Bimini Capital Management, Inc. announced advisory service revenues of approximately $3.6 million for the first quarter of 2025. This represents a 22% increase over the first quarter of 2024 and a 6% increase over the fourth quarter of 2024, driven by favorable market conditions and Orchid Island Capital's capital raise.
Orchid Island Capital successfully raised $205.4 million during the quarter, increasing its shareholders' equity from $668.5 million at December 31, 2024, to $855.9 million at March 31, 2025. This expansion of Orchid's capital base directly enhances Bimini's management fees.
The company's net interest income, inclusive of dividends from Orchid common shares, increased approximately 64% over the first quarter of 2024 and 35% over the fourth quarter of 2024. Interest revenue also rose by 25% over Q1 2024 and 4% over Q4 2024, benefiting from reduced funding costs due to Federal Reserve rate cuts in late 2024.
Bimini's Book Value Per Share was $0.74 as of March 31, 2025. The company reported liquidity of approximately $4.5 million, consisting of unpledged MBS and cash and cash equivalents, with outstanding repurchase obligations of $115.5 million at a weighted average borrowing rate of 4.47%.
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