Two Dividends Totaling $0.70 per Share

Third Quarter Income from Continuing Operations of $2.3 Million (or $0.08 per Class A Common Share)

$0.21 Book Value per Share at Quarter End

Bimini Capital Management, Inc. (OTCBB: BMNM) ("Bimini Capital" or the "Company"), a real estate investment trust ("REIT"), today announced income from continuing operations of $2.3 million, or $0.08 per Class A Common Share, for the three month period ended September 30, 2009, compared with a loss from continuing operations of $2.3 million, or $(0.09) per Class A Common Share, for the three month period ended September 30, 2008. On a consolidated basis, the Company today reported net income of $2.5 million, or $0.09 per Class A Common Share, for the three month period ended September 30, 2009, compared with a net loss of $14.4 million, or $0.56 per Class A Common Share, for the three month period ended September 30, 2008. Included in the Company's consolidated results were income/(loss) from discontinued operations, net of tax, of $0.2 million and $(12.1) million for the three month periods ended September 30, 2009 and September 30, 2008, respectively.

Book Value per Share

The Company's book value per share at September 30, 2009, was $0.21. Book value per share is a valuation metric regularly used by various equity analysts that follow the Company and may be deemed a non-GAAP financial measure pursuant to Regulation G. The Company computes book value per share by dividing total shareholders' equity by the total number of shares outstanding of the Company's Class A Common Stock. At September 30, 2009, the Company's consolidated shareholders' equity was $5.8 million.

Details of Third Quarter 2009 Results of Operations

Included in the Company's $2.3 million income from continuing operations for the three month period ended September 30, 2009 is interest income of $1.8 million, a net increase in the fair value of mortgage-backed securities ("MBS") of $1.1 million, a realized gain on the sale of MBS of $0.2 million, and $0.7 million in operating, general and administrative expenses. Such expenses include $0.2 million of compensation and related benefits.

REIT Taxable Income and Dividends

REIT taxable income for the nine-months ended September 30, 2009, is estimated to be $11.0 million. This amount includes the $32.4 million gain on the Bimini Capital Trust I debt extinguishment recorded in the second quarter, net of a tax net operating loss carryforward of approximately $21.3 million. Further, Bimini Capital expects to realize a gain of approximately $9.6 million from the Bimini Capital Trust II debt extinguishment in the fourth quarter of 2009, and it believes that it will earn additional GAAP net income from REIT operations in the fourth quarter of 2009, which is expected to result in additional REIT taxable income. As of September30, 2009, the Company has approximately $62.8 million of REIT tax capital loss carryforwards. These tax capital loss carryforwards can only be used to offset any future tax capital gains.

At a meeting of the Board of Directors of Bimini Capital on November 9, 2009, the members of the Board declared two common stock dividends (as further described below), necessitated by the expected REIT taxable income for the year ending December 31, 2009.