Bimini Mortgage Management, Inc. Declares $0.40 Second 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 $0.40 per
share on the Company's Class A and Class B Common Stock for the
quarter ending June 30, 2005. The dividend is payable July 8, 2005, to
stockholders of record on June 23, 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 second quarter of 2005 is
expected to be about $0.02 per share more than income as computed in
accordance with generally accepted accounting principles. As of May
31, 2005, no capital gains or losses have been recorded for the
quarter.
   Chief Executive Officer, Jeffrey J. Zimmer, said in a statement
that "the Board is pleased to be able to continue paying out dividends
at these current attractive levels.
   "The Company completed investing the proceeds of our Bimini
Capital Trust I offering, and total assets as of May 31, 2005, are
approximately $4 billion. We have positioned the portfolio to protect
book value in a rising rate environment while still achieving good
rates of return for our shareholders. Balancing these two objectives
continues to be our primary goal. Yet, continued increases in the
Federal Funds rate will inevitably put pressure on earnings to the
extent that our funding rates increase faster than the income on our
adjustable rate mortgage assets."
   Bimini Mortgage Management, Inc. 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 statements on Form S-11 and quarterly reports on Form
10-Q. The Company assumes no obligation to update forward-looking
information to reflect actual results, changes in assumptions or
changes in other factors affecting forward-looking information.