Annual report pursuant to Section 13 and 15(d)

EXTERNAL INVESTMENT MANAGER (Tables)

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EXTERNAL INVESTMENT MANAGER (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, All Other Investments [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, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021 is as follows:
As of
December 31, 2023
As of
December 31, 2022
(dollars in thousands)
Accounts receivable - advisory clients $ 10,777  $ 8,130 
Intangible Asset 29,500  29,500 
Total assets $ 40,277  $ 37,630 
Accounts payable to MSCC and its subsidiaries $ 7,551  $ 4,455 
Dividend payable to MSCC and its subsidiaries 3,226  3,675 
Equity 29,500  29,500 
Total liabilities and equity $ 40,277  $ 37,630 
Year Ended
December 31,
2023 2022 2021
(dollars in thousands)
Management fee income $ 22,424  $ 21,776  $ 17,665 
Incentive fees 13,442  2,516  622 
Administrative services fees 608  605  — 
Total revenues 36,474  24,897  18,287 
Expenses allocated from MSCC or its subsidiaries:
Salaries, share-based compensation and other personnel costs (18,794) (10,129) (8,417)
Other G&A expenses (3,256) (2,835) (1,860)
Total allocated expenses (22,050) (12,964) (10,277)
Other direct G&A expenses (260) —  — 
Total expenses (22,310) (12,964) (10,277)
Pre-tax income 14,164  11,933  8,010 
Tax expense (2,855) (2,636) (1,795)
Net income $ 11,309  $ 9,297  $ 6,215