Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and December 31, 2014:



	March 31, 2015		December 31, 2014
Level 1 Inputs	$	61,162,721	$	62,595,546
Level 2 Inputs	15,121,155		14,652,589

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 months ended March 31, 2015 and 2014:



	As of March 31,
	2015		2014
AUM subject to variable incentive fees	$	553,269,970	$	482,095,096



	For the Three Months Ended
	March 31,
	2015		2014
Contractual Period Ends:
Quarter Ended June 30, 2017	$	910,470	$	4,647,204
Quarter Ended December 31, 2018	—		—
Quarter Ended September 30, 2019	133,160		—
Total variable incentive fees that would be recognized if contract terminated	$	1,043,630	$	4,647,204

Mutual Fund Administration Gross and Net Revenue

Mutual fund administration gross and net revenue are summarized below:



	Three Months Ended March 31,
	2015			2014
Mutual fund administration:
Administration revenue, gross	$	6,379,960		$	5,043,417
12b-1/service fees and commission revenue received from fund clients	2,744,151			2,481,771
12b-1/service fees and commission expense payments to third parties	(2,373,863		)	(2,156,513		)
Fund related expense	(2,838,794		)	(2,089,175		)
Revenue, net of related expenses	3,911,454			3,279,500
DHCM C-Share financing:
Broker commission advance repayments	251,360			173,890
Broker commission amortization	(244,943		)	(175,100		)
Financing activity, net	6,417			(1,210		)
Mutual fund administration revenue, net	$	3,917,871		$	3,278,290