Merger of Bimini Mortgage Management and Opteum Financial Services Completed

Bimini Mortgage Management, Inc. (the "Company")
(NYSE:BMM), a real estate investment trust that invests primarily in
residential mortgage-related securities, today announced that it has
completed its previously announced merger with Opteum Financial
Services, LLC, a privately held home mortgage lender. Opteum will
continue to operate from its headquarters in Paramus, New Jersey, as a
taxable REIT subsidiary of Bimini, which will retain corporate
headquarters in Vero Beach, Florida.
   Commenting on the closing of the transaction, Jeffrey J. Zimmer,
chairman, co-founder, president and chief executive officer of the
Company, said, "We are very pleased to have completed this transaction
in a timely manner. This merger benefits both companies. It allows
Bimini to diversify its revenue stream while remaining in the
Company's area of expertise. For Opteum, the merger provides increased
access to capital to fund expanded growth opportunities. Ultimately,
we believe this merger will add long-term value for all of our
shareholders."
   Under terms of the agreement, Bimini has issued approximately 3.7
million shares of Class A Common Stock and 1.8 million Convertible
Preferred Shares in the merger to the stockholders of Opteum. The new
class of preferred shares would be convertible into Class A Common
Stock of Bimini if Bimini's shareholders approve the conversion at a
future shareholder meeting. In addition, Bimini has lent to Opteum
approximately $65 million to repay existing debt and Bimini may pay to
Opteum stockholders a contingent earn-out of up to $17.5 million,
payable partially in cash and partially in Convertible Preferred
Shares, over the next five years, based on achievement by Opteum of
certain specific financial objectives.
   Deutsche Bank Securities acted as financial advisor to Bimini
Mortgage Management, Inc. with respect to this transaction and Opteum
Financial Services, LLC was advised by Classic Strategies Group.

   Bimini Mortgage Management, Inc.

   Bimini Mortgage Management, Inc., a real estate investment trust
which originates and invests in residential mortgages. Bimini 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). Bimini earns returns on the spread
between the yield on its assets and its costs, including the interest
expense on the funds it borrows. Its Opteum Financial Services
subsidiary is a national mortgage lender offering a wide array of home
mortgage products.
   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. 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.