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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 YgFgNC09inSnc+/WDiRT7w==

<SEC-DOCUMENT>0001179110-06-015863.txt : 20060731
<SEC-HEADER>0001179110-06-015863.hdr.sgml : 20060731
<ACCEPTANCE-DATETIME>20060731180054
ACCESSION NUMBER:		0001179110-06-015863
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060727
FILED AS OF DATE:		20060731
DATE AS OF CHANGE:		20060731

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Opteum 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
		CITY:			VERO BEACH
		STATE:			FL
		ZIP:			32963
		BUSINESS PHONE:		772 231 1400

	MAIL ADDRESS:	
		STREET 1:		3305 FLAMINGO DRIVE
		CITY:			VERO BEACH
		STATE:			FL
		ZIP:			32963

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BIMINI MORTGAGE MANAGEMENT INC
		DATE OF NAME CHANGE:	20040106

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Ortale Burford H
		CENTRAL INDEX KEY:			0001303118

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32171
		FILM NUMBER:		06992214

	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>2006-07-27</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001275477</issuerCik>
        <issuerName>Opteum Inc.</issuerName>
        <issuerTradingSymbol>OPX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001303118</rptOwnerCik>
            <rptOwnerName>Ortale Burford H</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O OPTEUM INC.</rptOwnerStreet1>
            <rptOwnerStreet2>3305 FLAMINGO DR</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>2006-07-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3032</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>8.66</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>141124</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Excludes 10,000 shares of Class A Common Stock held indirectly by Ortale Family Foundation.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Jeffrey J. Zimmer</signatureName>
        <signatureDate>2006-07-31</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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