| Schedule of Information From External Investment Manager |
Summarized financial information from the separate financial statements of the External Investment Manager as of December 31, 2022 and 2021 and for the years ended December 31, 2022, 2021 and 2020 is as follows:
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As of
December 31, 2022
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As of
December 31, 2021
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(dollars in thousands) |
| Cash |
$ |
— |
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|
$ |
— |
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| Accounts receivable - advisory clients |
8,130 |
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|
5,595 |
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| Intangible Asset |
29,500 |
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|
29,500 |
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| Total assets |
$ |
37,630 |
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$ |
35,095 |
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| Accounts payable to MSCC and its subsidiaries |
$ |
4,455 |
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$ |
3,288 |
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| Dividend payable to MSCC and its subsidiaries |
3,675 |
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|
2,307 |
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| Equity |
29,500 |
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|
29,500 |
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| Total liabilities and equity |
$ |
37,630 |
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$ |
35,095 |
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Year Ended
December 31, |
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2022 |
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2021 |
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2020 |
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(dollars in thousands) |
| Management fee income |
$ |
21,776 |
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$ |
17,665 |
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$ |
10,665 |
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| Incentive fees |
2,516 |
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|
622 |
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— |
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| Administrative services fees |
605 |
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— |
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— |
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| Total revenues |
24,897 |
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|
18,287 |
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|
10,665 |
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| Expenses allocated from MSCC or its subsidiaries: |
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| Salaries, share-based compensation and other personnel costs |
(10,129) |
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|
(8,417) |
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(4,984) |
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| Other G&A expenses |
(2,835) |
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(1,860) |
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|
(2,445) |
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| Total allocated expenses |
(12,964) |
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|
(10,277) |
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|
(7,429) |
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| Pre-tax income |
11,933 |
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|
8,010 |
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|
3,236 |
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| Tax expense |
(2,636) |
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(1,795) |
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(745) |
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| Net income |
$ |
9,297 |
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$ |
6,215 |
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$ |
2,491 |
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