| Schedule of Information from External Investment Manager |
Summarized financial information from the separate financial statements of the External Investment Manager as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
September 30,
2024
|
|
As of
December 31, 2023
|
|
(dollars in thousands) |
|
|
|
|
| Accounts receivable - advisory clients |
$ |
8,910 |
|
|
$ |
10,777 |
|
| Intangible Asset |
29,500 |
|
|
29,500 |
|
| Total assets |
$ |
38,410 |
|
|
$ |
40,277 |
|
|
|
|
|
| Accounts payable to MSCC and its subsidiaries |
$ |
6,360 |
|
|
$ |
7,551 |
|
| Dividend payable to MSCC and its subsidiaries |
2,550 |
|
|
3,226 |
|
| Equity |
29,500 |
|
|
29,500 |
|
| Total liabilities and equity |
$ |
38,410 |
|
|
$ |
40,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
(dollars in thousands) |
| Management fee income |
$ |
6,115 |
|
|
$ |
5,653 |
|
|
$ |
17,718 |
|
|
$ |
16,667 |
|
| Incentive fees |
2,393 |
|
|
2,627 |
|
|
10,376 |
|
|
9,594 |
|
| Administrative services fees |
162 |
|
|
154 |
|
|
476 |
|
|
456 |
|
| Total revenues |
8,670 |
|
|
8,434 |
|
|
28,570 |
|
|
26,717 |
|
| Expenses allocated from MSCC or its subsidiaries: |
|
|
|
|
|
|
|
| Salaries, share-based compensation and other personnel costs |
(4,534) |
|
|
(4,620) |
|
|
(14,388) |
|
|
(13,785) |
|
| Other G&A expenses |
(788) |
|
|
(784) |
|
|
(2,379) |
|
|
(2,304) |
|
| Total allocated expenses |
(5,322) |
|
|
(5,404) |
|
|
(16,767) |
|
|
(16,089) |
|
| Other direct G&A expenses |
(63) |
|
|
(229) |
|
|
(87) |
|
|
(229) |
|
| Total expenses |
(5,385) |
|
|
(5,633) |
|
|
(16,854) |
|
|
(16,318) |
|
| Pre-tax income |
3,285 |
|
|
2,801 |
|
|
11,716 |
|
|
10,399 |
|
| Tax expense |
(735) |
|
|
(633) |
|
|
(2,853) |
|
|
(2,316) |
|
| Net income |
$ |
2,550 |
|
|
$ |
2,168 |
|
|
$ |
8,863 |
|
|
$ |
8,083 |
|
|