Bimini Capital Management, Inc. announced net income of $0.3 million for the three-month period ended September 30, 2024. The company's net income before taxes for the quarter was $0.8 million, a notable improvement from a net loss before taxes of $0.2 million in the second quarter of 2024.
Advisory service revenues reached $3.3 million for the quarter, representing a 4% increase over the second quarter of 2024. This growth was primarily driven by Orchid Island Capital's net income of $17.3 million and an increase in its shareholders' equity from $555.9 million to $656.0 million.
The investment portfolio generated net interest income of $0.3 million, inclusive of dividends from Orchid Island. The combined portfolio achieved a return on invested capital of approximately 6.2% for the quarter, with the pass-through MBS portfolio returning 7.5% and the structured MBS portfolio returning 2.1%.
Bimini's Book Value Per Share stood at $0.83 as of September 30, 2024. The company maintained liquidity of approximately $4.7 million, consisting of unpledged MBS and cash and cash equivalents, while managing outstanding repurchase obligations of $113.0 million at a weighted average borrowing rate of 5.20%.
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