| Schedule of Information From External Investment Manager |
Summarized financial information from the separate financial statements of the External Investment Manager as of March 31, 2023 and December 31, 2022 and for the three months ended March 31, 2023 and 2022 is as follows:
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As of |
|
As of |
|
March 31,
2023 |
|
December 31, 2022 |
|
(dollars in thousands) |
|
|
|
|
| Accounts receivable - advisory clients |
$ |
9,405 |
|
|
$ |
8,130 |
|
| Intangible Asset |
29,500 |
|
|
29,500 |
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| Total assets |
$ |
38,905 |
|
|
$ |
37,630 |
|
|
|
|
|
| Accounts payable to MSCC and its subsidiaries |
$ |
6,349 |
|
|
$ |
4,455 |
|
| Dividend payable to MSCC and its subsidiaries |
3,056 |
|
|
3,675 |
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| Equity |
29,500 |
|
|
29,500 |
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| Total liabilities and equity |
$ |
38,905 |
|
|
$ |
37,630 |
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Three Months Ended
March 31,
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2023 |
|
2022 |
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|
(dollars in thousands) |
| Management fee income |
$ |
5,470 |
|
|
$ |
5,444 |
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|
|
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| Incentive fees |
3,304 |
|
|
137 |
|
|
|
|
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| Administrative services fees |
151 |
|
|
151 |
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|
|
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| Total revenues |
8,925 |
|
|
5,732 |
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|
|
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| Expenses allocated from MSCC or its subsidiaries: |
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|
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| Salaries, share-based compensation and other personnel costs |
(4,268) |
|
|
(2,260) |
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|
|
|
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| Other G&A expenses |
(730) |
|
|
(557) |
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|
|
|
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| Total allocated expenses |
(4,998) |
|
|
(2,817) |
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|
|
|
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| Pre-tax income |
3,927 |
|
|
2,915 |
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|
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| Tax expense |
(871) |
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|
(642) |
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| Net income |
$ |
3,056 |
|
|
$ |
2,273 |
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