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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
A reverse discounted cash flow is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $2.9M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 15%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-09
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 46% against ROIC 15% — 31% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 59.7% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 36.3 | 39.7 | 54.2 | 59.0 | 60.9 | 58.5 | 57.9 | 53.2 |
| Income Tax | 119.0 | -63.3 | -11.1 | -2.6 | 73.4 | 23.0 | 16.0 | -5.5 |
| Net Income | -150.8 | 81.9 | -44.6 | 2.0 | -122.7 | -22.2 | -6.7 | 24.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BMNM: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Leverage ratios is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $12.7M (at 2025-12-31) covers all $124K of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~24.9% on $27.3M of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-09
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.7M 100.0% | $19.4M 100.0% | $17.9M 100.0% | $16.2M 100.0% | $14.0M 100.0% | $12.3M 100.0% | $16.2M 100.0% | $17.8M 100.0% | $16.0M 100.0% | $12.1M 100.0% |
| Selling, General & Admin | $12.6M 53.2% | $11.3M 57.9% | $10.5M 58.5% | $9.8M 60.9% | $8.3M 59.0% | $6.7M 54.2% | $6.4M 39.7% | $6.4M 36.3% | $6.4M 40.0% | $5.7M 47.6% |
| Total Operating Expenses | $12.6M 53.2% | $11.3M 57.9% | $10.5M 58.5% | $9.8M 60.9% | $8.3M 59.0% | $6.7M 54.2% | $6.4M 39.7% | $6.4M 36.3% | $6.4M 40.0% | $5.7M 47.6% |
| Interest Expense | $6.8M 28.7% | $7.5M 38.8% | $5.4M 30.2% | $2.1M 13.2% | $1.1M 7.9% | $2.2M 18.1% | $6.2M 38.0% | $5.5M 31.1% | $3.0M 19.0% | $747K 6.2% |
| Interest & Investment Income | $6.3M 26.6% | $5.8M 30.0% | $3.3M 18.5% | $1.9M 11.5% | $2.2M 15.9% | $3.8M 30.6% | $7.9M 48.5% | $8.4M 47.1% | $6.1M 37.8% | $4.2M 35.1% |
| Other Income (Expense), net | $205K 0.9% | $1.2M 6.0% | -$1.9M -10.4% | -$12.1M -75.2% | -$4.7M -33.8% | -$10.3M -83.5% | -$603K -3.7% | -$11.4M -64.5% | -$3.7M -22.9% | $60K 0.5% |
| Pretax Income | $4.5M 19.0% | $1.8M 9.3% | $147K 0.8% | -$8.0M -49.3% | -$92K -0.7% | -$6.9M -55.7% | $3.0M 18.6% | -$5.7M -31.8% | $2.9M 18.1% | $4.5M 37.5% |
| Income Tax Expense | -$1.3M -5.5% | $3.1M 16.0% | $4.1M 23.0% | $11.9M 73.4% | -$368K -2.6% | -$1.4M -11.1% | -$10.3M -63.3% | $21.1M 119.0% | $19.4M 121.1% | $1.1M 9.5% |
| Net Income | $5.8M 24.5% | -$1.3M -6.7% | -$4.0M -22.2% | -$19.8M -122.7% | $275K 2.0% | -$5.5M -44.6% | $13.3M 81.9% | -$26.8M -150.8% | -$16.5M -103.0% | $3.4M 28.1% |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 21 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PSTL | $688M | 48.4× | 18.0× | 7.2× | 25.5% | — | 14.8% | 5.0% | 2.2% | 6.2× | 220 |
| JBGS | $640M | — | 3.0× | 1.3× | -8.9% | — | -27.9% | -12.0% | -12.0% | -0.4× | 200 |
| CLDT | $634M | 97.2× | 9.4× | 2.1× | -7.0% | — | 5.1% | 2.0% | 1.4% | 3.1× | 176 |
| UHT | $522M | 29.6× | 14.0× | 5.3× | 0.2% | — | 17.8% | 11.6% | 3.3% | 5.8× | 182 |
| FBRT | $514M | 9.7× | — | 1.9× | 20.9% | — | 30.5% | 5.7% | 5.7% | — | 240 |
| NXRT | $494M | — | 16.8× | 2.0× | -3.2% | — | -12.7% | -10.8% | -1.7% | 12.8× | 224 |
| BDN | $461M | — | — | 0.9× | -4.2% | 61.8% | -36.8% | -22.5% | -5.3% | — | 231 |
