Bimini Mortgage Management, Inc. Authorizes Stock Buyback Program

       Releases Information Pertinent to the Merger With Opteum
                          Financial Services

  Sets Third Quarter 2005 Earnings Release and Conference Call Dates

   Bimini Mortgage Management, Inc. (NYSE:BMM) today announced that
its Board of Directors has authorized Bimini to acquire up to
1,800,000 shares of its common stock, or approximately 9% of its total
shares of Class A Common Stock outstanding as of October 7, 2005. The
shares are expected to be acquired at prevailing prices through
open-market transactions which will be subject to restrictions related
to volume, price, timing, market conditions, and applicable Securities
and Exchange Commission rules.
   The Company also announced that it has and will continue to
release information relevant to the merger with Opteum Financial
Services, Inc. through 8-K filings with the Securities and Exchange
Commission. This information can also be found on the Company's
Website.
   The Company said it will release third quarter 2005 earnings after
4:00 p.m. Eastern Time on Thursday, October 13, 2005. The Company
expects to file a 10-Q for the quarter ended September 30, 2005, prior
to the end of the month. That filing will be available on the
Company's Web site at www.biminireit.com.
   Senior management from Bimini Mortgage Management and Opteum
Financial Services will hold a conference call to discuss the third
quarter press release on Friday, October 14, 2005, at 10:00 a.m.
Eastern Time. In addition, management will discuss the stock buyback
program and the merger with Opteum Financial Services. Investors will
have the opportunity to listen to a live broadcast of the conference
call through the Company's Web site at www.biminireit.com and at
www.earnings.com. To listen to the live call, please go to the Web
site at least 15 minutes early to register, download, and install any
necessary audio software. For those who cannot listen to the live
broadcast, an Internet replay will be available shortly after the call
and continue through October 21, 2005.

   Bimini Mortgage Management, Inc., a real estate investment trust,
invests primarily in residential mortgage-related securities issued by
the Federal National Mortgage Association (Fannie Mae), the Federal
Home Loan Mortgage Corporation (Freddie Mac) and the Government
National Mortgage Association (Ginnie Mae). It earns returns on the
spread between the yield on its assets and its costs, including the
interest expense on the funds it borrows.

   This news release contains forward-looking statements made
pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. The reader is cautioned that such
forward-looking statements are based on information available at the
time and on management's good faith belief with respect to future
events, and are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those
expressed in the statements. Important factors that could cause such
differences are described in the Company's periodic filings with the
Securities and Exchange Commission, including the Company's
Registration Statement on Form S-11. The Company assumes no obligation
to update forward-looking information to reflect subsequent results,
changes in assumptions or changes in other factors affecting
forward-looking information.