Quarterly report pursuant to Section 13 or 15(d)

EXTERNAL INVESTMENT MANAGER (Tables)

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EXTERNAL INVESTMENT MANAGER (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024 and December 31, 2023 and for the three months ended March 31, 2024 and 2023 is as follows:
As of
March 31,
2024
As of
December 31, 2023
(dollars in thousands)
Accounts receivable - advisory clients $ 10,201  $ 10,777 
Intangible Asset 29,500  29,500 
Total assets $ 39,701  $ 40,277 
Accounts payable to MSCC and its subsidiaries $ 7,201  $ 7,551 
Dividend payable to MSCC and its subsidiaries 3,000  3,226 
Equity 29,500  29,500 
Total liabilities and equity $ 39,701  $ 40,277 
Three Months Ended
March 31,
2024 2023
(dollars in thousands)
Management fee income $ 5,717  $ 5,470 
Incentive fees 3,867  3,304 
Administrative services fees 154  151 
Total revenues 9,738  8,925 
Expenses allocated from MSCC or its subsidiaries:
Salaries, share-based compensation and other personnel costs (4,834) (4,268)
Other G&A expenses (725) (730)
Total allocated expenses (5,559) (4,998)
Other direct G&A expenses (9) — 
Total expenses (5,568) (4,998)
Pre-tax income 4,170  3,927 
Tax expense (1,170) (871)
Net income $ 3,000  $ 3,056