MeritValue

BIMINI CAPITAL MANAGEMENT, INC.

BMNMdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'dilutedShares'; no data for concept 'sharesOutstanding'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'epsDiluted'

The thesis, from the filings

BIMINI CAPITAL MANAGEMENT, INC. earns about 11% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$9.79M1$13M2$13.6M3$12.8M4$16.6M4
Net income$275,4145−$19.8M6−$3.98M7−$1.31M8$5.8M8
Operating cash flow$5.53M9$5.48M10$1.7M11$3.19M12$2.88M12
Capital expenditure$013$46,17614$014——
Free cash flow (derived)$5.53M9$5.43M10$1.7M11——
Total debt$27.4M15$27.4M16$27.4M17$27.4M18$27.3M18
Cash & equivalents$8.42M19$6.01M20$3.72M21$5.67M22$12.7M22
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
11% avg · 5y
FY21 2%FY22 -14%FY23 9%FY24 16%FY25 41%

It earned an average 11% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.
DCF · Growth Exit 5Y
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.
Earnings Power Value
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.
FFO · Capitalized
not applicable
normalized (3y-median) FFO non-positive — capitalisation undefined.
Graham Number
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001437749-23-006158 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-007121 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-006605 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-008139 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-006158 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-007121 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-006605 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-008139 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-006158 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-007121 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-006605 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-008139 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-006158 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-007121 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001437749-23-006158 (LongTermDebt)
  16. 10-K · period ending 2022-12-31 · accession 0001437749-24-007121 (LongTermDebt)
  17. 10-K · period ending 2023-12-31 · accession 0001437749-25-006605 (LongTermDebt)
  18. 10-K · period ending 2024-12-31 · accession 0001437749-26-008139 (LongTermDebt)
  19. 10-K · period ending 2021-12-31 · accession 0001437749-23-006158 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001437749-24-007121 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001437749-25-006605 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001437749-26-008139 (CashAndCashEquivalentsAtCarryingValue)