v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 1,299,402 $ 595,302
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 212,483 35,574
Deferred income tax provision 1,525,136 187,383
Unrealized losses (gains) on mortgage-backed securities and U.S. Treasury securities 261,976 (1,390,370)
Losses (gains) on TBA securities 54,984 0
Changes in operating assets and liabilities:    
Due from affiliates (138,280) (181,289)
Other assets 424,670 62,889
Other liabilities (1,349,214) (1,251,762)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 2,794,096 (1,325,949)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales of mortgage-backed securities 68,590,546 9,786,053
Principal repayments on mortgage-backed securities 3,716,572 6,150,718
Purchases of U.S. Treasury securities (992,845) 0
Net payments on derivative instruments (54,984) 0
Acquisition of Tom Johnson Investment Management, LLC (11,409,974) 0
NET CASH PROVIDED BY INVESTING ACTIVITIES 59,849,315 15,936,771
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from repurchase agreements 1,017,909,523 481,624,478
Principal repayments on repurchase agreements (1,088,202,523) (497,063,477)
Principal repayments on long-term debt (11,479) (10,663)
NET CASH USED IN FINANCING ACTIVITIES (70,344,661) (15,449,662)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (7,701,250) (838,840)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period 14,318,059 7,422,746
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period 6,616,809 6,583,906
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest expense 2,013,203 3,770,862
Tom Johnson Investment Management, LLC (TJIM) [Member]    
Noncash investing and financing activities:    
Deferred acquisition consideration incurred - TJIM acquisition 316,114 0
Common Class A [Member]    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Class A common shares repurchased and retired (40,182) 0
Orchid Island Capital [Member]    
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Unrealized losses (gains) on mortgage-backed securities and U.S. Treasury securities 130,886 438,184
Collateralized Mortgage-Backed Securities [Member]    
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Realized losses on mortgage-backed securities 372,053 178,140
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales of mortgage-backed securities $ 68,591,000 $ 9,786,000