Quarterly report [Sections 13 or 15(d)]

EXTERNAL INVESTMENT MANAGER (Tables)

v3.25.1
EXTERNAL INVESTMENT MANAGER (Tables)
 3 Months Ended
Mar. 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 March 31, 2025 and December 31, 2024 and for the three months ended March 31, 2025 and 2024 is as follows:
As of
March 31,
2025
As of
December 31, 2024
(in thousands)
Accounts receivable - advisory clients $ 9,174  $ 10,183 
Intangible Asset 29,500  29,500 
Total assets $ 38,674  $ 39,683 
Accounts payable to MSCC and its subsidiaries $ 6,681  $ 7,785 
Dividend payable to MSCC and its subsidiaries 2,493  2,398 
Equity 29,500  29,500 
Total liabilities and equity $ 38,674  $ 39,683 
Three Months Ended
March 31,
2025 2024
(in thousands)
Management fee income $ 5,752  $ 5,717 
Incentive fees 2,690  3,867 
Administrative services fees 174  154 
Total revenues 8,616  9,738 
Expenses allocated from MSCC or its subsidiaries:
Salaries, share-based compensation and other personnel costs (4,551) (4,834)
Other G&A expenses (785) (725)
Total allocated expenses (5,336) (5,559)
Other direct G&A expenses (38) (9)
Total expenses (5,374) (5,568)
Pre-tax income 3,242  4,170 
Tax expense (748) (1,170)
Net income $ 2,494  $ 3,000