Segment Information

12 Months Ended

Dec. 31, 2025

Segment Information [Abstract]

Segment Information

27. Segment Information:

Following the acquisition of the MPC Capital on December 16, 2024, the Company determined that it operated in three reportable segments, from two segments that operated as of December 31, 2023: (i) the dry bulk segment (ii) the containership segment and (iii) the asset management segment. These reportable segments reflect the Company’s internal organization and the way its chief operating decision maker (“CODM”), who is the Chief Executive Officer of the Company, reviews and analyzes the operating results and allocates capital within the Company. The CODM assesses segment performance using key financial measures, including revenues, operating expenses, segment operating income and net income. These metrics help the CODM assess segment profitability, optimize fleet deployment, control costs and determine capital allocation. Based on these segment performance trends, the CODM makes resource allocation decisions such as adjusting asset acquisition strategies, adjusting chartering strategies, prioritizing fleet expansion or disposals, and optimizing cost efficiencies to enhance profitability and overall segment performance. Further, the transport of dry bulk cargoes and containerized cargoes has different characteristics and the nature of trade, trading routes, charterers and cargo handling differ in important respects. MPC Capital provides asset management services and it does not have similar economic characteristics to the other two segments. We do not disclose geographic information relating to our dry bulk and container ship segments because when we charter a vessel to a charterer, the charterer is free, subject to certain exemptions, to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. For the asset management disclosure of geographic information refer to Note 20.

The table below presents information about the Company’s reportable segments as of and for the years ended December 31, 2023, 2024 and 2025. The accounting policies followed in the preparation of the reportable segments are the same as those followed in the preparation of the Company’s consolidated financial statements. Segment results are evaluated based on income from operations.

	Year ended December 31, 2023									Year ended December 31, 2024												Year ended December 31, 2025
	Dry bulk segment			Container ship segment			Total			Dry bulk segment			Container ship segment			Asset management segment (1)			Total			Dry bulk segment			Container ship segment			Asset management segment			Total
- Time charter revenues	$	82,996,018		$	14,519,493		$	97,515,511		$	49,704,809			15,364,194		$	—		$	65,069,003		$	32,098,726		$	10,081,400		$	—		$	42,180,126
- Pool revenues		—			—			—			—			—			—			—			4,060,766			—			—			4,060,766
- Revenue from services		—			—			—			—			—			1,174,376			1,174,376			—			—			35,573,513			35,573,513
Total revenues	$	82,996,018		$	14,519,493		$	97,515,511		$	49,704,809		$	15,364,194		$	1,174,376		$	66,243,379		$	36,159,492		$	10,081,400		$	35,573,513		$	81,814,405
Voyage expenses (including charges from related party)		(4,425,879	)		(626,349	)		(5,052,228	)		(3,142,501	)		(1,106,355	)		—			(4,248,856	)		(3,292,629	)		(786,038	)		—			(4,078,667	)
Vessel operating expenses		(36,876,772	)		(5,036,856	)		(41,913,628	)		(21,531,189	)		(4,657,584	)		—			(26,188,773	)		(16,305,854	)		(2,835,062	)		—			(19,140,916	)
Cost of revenue from services (exclusive of depreciation and amortization shown separately below)		—			—			—			—			—			(1,117,476	)		(1,117,476	)		—			—			(22,116,441	)		(22,116,441	)
Management fees to related parties		(6,469,699	)		(697,698	)		(7,167,397	)		(3,956,453	)		(852,149	)		—			(4,808,602	)		(3,493,801	)		(528,206	)		—			(4,022,007	)
Depreciation and amortization		(16,689,989	)		(5,386,842	)		(22,076,831	)		(9,593,639	)		(5,330,681	)		(112,686	)		(15,037,006	)		(9,586,004	)		(1,460,696	)		(3,713,387	)		(14,760,087	)
(Provision)/ recovery of provision for doubtful accounts		—			—			—			(4,823	)		—			—			(4,823	)		—			—			1,640,626			1,640,626
General and administrative expenses (2)		—			—			—			—			—			(345,466	)		(345,466	)		—			—			(10,846,239	)		(10,846,239	)
Net gain / (loss) on sale of vessels		6,383,858			—			6,383,858			19,298,394			—			—			19,298,394			(2,086,086	)		80,766			—			(2,005,320	)
Loss on vessels held for sale		—			—			—			—			(3,629,521	)		—			(3,629,521	)		(5,554,777	)		—			—			(5,554,777	)
Gain from a claim		—			—			—			1,418,096			—			—			1,418,096			—			—			—			—
Net gain on disposition of assets		—			—			—			—			—			158,440			158,440			—			—			309,680			309,680
Net loss from equity method investments		—			—			—			—			—			—			—			—			—			(326,123	)		(326,123	)
Net gain / (loss) from equity method investments at fair value		—			—			—			—			—			2,687,236			2,687,236			—			—			(13,972,725	)		(13,972,725	)
Segments operating income/(loss)	$	24,917,537		$	2,771,748		$	27,689,285		$	32,192,694		$	(212,096	)	$	2,444,424		$	34,425,022		$	(4,159,659	)	$	4,552,164		$	(13,451,096	)	$	(13,058,591	)
Interest and finance costs								(10,883,521	)											(4,636,880	)											(1,629,128	)
Interest income								2,631,798												4,098,120												957,420
Foreign exchange (losses)/gains								(84,127	)											9,131												(591,347	)
Unallocated net gain from equity method investments at fair value								—												—												3,217,390
Less: Unallocated corporate general and administrative expenses								(5,681,371	)											(12,998,412	)											(8,583,557	)
Less: Corporate Interest and finance costs								(376,122	)											(1,449,475	)											(3,342,600	)
Less: Corporate Interest income								578,088												2,784,599												955,110
Less: Corporate exchange (losses)/ gains								(8,618	)											(170,273	)											170,977
Dividend income on equity securities								1,312,222												6,692,418												3,415,291
Dividend income from related party								1,166,667												1,423,332												1,361,112
Gain on debt securities								—												—												4,069
Gains / (losses) on equity securities								5,136,649												(14,738,660	)											16,871,867
Dividend income from equity method investments, measured at fair value (3)								—												—												17,967,315
Other,  net								—												—												4,692,704
Net income from continuing operations, before taxes							$	21,480,950												15,438,922												22,408,032
Net income from discontinued operations, before taxes								17,513,269												—												—
Net income, before taxes							$	38,994,219											$	15,438,922											$	22,408,032

