UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  April 11, 2005

Bimini Mortgage Management, Inc.

(Exact Name of Registrant as Specified in Charter)

3305 Flamingo Drive, Suite 100, Vero Beach, Florida 32963

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code  (772) 231-1400

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 7.01.  REGULATION FD DISCLOSURE

On April 12, 2005, Bimini Mortgage Management, Inc. (the “Company”) will be giving a presentation containing certain Company information, including portfolio information as of March 31, 2005, in connection with the NYSSA REIT Industry Conference.  A copy of this presentation is attached hereto as Exhibit 99.1.

The Company believes that certain statements in the information attached may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made.  Actual results may differ materially from those expressed or implied. Information concerning factors that could cause actual results to differ materially from those in forward-looking statements is contained from time to time in the Company’s filings with the U.S. Securities and Exchange Commission.

This information furnished under this “Item 7.01 Regulation FD Disclosure,” including the exhibit related hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any disclosure document of the Company, except as shall be expressly set forth by specific reference in such document.

ITEM 9.01.          FINANCIAL STATEMENTS AND EXHIBITS

(c)           Exhibits

The following exhibit is filed pursuant to Item 601 of Regulation S-K:

99.1  -  Presentation of Bimini Mortgage Management, Inc. in connection with the NYSSA REIT Industry Conference on April 12, 2005.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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EXHIBIT INDEX

Exhibit No.

99.1  -  Presentation of Bimini Mortgage Management, Inc. in connection with the NYSSA REIT Industry Conference on April 12, 2005.

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Exhibit 99.1

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NYSSA REIT Industry Conference
April 12, 2005

Safe Harbor Statement

These materials contain 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 Form 10-K 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.

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Dividend Yield, Return on Equity, & Annualized Total Rate
of Return History of the RMBS REIT Business Model

•                  The Residential Mortgage Backed Security REIT Business Model has a History Dating back to 1993 with the First IPO in 1994

•                  IPOs

•                  1994: Thornburg

•                  1995: Redwood

•                  1997: Annaly, FBR Asset, Laser and Apex

•                  1998: MFA and Anworth

•                  2003: Luminent

•                  2004: Bimini

•                  Some of these Firms Strategies have Changed Over Time

•                  Equity Analysts now Generally Consider Annaly, Anworth, MFA and Luminent to be Bimini’s New York Stock Exchange Traded Peer Group

•                  These Five Companies have a Combined Equity Market Cap Today of Approximately $4.05 Billion and Total Assets of Approximately $40 Billion

•                  Despite Concerns of Higher Federal Funds Rates – Which can Result in a Tightening of Income to Interest Expense Spreads - the History of Dividends, Dividend Yields, ROE and Total Return for the Sector has been Relatively Stable over a Full Range of Interest Rate Environments

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Dividend Yields Based on Average Stock Price

Comparison of the Quarterly Dividend Yield based on
the Average Stock Price during the Applicable Quarter

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Data Provided by Bloomberg Financial Services

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Dividend Yields Based on Average Book Value

Comparison of the Quarterly Return on Equity Based on the Average
Quarterly Book Value (ie: Beginning & End of the Quarter)

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Data Provided by Bloomberg Financial Services & Flagstone Securities

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Quarterly Book Values

Comparison of Quarterly Book Values (at end of each Quarter)
Through December 31st 2004

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Data Provided by Flagstone Securities, Inc.

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Annualized Total Return for the RMBS Peer Group

Calculated from the Last Day of the IPO Month through 12/31/2004

Data provided by Bloomberg Financial Services

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Studying the Business Model

•                  “Best Practices” - Two Years Researching the Sector

•                  Identify “Best Practices”

•                  Clarify “Not-So Best Practices”

•                  Strength and Weakness in the Business Model

•                  Biggest Strength

•                  Permanent Equity to Invest in Fixed Income Instruments

•                                     Stock price can go down but that does not force the investment manager to sell assets

•                                     Hedge fund investors often times withdraw their funds at precisely the moment when they should be buying, forcing the hedge fund manager to sell at the wrong time

•                  Biggest Weakness

•                  Event Risk

•                                     Margin Call

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How does Bimini Effectively Address Weaknesses in the
Business Model & Make the Business Model Better?

