| Information about Company's Reportable Segments |
The table below presents information about the Company’s reportable segments as of and for the six months ended June 30, 2025, and 2026. The
accounting policies followed in the preparation of the reportable segments are the same as those followed in the preparation of the Company’s unaudited interim condensed consolidated financial statements.
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Six months ended June 30, 2025
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Six months ended June 30, 2026
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Dry bulk
segment
|
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|
Containership
segment
|
|
|
Asset management
segment
|
|
|
Total
|
|
|
Dry bulk
segment
|
|
|
Containership
segment
|
|
|
Asset management
segment
|
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|
Total
|
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|
- Vessel revenues
|
|
$
|
15,312,143
|
|
|
$
|
6,170,124
|
|
|
$ |
— |
|
|
$
|
21,482,267
|
|
|
$
|
21,580,347
|
|
|
$
|
5,263,204
|
|
|
$ |
— |
|
|
$
|
26,843,551
|
|
- Revenue from services
|
|
|
— |
|
|
|
— |
|
|
|
16,803,545 |
|
|
|
16,803,545 |
|
|
|
— |
|
|
|
— |
|
|
|
19,981,835 |
|
|
|
19,981,835 |
|
|
Total revenues
|
|
$
|
15,312,143
|
|
|
$
|
6,170,124
|
|
|
$ |
16,803,545 |
|
|
$
|
38,285,812
|
|
|
$
|
21,580,347
|
|
|
$
|
5,263,204
|
|
|
$ |
19,981,835 |
|
|
$
|
46,825,386
|
|
|
Voyage expenses (including charges from related party)
|
|
|
(1,341,234
|
)
|
|
|
(435,583
|
)
|
|
|
— |
|
|
|
(1,776,817
|
)
|
|
|
(1,295,820
|
)
|
|
|
(759,989
|
)
|
|
|
— |
|
|
|
(2,055,809
|
)
|
|
Vessel operating expenses
|
|
|
(8,387,369
|
)
|
|
|
(1,857,355
|
)
|
|
|
— |
|
|
|
(10,244,724
|
)
|
|
|
(7,818,489
|
)
|
|
|
(875,777
|
)
|
|
|
— |
|
|
|
(8,694,266
|
)
|
|
Cost of revenue from services (exclusive of depreciation and amortization shown separately below)
|
|
|
— |
|
|
|
— |
|
|
|
(10,504,581 |
) |
|
|
(10,504,581 |
) |
|
|
— |
|
|
|
— |
|
|
|
(14,009,651 |
) |
|
|
(14,009,651 |
) |
|
Management fees to related parties
|
|
|
(1,953,033
|
)
|
|
|
(335,610
|
)
|
|
|
— |
|
|
|
(2,288,643
|
)
|
|
|
(1,579,960
|
)
|
|
|
(205,964
|
)
|
|
|
— |
|
|
|
(1,785,924
|
)
|
|
Depreciation and amortization
|
|
|
(4,778,984
|
)
|
|
|
(724,256
|
)
|
|
|
(1,149,915 |
) |
|
|
(6,653,155
|
)
|
|
|
(5,008,668
|
)
|
|
|
(727,473
|
)
|
|
|
(1,865,608 |
) |
|
|
(7,601,749
|
)
|
|
(Provision)/ recovery of provision for doubtful accounts
|
|
|
— |
|
|
|
— |
|
|
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(15,459 |
) |
|
|
(15,459 |
) |
|
|
— |
|
|
|
— |
|
|
|
75,908 |
|
|
|
75,908 |
|
General and administrative expenses (1)
|
|
|
— |
|
|
|
— |
|
|
|
(5,305,768 |
) |
|
|
(5,305,768 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,102,531 |
) |
|
|
(5,102,531 |
) |
|
Net gain / (loss) on sale of vessels
|
|
|
(2,082,412
|
)
|
|
|
80,766
|
|
|
|
— |
|
|
|
(2,001,646
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
— |
|
|
|
—
|
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|
Loss on vessels held for sale
|
|
|
(5,554,777 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,554,777 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net gain on disposition of assets
|
|
|
— |
|
|
|
— |
|
|
|
410,099 |
|
|
|
410,099 |
|
|
|
— |
|
|
|
— |
|
|
|
346 |
|
|
|
346 |
|
|
Net gain / (loss) from equity method investments
|
|
|
— |
|
|
|
— |
|
|
|
441,493 |
|
|
|
441,493 |
|
|
|
— |
|
|
|
— |
|
|
|
(864,264 |
) |
|
|
(864,264 |
) |
|
Net (loss) / gain from equity method investments measured at fair value
|
|
|
— |
|
|
|
— |
|
|
|
(25,430,461 |
) |
|
|
(25,430,461 |
) |
|
|
— |
|
|
|
— |
|
|
|
57,601,559 |
|
|
|
57,601,559 |
|
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Segments operating income/(loss)
|
|
$
|
(8,785,666
|
)
|
|
$
|
2,898,086
|
|
|
$ |
(24,751,047 |
) |
|
$
|
(30,638,627
|
)
|
|
$
|
5,877,410
|
|
|
$
|
2,694,001
|
|
|
$ |
55,817,594 |
|
|
$
|
64,389,005
|
|
|
Interest and finance costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(431,125
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(2,040,601
|
)
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
587,209
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
907,815
|
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|
Foreign exchange (loss) / gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(1,301,795
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
7,163,330
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Unallocated net gain from equity method investments at fair value
|
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|
|
|
|
|
|
|
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615,812 |
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|
|
|
|
|
|
|
|
|
|
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|
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|
11,998,969 |
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Unallocated corporate general and administrative expenses (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(4,241,967
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(3,435,492
|
)
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Corporate Interest and finance costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(2,762,996
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(630,564
|
)
|
|
Corporate Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
422,238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
761,265
|
|
| Corporate exchange (losses)/ gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
162,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(65,039
|
)
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Dividend income on equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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2,196,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
960,568
|
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Dividend income from related party
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
703,889
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
700,000
|
|
|
Dividend income from equity method investments measured at fair value (related party) (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,610,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,837,525 |
|
|
Gains on equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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5,457,774
|
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|
|
|
|
|
|
|
|
|
|
|
|
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7,847,290
|
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Gains on debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
3,829 |
|
Other net
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
2,213,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,815,099 |
|
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Net income / (loss), before taxes
|
|
|
|
|
|
|
|
|
|
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|
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$
|
(16,406,454
|
)
|
|
|
|
|
|
|
|
|
|
|
|
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$
|
98,212,999
|
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(1)
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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 six months ended June 30, 2025 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.
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(2)
|
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 $9,956,652 for the six-months ended
June 30, 2025 and $6,463,656 for the six-months ended June 30, 2026. 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.
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