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Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2018
Accounting Policies [Abstract]  
Revenue under contracts with clients
Revenue earned for the years ended December 31, 2018, 2017 and 2016 under contracts with clients include:
 
Year Ended December 31, 2018
 
Investment advisory
 
Mutual fund
administration, net
 
Total revenue
Proprietary funds
$
105,228,977

 
$
10,309,943

 
$
115,538,920

Sub-advised funds and institutional accounts
30,088,828

 
—

 
30,088,828

 
$
135,317,805

 
$
10,309,943

 
$
145,627,748

 
Year Ended December 31, 2017
 
Investment advisory
 
Mutual fund
administration, net
 
Total revenue
Proprietary funds
$
104,233,581

 
$
12,513,267

 
$
116,746,848

Sub-advised funds and institutional accounts
28,454,881

 
—

 
28,454,881

 
$
132,688,462

 
$
12,513,267

 
$
145,201,729

 
Year Ended December 31, 2016
 
Investment advisory
 
Mutual fund
administration, net
 
Total revenue
Proprietary funds
$
88,861,650

 
$
14,457,926

 
$
103,319,576

Sub-advised funds and institutional accounts
32,783,499

 
—

 
32,783,499

 
$
121,645,149

 
$
14,457,926

 
$
136,103,075
Assets under management (AUM) subject to variable rate fees and the variable rate fees
The table below shows AUM subject to variable rate fees and the amount of variable rate fees that would be recognized based upon investment results as of December 31, 2018:
 
As of December 31, 2018
 
AUM subject to variable rate fees
 
Unearned variable rate fees
Contractual Period Ending:
 
 
 
Quarter Ending September 30, 2019
$
31,391,099

 
$
563,958

Quarter Ending March 31, 2020
11,224,113

 
10,585

Quarter Ending September 30, 2021
247,707,871

 
4,062,773

Total
$
290,323,083

 
$
4,637,316
Mutual fund administration gross and net revenue
Mutual fund administration gross and net revenue are summarized below:
 
Year Ended December 31,
 
2018
 
2017
 
2016
Mutual fund administration:
 
 
 
 
 
Administration revenue, gross
$
24,463,538

 
$
26,219,881

 
$
26,664,635

12b-1/service fees and commission revenue received from fund clients
—

 
—

 
6,360,400

12b-1/service fees and commission expense payments to third parties
—

 
—

 
(5,660,430
)
Fund related expense
(14,183,370
)
 
(13,748,445
)
 
(12,937,067
)
Revenue, net of related expenses
10,280,168

 
12,471,436

 
14,427,538

DHCM C-Share financing:
 
 
 
 
 
Broker commission advance repayments
332,680

 
416,614

 
691,228

Broker commission amortization
(302,905
)
 
(374,783
)
 
(660,840
)
Financing activity, net
29,775

 
41,831

 
30,388

Mutual fund administration revenue, net
$
10,309,943

 
$
12,513,267

 
$
14,457,926