Bimini Mortgage Management, Inc. Declares $0.38 Third Quarter 2005 Cash Dividend

Bimini Mortgage Management, Inc. (NYSE:BMM), a real
estate investment trust that invests primarily in residential
mortgage-related securities, today announced that its Board of
Directors has declared a regular quarterly cash dividend of $0.38 per
share on the Company's Class A and Class B Common Stock for the
quarter ending September 30, 2005. The dividend is payable October 7,
2005, to stockholders of record on September 22, 2005.
   The Board of Directors estimates that this dividend will be paid
entirely from taxable earnings. Based on the Company's current
earnings estimates, taxable income for the third quarter of 2005 is
expected to be about $0.01 per share more than income as computed in
accordance with generally accepted accounting principles. As of August
24, 2005, approximately $35,000 of net capital gains have been
recorded for the third quarter of 2005. An earnings call will be
announced at a later date.
   Commenting on the announcement, Chief Executive Officer, Jeffrey
J. Zimmer, said, "The Company's portfolio allocation strategy was
modified over the last 12 months such that Bimini has substantially
increased the proportion in its portfolio of short duration adjustable
rate mortgage backed securities - those which have coupon reset
frequencies that are one year or less. These assets have increased in
yield as adjustable rate mortgage indexes have gone up following the
increases in short term rates orchestrated by the Federal Reserve. The
coupon increases on the adjustable rate portion of the Company's
portfolio were largely responsible for the stable quarter over quarter
estimated earnings the Company is experiencing in 2005. This in turn
enables Bimini to continue to pay a dividend for the third quarter of
2005 which represents an annualized rate of return of 12.4% as
measured against Bimini's closing stock price today of $12.26.
   "However, continued aggressive increases in the Federal Funds
Target Rate will inevitably put pressure on earnings to the extent
that our funding rates increase faster than the income on our
adjustable rate mortgage related assets. In particular, while yields
on our adjustable rate assets will ultimately move in response to
movements in short term rates, they will do so with a lag owing to
reset frequencies that are often greater than monthly and owing to
interim and lifetime securities maximum coupon reset rates that may
preclude a security from achieving its fully indexed rate."
   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.