Bimini Capital Management, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on November 6, 2026, reporting a significant contraction in its mortgage-backed securities portfolio and the addition of goodwill and identifiable intangibles linked to a newly acquired investment advisory business.

Key Highlights

  • MBS portfolio: Mortgage-backed securities at fair value totaled $14,483,702 as of September 30, 2026, down from $88,928,525 at December 31, 2025.
  • Pledged MBS assets: Of the MBS balance, $14,373,893 were pledged assets, compared with $88,807,576 at December 31, 2025.
  • New U.S. Treasury position: The company held $1,577,213 in U.S. Treasury securities at fair value as of September 30, 2026, a position not present at year-end 2025.
  • Acquisition reflected on balance sheet: The filing shows $9,360,000 in identifiable intangibles, net, and $4,838,864 in goodwill, both recorded as of September 30, 2026, with no corresponding balances at December 31, 2025.
  • Orchid Island Capital stock: The fair value of Orchid Island Capital, Inc. common stock held was $3,090,056, down from $4,097,311 at December 31, 2025.
  • Cash position: Cash and cash equivalents stood at $8,404,578 as of September 30, 2026, compared with $12,696,660 at December 31, 2025.
  • Shares outstanding: As of November 5, 2026, the company had 9,901,833 Class A, 31,938 Class B, and 31,938 Class C shares of common stock outstanding.

Bimini Capital's Balance Sheet Shifts Sharply in Q3 2026

According to the filing, Bimini Capital Management, Inc. reported a sharp reduction in its core mortgage-backed securities portfolio between December 31, 2025, and September 30, 2026. The MBS balance at fair value fell from $88,928,525 to $14,483,702, with pledged assets within that portfolio declining from $88,807,576 to $14,373,893. The company also reported a new holding of $1,577,213 in U.S. Treasury securities at fair value, which carried no balance at the prior year-end.

The filing also reflects the impact of what it characterizes as a "recently acquired investment advisory business." As of September 30, 2026, the condensed consolidated balance sheet includes $9,360,000 in identifiable intangibles, net, and $4,838,864 in goodwill, both of which were absent from the December 31, 2025 balance sheet. Accounts receivable of $1,724,461 also appear for the first time in the period-end figures. The company's forward-looking statements note risks related to its "ability to efficiently and effectively integrate the recently acquired investment advisory business."

Restricted cash declined to $317,499 from $1,621,399 at year-end 2025. The company's holding of Orchid Island Capital, Inc. common stock, carried at fair value, decreased to $3,090,056 from $4,097,311. The filing was submitted by Bimini Capital Management, Inc., a Maryland-incorporated smaller reporting company headquartered at 3305 Flamingo Drive, Vero Beach, Florida 32963. The company disclosed that securities registered pursuant to Section 12(b) of the Act are listed as "None," and the reference ticker context notes OTC:BMNM, though no exchange or ticker symbol appears in the filing's registered-securities table.

What Was Disclosed

Bimini Capital Management filed its unaudited quarterly report for the period ended September 30, 2026, disclosing a substantial reduction in MBS holdings, a new U.S. Treasury position, and balance sheet additions of goodwill and intangibles tied to a recently acquired investment advisory business.