Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2014

Summary of Investments Values Based upon Level 1 and Level 2

The following table summarizes the values of the Company’s investments based upon Level 1 and Level 2 inputs as of September 30, 2014 and December 31, 2013:



	September 30, 2014		December 31, 2013
Level 1 Inputs	$	69,091,752	$	32,528,367
Level 2 Inputs	4,711,277		3,001,461

Assets under Management (AUM) Subject to Incentive Fees and Incentive Fees

The table below shows AUM subject to variable incentive fees and the amount of variable incentive fees that would be recognized if the contracts were terminated as of the three and nine months ended September 30, 2014 and 2013:



	As Of September 30,
	2014		2013
AUM subject to variable incentive fees	$	535,817,741	$	351,396,699



	For the Three Months Ended				For the Nine Months Ended
	Ended September 30,				Ended September 30,
	2014		2013		2014		2013
Contractual Period Ends:
Quarter Ended June 30, 2017	$	2,571,390	$	3,155,630	$	2,571,390	$	3,155,630
Quarter Ended December 31, 2018	—		—		—		—
Quarter Ended September 30, 2019	3,334		—		3,334		—
Total variable incentive fees that would be recognized if contract terminated	$	2,574,724	$	3,155,630	$	2,574,724	$	3,155,630

Mutual Fund Administration Gross and Net Revenue

Mutual fund administration gross and net revenue are summarized below:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Mutual fund administration:
Administration revenue, gross	$	6,074,294		$	4,320,959		$	16,682,792		$	11,951,844
12b-1/service fees and commission revenue received from fund clients	2,691,398			2,277,421			7,862,662			6,074,489
12b-1/service fees and commission expense payments to third parties	(2,315,084		)	(1,992,664		)	(6,814,493		)	(5,319,674		)
Fund related expense	(2,545,768		)	(1,632,500		)	(7,054,512		)	(4,392,723		)
Revenue, net of fund related expenses	3,904,840			2,973,216			10,676,449			8,313,936
DHCM C-Share financing:
Broker commission advance repayments	235,054			100,003			627,052			221,335
Broker commission amortization	(222,430		)	(96,998		)	(607,631		)	(213,888		)
Financing activity, net	12,624			3,005			19,421			7,447
Mutual fund administration revenue, net	$	3,917,464		$	2,976,221		$	10,695,870		$	8,321,383