Core Insights - Bimini Capital Management reported a net income of $3.4 million for Q4 2025 and $5.8 million for the full year, with advisory service revenue increasing to $16.6 million from $12.8 million in 2024 [5][8][7] - The company is expanding its advisory services by acquiring 80% of Tom Johnson Investment Management, which has $1.6 billion in assets under management [4] - The fixed income market showed resilience in Q4 2025, but the outlook has become uncertain due to geopolitical tensions in Iran affecting oil and chemical supplies [2] Financial Performance - For Q4 2025, advisory service revenue was $4.7 million, with management fees contributing $3.7 million [5] - The company recorded interest income of $1.7 million and operating expenses of $3.9 million for the quarter [5] - The book value per share increased to $1.26 at the end of 2025, up from $0.68 in 2024 [11][21] Market Conditions - The fixed income markets experienced low volatility, with investment-grade corporate bond spreads reaching levels not seen since 1998 [2] - The S&P 500 generated a return of 2.3% during the quarter, indicating strong risk sentiment [2] - Prepayment rates for the MBS portfolio were approximately 16.6% for Q4 2025, slightly down from 16.8% in Q3 2025 [12] Portfolio and Assets - As of December 31, 2025, the total MBS portfolio was valued at approximately $88.9 million, down from $122.3 million in 2024 [21] - The portfolio had an effective duration of 2.229, indicating sensitivity to interest rate changes [14] - The company had outstanding repurchase obligations of approximately $85.3 million, with a net weighted average borrowing rate of 3.98% [15] Strategic Initiatives - The acquisition of Tom Johnson Investment Management aims to diversify and expand the advisory services segment [4] - The company announced a share repurchase plan of up to $2.5 million over the next 24 months [18] - Bimini intends to retain the current staff and management team of TJIM post-acquisition [4]

Core Viewpoint - Mount Logan Capital Inc. has successfully priced a public offering of $40 million in senior unsecured notes with an interest rate of 8.00%, marking its entry into the U.S. public fixed income markets [1][3]. Offering Details - The offering consists of 8.00% senior unsecured notes due January 31, 2031, with a redemption option starting January 31, 2028 [1]. - The notes will be issued in denominations of $25 and multiples thereof, with interest payments starting on April 30, 2026 [1]. - The offering is expected to close on January 26, 2026, subject to customary conditions [2]. Use of Proceeds - The net proceeds from the offering will be used to repay outstanding indebtedness under the company's credit facility, with any remaining funds allocated for general corporate purposes [3]. Underwriters - The offering is being managed by Lucid Capital Markets, LLC, Piper Sandler & Co., and BC Partners Securities LLC as joint bookrunners, with Canaccord Genuity LLC, William Blair & Company, L.L.C., and Wedbush Securities Inc. as co-managers [4]. Company Background - Mount Logan Capital Inc. is an integrated alternative asset management and insurance solutions firm focused on generating durable, fee-based revenue and long-term value creation [8]. - As of September 30, 2025, the company managed over $2.1 billion in assets [9].

Core Viewpoint - Mount Logan Capital Inc. has successfully priced a public offering of $40 million in senior unsecured notes with an interest rate of 8.00%, marking its entry into the U.S. public fixed income markets [1][3] Group 1: Offering Details - The offering consists of 8.00% senior unsecured notes due January 31, 2031, with a redemption option starting January 31, 2028 [1] - The notes will be issued in denominations of $25 and will bear interest payable quarterly, with the first payment on April 30, 2026 [1] - The offering is expected to close on January 26, 2026, and the notes will be listed on NASDAQ under the symbol "MLCIL" [2] Group 2: Use of Proceeds - The net proceeds from the offering will be used to repay outstanding indebtedness under the company's credit facility, with any remaining funds allocated for general corporate purposes [3] Group 3: Company Background - Mount Logan Capital Inc. is an integrated alternative asset management and insurance solutions firm focused on generating durable, fee-based revenue and long-term value creation [8] - As of September 30, 2025, the company managed over $2.1 billion in assets [9]

Well, let's get some more perspective on the fixed income markets now. And joining us from Hong Kong is Greg Peters, CIO for Public and Private Fixed income at PGIM. Greg, thanks so much for joining us today.And I do want to kick off with that data that we saw out of the US. The ADP November payrolls slipping pretty much seems to be the consensus that that's nailed on a Fed rate cut for next week. But what kind of commentary do you expect to hear now around further easing.Yeah, So I do think, you know, we w ...