v3.26.3
EXTERNAL INVESTMENT MANAGER (Tables)
 9 Months Ended
Sep. 30, 2026
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 September 30, 2026 and December 31, 2025 and for the three and nine months ended September 30, 2026 and 2025 is as follows:
As of
September 30,
2026
As of
December 31, 2025
(in thousands)
Accounts receivable - advisory clients (1)$11,504 $11,415 
Intangible asset
29,500 29,500 
Total assets$41,004 $40,915 
Accounts payable to MSCC and its subsidiaries$8,928 $8,734 
Dividend payable to MSCC and its subsidiaries2,576 2,681 
Equity29,500 29,500 
Total liabilities and equity$41,004 $40,915 
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026202520262025
(in thousands)
Management fee income$6,181 $5,592 $18,464 $17,051 
Incentive fees (1)3,534 3,910 10,768 10,321 
Administrative services fees187 173 561 519 
Total revenues before waivers9,902 9,675 29,793 27,891 
Waiver of incentive fees(610)— (1,853)— 
Total revenues, net of incentive fee waivers9,292 9,675 27,940 27,891 
Expenses allocated from MSCC or its subsidiaries:
Salaries, share-based compensation and other personnel costs(4,970)(4,942)(15,208)(14,414)
Other G&A expenses(856)(792)(2,710)(2,548)
Total allocated expenses(5,826)(5,734)(17,918)(16,962)
Other direct G&A expenses(107)(9)(128)(58)
Total expenses(5,933)(5,743)(18,046)(17,020)
Net income before taxes3,359 3,932 9,894 10,871 
Tax expense(783)(883)(2,366)(2,479)
Net income$2,576 $3,049 $7,528 $8,392 
___________________________
(1)As of September 30, 2026 and December 31, 2025, MSC Income had an expense accrual of $6.0 million and $2.8 million, respectively, of incentive fees on capital gains to the External Investment Manager. During the three and nine months ended September 30, 2026 and 2025, MSC Income accrued incentive fees on capital gains to the External Investment Manager as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026202520262025
(in thousands)
Accrued incentive fees on capital gains$883 $— $3,194 $— 
Schedule of Accrued Incentive Fees on Capital Gains During the three and nine months ended September 30, 2026 and 2025, MSC Income accrued incentive fees on capital gains to the External Investment Manager as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026202520262025
(in thousands)
Accrued incentive fees on capital gains$883 $— $3,194 $—