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Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2019
Accounting Policies [Abstract] |
Disaggregation of Revenue | Revenue earned during the three months ended March 31, 2019 and 2018 under contracts with clients include:
| Three Months Ended March 31, 2019
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 23,579,877 |  |  | $ | 2,066,655 |  |  | $ | 25,646,532 |
Sub-advised funds and institutional accounts | 6,932,841 |  |  | — |  |  | 6,932,841 |
| $ | 30,512,718 |  |  | $ | 2,066,655 |  |  | $ | 32,579,373 |
| Three Months Ended March 31, 2018
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 27,305,199 |  |  | $ | 3,150,712 |  |  | $ | 30,455,911 |
Sub-advised funds and institutional accounts | 7,326,091 |  |  | — |  |  | 7,326,091 |
| $ | 34,631,290 |  |  | $ | 3,150,712 |  |  | $ | 37,782,002 |
Assets under Management (AUM) Subject to Incentive Fees and Incentive 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 March 31, 2019:
| As of March 31, 2019
| AUM subject to variable rate fees |  | Unearned variable rate fees
Contractual Period Ending: |  |  |
Quarter Ending September 30, 2019 | $ | 36,224,545 |  |  | $ | 670,128 |
Quarter Ending December 31, 2019 | 59,818,522 |  |  | 394,812 |
Quarter Ending March 31, 2020 | 12,607,612 |  |  | — |
Quarter Ending September 30, 2021 | 268,417,205 |  |  | 4,911,623 |
Total | $ | 377,067,884 |  |  | $ | 5,976,563 |
Mutual Fund Administration Gross and Net Revenue | Mutual fund administration gross and net revenue are summarized below:
| Three Months Ended March 31,
| 2019 |  | 2018
Mutual fund administration: |  |  |
Administration revenue, gross | $ | 5,402,728 |  |  | $ | 6,607,337 |
Fund related expense | (3,349,541 | ) |  | (3,468,325 | )
Revenue, net of related expenses | 2,053,187 |  |  | 3,139,012 |
DHCM C-Share financing: |  |  |
Broker commission advance repayments | 65,212 |  |  | 96,478 |
Broker commission amortization | (51,744 | ) |  | (84,778 | )
Financing activity, net | 13,468 |  |  | 11,700 |
Mutual fund administration revenue, net | $ | 2,066,655 |  |  | $ | 3,150,712 |

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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109196051&loc=SL49130545-203045 + Details
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