The following is a summary of the Bimini Capital Management, Inc. (BMNM) Q4 2023 Earnings Call Transcript:
Financial Performance:
Bimini Capital reported Q4 net income of $27.1 million and an increase in shareholders equity to $469.9 million.
Advisory Services revenue decreased by 6% compared to Q4 2022 with a value of $3.1 million.
The MBS portfolio market value saw an increase, going up to $92.7 million in Q4 2023 from $84.9 million in Q3 2023.
Bimini faced a net loss before taxes for the quarter totaling $400,000, resulting in a net loss of $4.5 million for Q4 2023.
Bimini reported an after-tax net loss of $3.58 million for 2023, an improvement when compared to an after-tax loss of $19.82 million for 2022.
Business Progress:
Bimini successfully repositioned the pass-through portfolio in response to evolving market conditions.
The company plans to gradually grow its RMBS portfolio as the market stabilizes.
The future of Advisory Service revenues largely depends on Orchid's activities and its ability to grow its capital base.
Potentially increasing long-term rates and upward movements in funding rates pose a risk as they could apply pressure on asset prices.
More details: BIMINI CAPITAL MANAGEMENT INC IR
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