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Significant Accounting Policies (Tables)
 6 Months Ended
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