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