This paper presents experimental results and model predictions on power harvesting/sensing capabilities of magnetic shape memory alloys (MSMAs). The theoretical predictions are made using a refined thermodynamic based constitutive model, developed initially by Kiefer and Lagoudas. In an attempt to better predict the observed experimental response of the material at high frequencies, dynamic effects are included in the simulation. Furthermore, internal magnetic and external Lorentz forces are also included in the analysis and their effect on the material's overall response is discussed. The experimental program is carried out at frequencies of up to 40Hertz in two control modes, i.e. load and displacement control. A comparison between the simulated and experimental material response and measured voltage outputs, over a range of frequencies, is presented and discussed.