Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2014 and 2013:



	As of December 31,
	2014		2013
Level 1 Inputs	$	62,595,546	$	32,528,367
Level 2 Inputs	$	14,652,589	3,001,461

Assets under management (AUM) subject to incentive fees and the 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 twelve months ended December 31, 2014 and 2013:



	As Of December 31,
	2014		2013
AUM subject to variable incentive fees	$	562,613,027	$	470,726,000



	For the Year Ended
	2014		2013
Contractual Period Ends:
Quarter Ended June 30, 2017	$	2,427,031	$	3,900,649
Quarter Ended December 31, 2018	—		—
Quarter Ended September 30, 2019	31,049		—
Total variable incentive fees that would be recognized if contract terminated	$	2,458,080	$	3,900,649

Mutual fund administration gross and net revenue

Mutual fund administration gross and net revenue are summarized below:



	Year Ended December 31,
	2014			2013			2012
Mutual fund administration:
Administration revenue, gross	$	22,968,369		$	16,692,093		$	13,074,707
12b-1/service fees and commission revenue received from fund clients	10,514,242			8,481,442			6,868,974
12b-1/service fees and commission expense payments to third parties	(9,102,565		)	(7,404,361		)	(5,597,757		)
Fund related expense	(9,753,359		)	(6,321,374		)	(5,469,023		)
Revenue, net of related expenses	14,626,687			11,447,800			8,876,901
DHCM C-Share financing:
Broker commission advance repayments	878,105			365,380			217,227
Broker commission amortization	(846,861		)	(347,853		)	(219,951		)
Financing activity, net	31,244			17,527			(2,724		)
Mutual fund administration revenue, net	$	14,657,931		$	11,465,327		$	8,874,177