Annual report [Section 13 and 15(d), not S-K Item 405]

EXTERNAL INVESTMENT MANAGER (Tables)

v3.25.4
EXTERNAL INVESTMENT MANAGER (Tables)
 12 Months Ended
Dec. 31, 2025
Investment Company [Abstract]  
Schedule of Information from External Investment Manager
Summarized financial information from the separate financial statements of the External Investment Manager as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 is as follows:
December 31, 2025
December 31, 2024
(in thousands)
Accounts receivable - advisory clients $ 11,415  $ 10,183 
Intangible asset 29,500  29,500 
Total assets $ 40,915  $ 39,683 
Accounts payable to MSCC and its subsidiaries $ 8,734  $ 7,785 
Dividend payable to MSCC and its subsidiaries 2,681  2,398 
Equity 29,500  29,500 
Total liabilities and equity $ 40,915  $ 39,683 
Year Ended December 31,
2025 2024 2023
(in thousands)
Management fee income $ 22,870  $ 23,877  $ 22,424 
Incentive fees 14,537  13,732  13,442 
Administrative services fees 701  639  608 
Total revenues 38,108  38,248  36,474 
Expenses allocated from MSCC or its subsidiaries:
Salaries, share-based compensation and other personnel costs (19,935) (19,843) (18,794)
Other G&A expenses (3,598) (3,245) (3,256)
Total allocated expenses (23,533) (23,088) (22,050)
Other direct G&A expenses (68) (229) (260)
Total expenses (23,601) (23,317) (22,310)
Net income before taxes 14,507  14,931  14,164 
Tax expense (3,434) (3,671) (2,855)
Net income $ 11,073  $ 11,260  $ 11,309