•                  Clearly Defined Investment Objectives

•                  Book Value Preservation

•                  Grow Book Value

•                  Stable Returns Over Time

•                  Avoid Event Risk

•                  Event Risk Scenarios Manifest Themselves through Margin Calls

•                  Major Price Movements

•                  Very High Prepayments

•                  Spread Widening

•                  Reduction in the Availability of Credit

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•                  Book Value Preservation

Bimini Outperforms Peer Group During a Very Challenging Period

The Merrill Lynch Master Treasury Index had the Worst Return in 20 Years during Q2 2004

(1)        All Book Values are presented post-dividend

(2)        Annaly and MFA Book Values exclude Intangible Assets

Data provided by Flagstone Securities

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•                  Making The Business Model Better

1.              Cash Management and Committed Funding Agreements

2.              True Quantitative Risk Management

3.              Diversification: Portfolio is Diversified across Five Classes of Short-Duration Low Price Volatility Agency Mortgage Related Assets

4.              Loan Level Detail Analysis

5.              Full Transparency

6.              Repo and Settlement Outsourcing

7.              Low General & Administrative Expense Ratio

8.              Application of Best Practices

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•                  Cash Management and Committed Funding Agreements

•                  40% (or more) of Book Equity Cash on Hand

•                  Current Portfolio Generates Approximately $75 to $90 Million a Month in Cash Flow

•                  Substantial Borrowing Lines (Approximately $13 billion)

•                  Committed Borrowing Lines

•                  $1.6 Billion Committed Repo Lines

•                  364 Day Commitments with Three banks

•                  Principal Prepayment Margin Call Waiver

•                  $100 Million Allocation of a $1 Billion facility

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•                  True Quantitative Risk Management

•                  Risk Based Capital Allocation Model

•                  Patterned after Risk-Based Capital Guidelines Established by Basel Accords

•                  Risk Profile of the Portfolio Drives Leverage Ratio

•                  Asset Allocation Model used to Construct Target Portfolio

•                  Target Portfolio Allocations is Fine Tuned by Management

•                  All of these Tools are Used on an Ongoing Basis to Monitor the Risk Profile, Guide the Leverage Ratio and Determine Asset Allocations

•                  Diversification

•                  Portfolio is Diversified across Five Main Classes of Short-Duration, Low Price Volatility Agency Mortgage Related Assets (see 8K Appendix)

•                  Agency Assets offer Greatest Liquidity

•                  Maintain Low Duration

•                  Diversification Limits Income Volatility & Book Value Event Risk

•                  Prepayments, Spread/Price Changes & Retrospective Method of Accounting

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•                  Loan Level Detail Analysis

•                  CPR & CDR Technologies

•                  Providers of ongoing loan level detail

•                  Inelastic Borrowers

•                  Prepay within a tighter range of expectations

•                  Pay higher rates (higher coupon income for Bimini)

•                  Top of the “Pear Tree” – pick the borrower who is least likely to refinance

•                  Weakness in the Performance of Hybrid Mortgages

•                  It is the Investment of Choice for Much of the Sector

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•                  Full Transparency

•                  BMM Releases its Portfolio and Liabilities at Least Every Six Weeks

•                  8K (See Appendix)

•                  Credit officers always know what Bimini owns

•                  Lenders take great comfort in knowing Bimini’s financial condition

•                  Investors take comfort in knowing Bimini is willing to show all that they own and what they have borrowed

•                  Top of the “Pear Tree” – be the firm the creditors are least likely to worry about in a financial crisis situation

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•                  Repo and Settlement Outsourcing

•                  AVM, LP and III Associates

•                  In house (Bimini) Liability Management with Outsourcing Execution

