Bimini Capital posts Q1 net loss of $3.5M; BVPS falls to $2.77 from $3.08

BIMINI CAPITAL MANAGEMENT, INC.

Net loss of $3.5M ($0.33 diluted EPS); advisory service revenue $3.1M; combined MBS return on capital (22.6)%.
Mark-to-market loss of $3.2M on Orchid Island Capital shares; $3.1M MTM loss on MBS portfolio.
Book value per share declined to $2.77 from $3.08 at Dec. 31, 2021.
Post-quarter: sold $23.1M RMBS assets realizing $0.9M loss; portfolio reduced to ~$29.0M market value.
Management cites Fed tightening, Ukraine war, China shutdowns as headwinds; building cash position.

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