| Schedule of Information from External Investment Manager |
Summarized financial information from the separate financial statements of the External Investment Manager as of September 30, 2026 and December 31, 2025 and for the three and nine months ended September 30, 2026 and 2025 is as follows:
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As of
September 30,
2026
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As of
December 31, 2025
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(in thousands) |
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| Accounts receivable - advisory clients (1) |
$ |
11,504 |
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$ |
11,415 |
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Intangible asset |
29,500 |
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29,500 |
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| Total assets |
$ |
41,004 |
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$ |
40,915 |
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| Accounts payable to MSCC and its subsidiaries |
$ |
8,928 |
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$ |
8,734 |
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| Dividend payable to MSCC and its subsidiaries |
2,576 |
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|
2,681 |
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| Equity |
29,500 |
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29,500 |
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| Total liabilities and equity |
$ |
41,004 |
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$ |
40,915 |
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Three Months Ended
September 30,
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Nine Months Ended
September 30,
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2026 |
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2025 |
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2026 |
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2025 |
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(in thousands) |
| Management fee income |
$ |
6,181 |
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$ |
5,592 |
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$ |
18,464 |
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$ |
17,051 |
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| Incentive fees (1) |
3,534 |
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3,910 |
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10,768 |
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10,321 |
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| Administrative services fees |
187 |
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173 |
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561 |
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519 |
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| Total revenues before waivers |
9,902 |
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9,675 |
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29,793 |
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27,891 |
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| Waiver of incentive fees |
(610) |
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— |
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(1,853) |
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— |
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| Total revenues, net of incentive fee waivers |
9,292 |
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9,675 |
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27,940 |
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27,891 |
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| Expenses allocated from MSCC or its subsidiaries: |
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| Salaries, share-based compensation and other personnel costs |
(4,970) |
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(4,942) |
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(15,208) |
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(14,414) |
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| Other G&A expenses |
(856) |
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(792) |
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(2,710) |
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(2,548) |
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| Total allocated expenses |
(5,826) |
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(5,734) |
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(17,918) |
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(16,962) |
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| Other direct G&A expenses |
(107) |
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(9) |
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(128) |
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(58) |
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| Total expenses |
(5,933) |
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(5,743) |
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(18,046) |
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(17,020) |
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| Net income before taxes |
3,359 |
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3,932 |
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9,894 |
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10,871 |
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| Tax expense |
(783) |
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(883) |
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(2,366) |
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(2,479) |
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| Net income |
$ |
2,576 |
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$ |
3,049 |
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$ |
7,528 |
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$ |
8,392 |
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___________________________
(1)As of September 30, 2026 and December 31, 2025, MSC Income had an expense accrual of $6.0 million and $2.8 million, respectively, of incentive fees on capital gains to the External Investment Manager. During the three and nine months ended September 30, 2026 and 2025, MSC Income accrued incentive fees on capital gains to the External Investment Manager as follows:
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Three Months Ended
September 30,
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Nine Months Ended
September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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(in thousands) |
| Accrued incentive fees on capital gains |
$ |
883 |
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$ |
— |
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$ |
3,194 |
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$ |
— |
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