Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2019

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