Annual report [Section 13 and 15(d), not S-K Item 405]

EXTERNAL INVESTMENT MANAGER (Tables)

v3.25.0.1
EXTERNAL INVESTMENT MANAGER (Tables)
 12 Months Ended
Dec. 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 December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022 is as follows:
As of
December 31, 2024
As of
December 31, 2023
(dollars in thousands)
Accounts receivable - advisory clients $ 10,183  $ 10,777 
Intangible Asset 29,500  29,500 
Total assets $ 39,683  $ 40,277 
Accounts payable to MSCC and its subsidiaries $ 7,785  $ 7,551 
Dividend payable to MSCC and its subsidiaries 2,398  3,226 
Equity 29,500  29,500 
Total liabilities and equity $ 39,683  $ 40,277 
Year Ended
December 31,
2024 2023 2022
(dollars in thousands)
Management fee income $ 23,877  $ 22,424  $ 21,776 
Incentive fees 13,732  13,442  2,516 
Administrative services fees 639  608  605 
Total revenues 38,248  36,474  24,897 
Expenses allocated from MSCC or its subsidiaries:
Salaries, share-based compensation and other personnel costs (19,843) (18,794) (10,129)
Other G&A expenses (3,245) (3,256) (2,835)
Total allocated expenses (23,088) (22,050) (12,964)
Other direct G&A expenses (229) (260) — 
Total expenses (23,317) (22,310) (12,964)
Pre-tax income 14,931  14,164  11,933 
Tax expense (3,671) (2,855) (2,636)
Net income $ 11,260  $ 11,309  $ 9,297