Core Viewpoint - Bimini Capital Management, Inc. reported strong first-quarter results for 2025, benefiting from favorable market conditions for Agency RMBS, although the outlook for the second quarter appears more uncertain due to potential economic impacts from new tariffs [2][4]. Financial Performance - Bimini's advisory service revenues increased by approximately 22% year-over-year and 6% quarter-over-quarter, totaling around $3.6 million [5]. - Orchid Island Capital reported a net income of $17.1 million for the first quarter of 2025, achieving a return on book value of 2.60% [5]. - Royal Palm Capital's interest revenue rose by 25% compared to the first quarter of 2024 and by 4% from the fourth quarter of 2024, with net interest income increasing approximately 64% year-over-year [6]. Capital and Portfolio Management - The company's stockholders' equity increased from $668.5 million at the end of 2024 to $855.9 million by March 31, 2025 [5]. - As of March 31, 2025, the total market value of the MBS portfolio was approximately $120.97 million, with a weighted average coupon of 5.27% [19]. - The effective duration of the MBS portfolio was 3.257, indicating sensitivity to interest rate changes [19]. Market Conditions and Outlook - The first quarter of 2025 experienced low volatility and stable interest rates, creating an ideal environment for leveraged investment strategies [2]. - However, the second quarter has shown signs of uncertainty, particularly regarding the economic effects of new tariffs, which could influence interest rates and the company's investment portfolio [4]. Financing and Liquidity - As of March 31, 2025, Bimini had outstanding repurchase obligations of approximately $115.5 million, with a net weighted average borrowing rate of 4.47% [20]. - The company's liquidity stood at approximately $4.5 million, consisting of unpledged MBS and cash equivalents [20]. Earnings and Key Metrics - For the first quarter of 2025, Bimini reported a net income of $0.6 million, or $0.06 per common share, with a book value per share of $0.74 [9][11]. - The average yield on MBS was 5.73%, while the average cost of funds was 4.49%, resulting in an average interest rate spread of 1.24% [27].