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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 U77RAjXa1GN7Vx1JuZatcXGOcYms7s5JkZhy8QB+LO3QO17GyrbzmjvwdbuaiS33
 maszrlzW49EPs+zkCASDlw==

<SEC-DOCUMENT>0001179110-05-020173.txt : 20051028
<SEC-HEADER>0001179110-05-020173.hdr.sgml : 20051028
<ACCEPTANCE-DATETIME>20051028150231
ACCESSION NUMBER:		0001179110-05-020173
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20051027
FILED AS OF DATE:		20051028
DATE AS OF CHANGE:		20051028

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BIMINI MORTGAGE MANAGEMENT INC
		CENTRAL INDEX KEY:			0001275477
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				721571637
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	BUSINESS ADDRESS:	
		STREET 1:		3305 FLAMINGO DRIVE
		STREET 2:		SUITE 100
		CITY:			VERO BEACH
		STATE:			FL
		ZIP:			32963
		BUSINESS PHONE:		7722311400

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Bespolka Kevin L
		CENTRAL INDEX KEY:			0001303085

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32171
		FILM NUMBER:		051162955

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		(772) 231-1400

	MAIL ADDRESS:	
		STREET 1:		C/O BIMINI MORTGAGE MANAGEMENT, INC.
		STREET 2:		3305 FLAMINGO DRIVE, SUITE 100
		CITY:			VERO BEACH
		STATE:			FL
		ZIP:			32963
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-10-27</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001275477</issuerCik>
        <issuerName>BIMINI MORTGAGE MANAGEMENT INC</issuerName>
        <issuerTradingSymbol>BMM</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001303085</rptOwnerCik>
            <rptOwnerName>Bespolka Kevin L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O BIMINI MORTGAGE MANAGEMENT, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>3305 FLAMINGO DRIVE</rptOwnerStreet2>
            <rptOwnerCity>VERO BEACH</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>32963</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-10-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>9.19</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>51124</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6667</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By immediate family</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>8000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By individual retirement account</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes></footnotes>

    <ownerSignature>
        <signatureName>/s/ Jeffrey J. Zimmer</signatureName>
        <signatureDate>2005-10-28</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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