•                  Improves Repo Pricing

•                  Maximizes Settlement Efficiency and Reliability

•                  Low Fail Rates

•                  All Counter-Party Relationships in Bimini’s name

•                  Efficient use of Reverse Margin Calls enables Bimini to Maintain Accurate Leverage Levels

•                  AVM can Regularly Deliver a Cost Advantage over Prime Brokerage in Repo Transactions

•                  No Custodian Set up Fee and Small Ongoing Fees

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•     Diversified Repurchase Counter Parties

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•                  Low General and Administrative Expense Ratio

•                  Low cost producers in most industries have the best chance of longevity

•                  18 bp’s of Assets up to $500 Million (Equity)

•                  15 bp’s of Assets over $1 Billion (Equity)

•                  Application of Best Practices

•                  Dividend Payments

•                  10K Released 1/31/2005 (early Q releases)

•                  FASB 123

•                  Board of Directors – Independent & Experienced

•                  Compensation Consultants

•                  Legal Representation and Compliance Issues

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Application of Best Practices:
When do you get your Dividend?

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Portfolio Highlights

•                  Bimini owns Agency Mortgage Related Securities – Little Credit Risk

•                  Diversification Across Five Short-Duration Asset Classes

•                  Short-Duration Assets have Historically Exhibited Low Price Volatility

•                  Diversification Limits Potential Volatility from Overexposure to any One Asset Class

1.              Adjustable Rate Securities (those that reset within 12 months)

2.              CMO Monthly Resetting Floaters

3.              Hybrid ARMS and Balloons

4.              Fixed Rate Assets (specified pools, sequential CMO’s, agency debt - with low durations)

5.              Cash (Bimini typically has 40% to 60% of its equity in cash)

•                  Leverage, Defined as Debt to Equity, Ranging from 8x to 12x

•                  Portfolio Constructed with the Aim of Performing Well in Both Rising and Falling Interest Rate Environments

•                  Inelastic Borrowers and Adjustable Rate Assets

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The Value of ARMs In A Diversified Portfolio

UNAUDITED DATA

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Value of Fixed-Rate MBS in A Diversified Portfolio

•                  Bimini’s Fixed Rate Assets are Generally Niche “Specified” Assets

•                  Low Loan Balances

•                  Expanded Approval – Level 3

•                  ALT-A

•                  Investor Properties

•                  Geographic Preferences

•                  Seasoning Preferences

•                  Usually High Coupons are Preferable

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High Coupon, Specialty Fixed Rate Assets can
Outperform in Both Rising and Falling Rate Environments

•                  High / Rising Rate Environment

•                  Yields Rise as Prepayments Slow for Premium Priced Assets

•                  Premium Fixed Rate Mortgages still Generate Significant Cash Flow to reinvest at higher yields

•                  Premium Mortgage Assets have Lower Duration than Par-Priced Mortgages

•                  Lower Price Volatility

•                  The Mortgage Prepayment “S” Curve

•                  Low / Falling Rate Environment

•                  Prepay at Significantly Lower Rates than Similar Coupon Generic Pools

•                  Prepay Rates Accelerate less Quickly than Generic Pools

•                  Slower Prepays Limit Reinvestment Risk at Lower Yields

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www.biminireit.com

Visit our website at www.biminireit.com where
you will find more information about
Bimini Mortgage Management, Inc.

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Appendix

Appendix

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Valuation

(1) Adjustable Rate MBS are those that reset coupons within one year’s time.

(2) There are no Forward Settling Purchases included in Total Mortgage Assets

(3) As of 3/31/2005 cash on margin was $29,090,000 and the value of securities held in the box was $11.5 million.

Prepayment Speeds

On March 7, 2005 Prepayment Speeds were released for paydowns occurring in February 2005. The numbers above reflect that data.

Characteristics

(4) 47.7% ($798.4 million) of The Adjustable Rate Mortgage Portfolio Have No Periodic Caps.  These assets are excluded from the weighted average periodic cap per year calculation

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Unaudited Funding Information as of 3/31/2005

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Bimini Mortgage Management, Inc.

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