Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2016

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