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Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2019
Accounting Policies [Abstract] |
Disaggregation of Revenue | Revenue earned during the three months ended June 30, 2019 and 2018 under contracts with clients include:
| Three Months Ended June 30, 2019
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 24,335,369 |  |  | $ | 2,034,344 |  |  | $ | 26,369,713 |
Sub-advised funds and institutional accounts | 7,175,303 |  |  | — |  |  | 7,175,303 |
| $ | 31,510,672 |  |  | $ | 2,034,344 |  |  | $ | 33,545,016 |
| Three Months Ended June 30, 2018
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 26,294,908 |  |  | $ | 2,401,442 |  |  | $ | 28,696,350 |
Sub-advised funds and institutional accounts | 7,231,365 |  |  |  |  | 7,231,365 |
| $ | 33,526,273 |  |  | $ | 2,401,442 |  |  | $ | 35,927,715 |
Revenue earned during the six months ended June 30, 2019 and 2018 under contracts with clients include:
| Six Months Ended June 30, 2019
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 47,915,246 |  |  | $ | 4,101,000 |  |  | $ | 52,016,246 |
Sub-advised funds and institutional accounts | 14,108,143 |  |  | — |  |  | 14,108,143 |
| $ | 62,023,389 |  |  | $ | 4,101,000 |  |  | $ | 66,124,389 |
| Six Months Ended June 30, 2018
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 53,600,106 |  |  | $ | 5,552,154 |  |  | $ | 59,152,260 |
Sub-advised funds and institutional accounts | 14,557,457 |  |  | — |  |  | 14,557,457 |
| $ | 68,157,563 |  |  | $ | 5,552,154 |  |  | $ | 73,709,717 |
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 June 30, 2019:
| As of June 30, 2019
| AUM subject to variable rate fees |  | Unearned variable rate fees
Contractual Period Ending: |  |  |
Quarter Ending September 30, 2019 | $ | 38,196,943 |  |  | $ | 869,315 |
Quarter Ending December 31, 2019 | 63,035,149 |  |  | 578,365 |
Quarter Ending March 31, 2020 | 13,196,879 |  |  | — |
Quarter Ending September 30, 2021 | 281,012,898 |  |  | 5,759,671 |
Total | $ | 395,441,869 |  |  | $ | 7,207,351 |
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,
| 2019 |  | 2018 |  | 2019 |  | 2018
Mutual fund administration: |  |  |  |  |  |  |
Administration revenue, gross | $ | 5,519,437 |  |  | $ | 5,993,719 |  |  | $ | 10,922,165 |  |  | $ | 12,601,056 |
Fund related expense | (3,491,604 | ) |  | (3,595,555 | ) |  | (6,841,145 | ) |  | (7,063,880 | )
Revenue, net of related expenses | 2,027,833 |  |  | 2,398,164 |  |  | 4,081,020 |  |  | 5,537,176 |
DHCM C-Share financing: |  |  |  |  |  |  |
Broker commission advance repayments | 53,782 |  |  | 83,380 |  |  | 118,994 |  |  | 179,858 |
Broker commission amortization | (47,271 | ) |  | (80,102 | ) |  | (99,014 | ) |  | (164,880 | )
Financing activity, net | 6,511 |  |  | 3,278 |  |  | 19,980 |  |  | 14,978 |
Mutual fund administration revenue, net | $ | 2,034,344 |  |  | $ | 2,401,442 |  |  | $ | 4,101,000 |  |  | $ | 5,552,154 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=118956577&loc=SL49130545-203045 + Details
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