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Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2015
Accounting Policies [Abstract]  
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 June 30, 2015 and December 31, 2014:
 
 
June 30, 2015
 
December 31, 2014
Level 1 Inputs
$
80,175,798

 
$
62,595,546

Level 2 Inputs
11,820,752

 
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 June 30, 2015 and 2014:
 
As of June 30,
 
2015
 
2014
AUM subject to variable incentive fees
$
576,430,237

 
$
498,891,932


 
As of June 30,
 
2015
 
2014
Contractual Period Ends:
 
 
 
Quarter Ended June 30, 2017
$
3,655,964

 
$
3,614,204

Quarter Ended December 31, 2018
265,040

 
—

Quarter Ended September 30, 2019
278,658

 
—

Quarter Ended March 31, 2020
8,518

 
—

Total variable incentive fees that would be recognized if contract terminated
$
4,208,180

 
$
3,614,204
Mutual Fund Administration Gross and Net Revenue
Mutual fund administration gross and net revenue are summarized below:
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2015
 
2014
 
2015
 
2014
Mutual fund administration:
 
 
 
 
 
 
 
Administration revenue, gross
$
6,883,451

 
$
5,565,081

 
$
13,263,411

 
$
10,608,498

12b-1/service fees and commission revenue received from fund clients
2,799,190

 
2,689,494

 
5,543,341

 
5,171,264

12b-1/service fees and commission expense payments to third parties
(2,418,508
)
 
(2,342,897
)
 
(4,792,371
)
 
(4,499,409
)
Fund related expense
(2,908,128
)
 
(2,419,569
)
 
(5,746,922
)
 
(4,508,744
)
Revenue, net of related expenses
4,356,005

 
3,492,109

 
8,267,459

 
6,771,609

DHCM C-Share financing:
 
 
 
 
 
 
 
Broker commission advance repayments
247,922

 
218,108

 
499,281

 
391,999

Broker commission amortization
(240,616
)
 
(210,100
)
 
(485,558
)
 
(385,202
)
Financing activity, net
7,306

 
8,008

 
13,723

 
6,797

Mutual fund administration revenue, net
$
4,363,311

 
$
3,500,117

 
$
8,281,182

 
$
6,778,406