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Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2016
Accounting Policies [Abstract] |
Summary of Investments Values Based upon Level 1 | The following table summarizes the values of the Company’s investments based upon Level 1 inputs as of June 30, 2016:
| June 30, 2016
Level 1 Inputs | $ | 102,624,785 |
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, 2016:
| As of June 30,
| 2016
AUM subject to variable incentive fees | $ | 548,212,294 |
| As of June 30,
| 2016
Contractual Period Ends: |
Quarter Ended June 30, 2017 | $ | — |
Quarter Ended December 31, 2018 | — |
Quarter Ended September 30, 2019 | 180,471 |
Quarter Ended March 31, 2020 | — |
Total variable incentive fees that would be recognized if contract terminated | $ | 180,471 |
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,
| 2016 |  | 2015 |  | 2016 |  | 2015
Mutual fund administration: |  |  |  |  |  |  |
Administration revenue, gross | $ | 7,350,583 |  |  | $ | 6,883,451 |  |  | $ | 14,111,452 |  |  | $ | 13,263,411 |
12b-1/service fees and commission revenue received from fund clients | 2,801,257 |  |  | 2,799,190 |  |  | 5,426,648 |  |  | 5,543,341 |
12b-1/service fees and commission expense payments to third parties | (2,500,742 | ) |  | (2,418,508 | ) |  | (4,829,232 | ) |  | (4,792,371 | )
Fund related expense | (3,553,932 | ) |  | (2,908,128 | ) |  | (6,821,995 | ) |  | (5,746,922 | )
Revenue, net of related expenses | 4,097,166 |  |  | 4,356,005 |  |  | 7,886,873 |  |  | 8,267,459 |
DHCM C-Share financing: |  |  |  |  |  |  |
Broker commission advance repayments | 207,599 |  |  | 247,922 |  |  | 400,909 |  |  | 499,281 |
Broker commission amortization | (188,412 | ) |  | (240,616 | ) |  | (400,725 | ) |  | (485,558 | )
Financing activity, net | 19,187 |  |  | 7,306 |  |  | 184 |  |  | 13,723 |
Mutual fund administration revenue, net | $ | 4,116,353 |  |  | $ | 4,363,311 |  |  | $ | 7,887,057 |  |  | $ | 8,281,182 |

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