Bimini Capital Files Pro Forma Financials for Tom Johnson Investment Management Acquisition
Summary
Bimini Capital Management filed an amended 8-K providing the financial statements and pro forma information for its $12.3 million acquisition of Tom Johnson Investment Management, revealing a pro forma decrease in net income for 2025.
Key Events
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Acquisition Financials Provided
This 8-K/A provides the audited financial statements for Tom Johnson Investment Management, LLC (TJIM) for 2024 and 2025, and unaudited pro forma condensed combined financial information for Bimini Capital Management, Inc. (Acquirer) as of and for the year ended December 31, 2025, giving effect to the acquisition.
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Pro Forma Net Income Decrease
The unaudited pro forma condensed combined statement of operations shows a net income attributable to Bimini Capital Management, Inc. of $4.300 million for the year ended December 31, 2025, which is lower than Bimini's historical net income of $5.801 million for the same period.
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Balance Sheet Restructuring for Funding
The pro forma balance sheet reflects adjustments to give effect to the sale of $72.5 million of Bimini's mortgage-backed securities and redemption of $69.9 million of repurchase agreements to facilitate the $12.3 million acquisition.
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Goodwill and Intangibles Recognized
The preliminary purchase price allocation includes the recognition of $3.819 million in goodwill and $9.7 million in identified intangibles (client relationships and tradename).
Analysis
This 8-K/A provides the crucial financial statements and pro forma information for Bimini Capital's previously announced acquisition of an 80% equity interest in Tom Johnson Investment Management, LLC (TJIM). These financials were not available at the time of the initial acquisition announcement. The pro forma statements reveal the combined entity's financial position and operating results as if the acquisition had occurred earlier, showing a notable decrease in pro forma net income for the year ended December 31, 2025, compared to Bimini's historical results. This filing is critical for investors to understand the actual financial impact and integration of this significant acquisition.
At the time of this filing, BMNM was trading at $2.47 on OTC in the Real Estate & Construction sector, with a market capitalization of approximately $24.9M. The 52-week trading range was $0.60 to $3.89. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.