Quarterly report [Sections 13 or 15(d)]

EXTERNAL INVESTMENT MANAGER (Tables)

v3.26.1
EXTERNAL INVESTMENT MANAGER (Tables)
 6 Months Ended
Jun. 30, 2026
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 June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and 2025 is as follows:
As of
June 30,
2026
As of
December 31, 2025
(in thousands)
Accounts receivable - advisory clients (1) $ 12,319  $ 11,415 
Intangible asset
 29,500  29,500 
Total assets $ 41,819  $ 40,915 
Accounts payable to MSCC and its subsidiaries $ 10,236  $ 8,734 
Dividend payable to MSCC and its subsidiaries 2,083  2,681 
Equity 29,500  29,500 
Total liabilities and equity $ 41,819  $ 40,915 
Three Months Ended
June 30,
Six Months Ended
June 30,
2026 2025 2026 2025
(in thousands)
Management fee income $ 6,212  $ 5,707  $ 12,283  $ 11,459 
Incentive fees (1) 3,231  3,721  7,234  6,411 
Administrative services fees 188  172  374  346 
Total revenues before waivers 9,631  9,600  19,891  18,216 
Waiver of incentive fees (258) —  (1,243) — 
Total revenues, net of incentive fee waivers 9,373  9,600  18,648  18,216 
Expenses allocated from MSCC or its subsidiaries:
Salaries, share-based compensation and other personnel costs (5,667) (4,921) (10,238) (9,472)
Other G&A expenses (959) (971) (1,854) (1,756)
Total allocated expenses (6,626) (5,892) (12,092) (11,228)
Other direct G&A expenses (11) (11) (21) (49)
Total expenses (6,637) (5,903) (12,113) (11,277)
Net income before taxes 2,736  3,697  6,535  6,939 
Tax expense (653) (848) (1,583) (1,596)
Net income $ 2,083  $ 2,849  $ 4,952  $ 5,343 
___________________________
(1)As of June 30, 2026 and December 31, 2025, MSC Income had an expense accrual of $5.1 million and $2.8 million, respectively, of incentive fees on capital gains to the External Investment Manager. During the three and six months ended June 30, 2026 and 2025, MSC Income accrued incentive fees on capital gains to the External Investment Manager as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
2026 2025 2026 2025
(in thousands)
Accrued incentive fees on capital gains $ 2,949  $ —  $ 2,311  $ — 
No capital gains incentive fees were contractually payable to the External Investment Manager as of June 30, 2026 and as a result no income accrual was recorded by the External Investment Manager during any period.
Schedule of Accrued Incentive Fees on Capital Gains During the three and six months ended June 30, 2026 and 2025, MSC Income accrued incentive fees on capital gains to the External Investment Manager as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
2026 2025 2026 2025
(in thousands)
Accrued incentive fees on capital gains $ 2,949  $ —  $ 2,311  $ —