Becoming Bimini: Opteum to Change Name

Likely seeking to distance itself from recent turmoil surrounding its recently-sold mortgage banking business, Optuem Financial said today that it will change its name to Bimini Capital Management, Inc. — effective this Friday. The company’s stock will trade on the NYSE under the symbol BMN, rather than the former OPX symbol. In April, the REIT said it would exit both conduit and wholesale lending, while in May, Opteum struck a deal to sell its retail origination platform; the servicing portfolio was sold to an unknown buyer at the end of July. After divesting its mortgage operations, the company has become a pure-play REIT that invests primarily in residential mortgage-related securities issued Fannie Mae, Freddic Mac, and Ginnie Mae. Given that the company is located in Vero Beach, Florida, I can only assume that Bikini Capital was already taken before the company’s execs settled for Bimini (sorry, couldn’t resist!).

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