⁽¹⁾ Results for the year ended December 31, 2024 for the asset management segment reflect data for the period from the acquisition of MPC Capital on December 16, 2024, through December 31, 2024.

⁽²⁾ In accordance with ASC 280 Segment Reporting, the Company has included general and administrative expenses as a separately disclosed expense line item within the asset management segment. General and administrative expenses of MPC Capital are directly attributable to, and incurred solely in connection with, the operations of the asset management segment and do not include any allocated or shared corporate expenses. These expenses represent a significant component of the asset management segment’s operating results and are regularly provided to and reviewed by the CODM in assessing segment performance and making resource allocation decisions. General and administrative expenses of the asset management segment were not separately disclosed in prior periods as the amounts were not considered significant. As they have become significant to the asset management segment in the year ended December 31, 2025, the Company has elected to present this expense category separately. In accordance with ASC 280-10-50-29, comparative segment information for the year ended December 31, 2024 has been recast to conform to the current year presentation. The recast of the comparative period did not result in any change to previously reported assets, or consolidated results.

⁽³⁾ The CODM evaluates the performance of each operating segment using segment operating income as the primary measure of profitability. In addition to the metrics that comprise segment operating income, the CODM also currently reviews dividend income from equity method investments measured at fair value in connection with the assessment of the asset management segment's performance, which amounted to $15,796,255 for the year ended December 31, 2025. Such dividend income is not included in the measure of segment operating income but is considered by the CODM as supplemental information when allocating resources and evaluating the results of the asset management segment.

A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets of December 31, 2024 and 2025, is as follows:

	As of December 31, 2024		As of December 31, 2025
Dry bulk segment	$	194,561,173	$	164,200,986
Containership segment		54,030,862		16,926,037
Asset management segment (1)		308,393,047		331,442,985
Cash and cash equivalents (2)		53,677,612		110,624,550
Prepaid expenses and other assets (2)		186,714,227		174,163,883
Total consolidated assets	$	797,376,921	$	797,358,441

⁽¹⁾ The asset management segment contains the amounts of $50,503,722 and $50,045,840 in equity method investments for the years ended December 31, 2024 and 2025, respectively, and the amount of $115,455,048 and $112,923,194 in equity method investments measured at fair value for the years ended December 31, 2024 and 2025, respectively,

⁽²⁾ Refers to assets of other, non-vessel owning, entities included in the consolidated financial statements.