Bimini Capital is a small specialty finance company with two core activities: managing an external mortgage REIT and running its own Agency MBS portfolio. Bimini serves as the external manager of Orchid Island Capital, a publicly traded mortgage REIT that invests in Agency MBS — securities guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae. Bimini handles all of Orchid's day-to-day investment management and earns tiered management fees based on Orchid's equity. Through its Royal Palm subsidiary, Bimini also invests its own capital in Agency MBS on a leveraged basis, funded through short-term repurchase agreements, generating net interest income on the spread between MBS yields and repo financing costs. This investment portfolio segment is more volatile, as profitability depends on the yield curve shape, prepayment rates, and MBS market conditions. Bimini manages interest rate risk through structured MBS, derivatives, and repo maturity alignment. Bimini is in the process of acquiring an 80% stake in Tom Johnson Investment Management, a registered investment adviser with roughly $1.6B in assets under management across equity and fixed income strategies. If completed, this deal would shift Bimini toward being a diversified, fee-based asset management firm and would represent a significant redeployment of the capital currently held in the Royal Palm investment portfolio.