| FPI | $457M | 17.2× | 65.8× | 8.8× | -10.4% | — | 60.5% | 6.7% | 5.0% | 17.2× | 179 |
| TCI | $419M | 29.8× | 97.9× | 8.5× | 4.2% | — | 28.1% | 1.6% | 1.3% | — | 47 |
| LAND | $409M | — | — | 4.6× | 3.7% | 89.1% | 15.3% | 2.0% | 1.2% | — | 178 |
| FVR | $406M | — | 25.7× | 6.0× | 39.1% | — | -5.7% | -1.0% | -0.5% | 10.9× | 123 |
| CHCT | $390M | 170.1× | — | 3.2× | 4.7% | — | 4.2% | 1.2% | 0.5% | — | 169 |
| PINE | $321M | — | 19.6× | 5.3× | 15.9% | 86.0% | -4.4% | -0.9% | -0.4% | 11.7× | 144 |
| NLCP | $287M | 10.9× | 6.2× | 5.6× | 1.9% | — | 51.5% | 6.8% | 6.8% | -0.6× | 3 |
| NXDT | $273M | — | 16.2× | 3.2× | 3.3% | — | -151% | -18.6% | -18.6% | -0.5× | 124 |
| BRT | $252M | — | 16.3× | 2.6× | 1.5% | 99.8% | -12.3% | -6.7% | -6.7% | -1.8× | 112 |
| STRW | $183M | 21.6× | 7.9× | 1.2× | 32.4% | — | 4.9% | 62.6% | 0.9% | 6.3× | 77 |
| ACR | $164M | 348.3× | — | 2.0× | -4.2% | — | 35.0% | 6.6% | 1.4% | — | 67 |
| FREVS | $163M | 46.5× | 14.7× | 5.6× | 2.2% | — | 12.0% | 10.3% | 2.3% | 5.7× | — |
| ELME | $156M | — | 1.3× | 0.7× | 6.2% | 63.3% | -5.4% | -1.2% | -1.2% | -0.1× | 157 |
| SEVN | $156M | 6.9× | — | 5.3× | -16.7% | — | 52.5% | 4.7% | 4.7% | — | 93 |
| BMNM | $32M | — | — | 1.3× | 21.9% | — | 24.5% | 46.0% | 14.5% | — | — |
Peers = companies sharing BMNM's sector (Real Estate Investment Trusts) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | not reported | 28.1% |
| FY2017 | not reported | not reported | -103.0% |
| FY2018 | not reported | not reported | -150.8% |
| FY2019 | not reported | not reported | 81.9% |
| FY2020 | not reported | not reported | -44.6% |
| FY2021 | not reported | not reported | 2.0% |
| FY2022 | not reported | not reported | -122.7% |
| FY2023 | not reported | not reported | -22.2% |
| FY2024 | not reported | not reported | -6.7% |
| FY2025 | not reported | not reported | 24.5% |
Leverage and buybacks account for 31 points of the 46% return on equity in FY2025. The business earns 15% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Converts 6.86x of reported profit into cash — adequate, without much margin.
Only 3 profitable years available, so the average is shorter than the five the threshold assumes.
Missing from our data, so excluded from this answer: share_based_compensation.
Leverage is not measurable this way for a reit.
Ladder as of 2026-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $3.14, free cash flow must compound 6.16%/yr for 10 years. It has done 202.78%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 34613.7% | 6.2% |
| FY2021 | 326.0% | 6.2% |
| FY2022 | −1.9% | 6.2% |
| FY2023 | −68.7% | 6.2% |
| FY2024 | 87.9% | 6.2% |
| FY2025 | −9.7% | 6.2% |
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $6M | $6M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | −$3M | $3M |
| Operating cash flow | $3M | $3M |
| Capex | $0 | $3M |
| Free cash flow | $3M | $3M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -24.2% | not reported | not reported |
| FY2021 | 14.1% | not reported | not reported |
| FY2022 | 14.9% | not reported | not reported |
| FY2023 | 11.0% | not reported | not reported |
| FY2024 | 8.4% | not reported | not reported |
| FY2025 | 21.9% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 4.8 percent |
| FY2020 | -5.3 percent |
| FY2021 | -4.3 percent |
| FY2022 | -29.3 percent |
| FY2023 | -4.5 percent |
| FY2024 | -2.9 percent |
| FY2025 | 2.3 percent |