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Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2019
Accounting Policies [Abstract] |
Disaggregation of Revenue | Revenue earned during the three months ended September 30, 2019 and 2018 under contracts with clients include:
| Three Months Ended September 30, 2019
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 24,178,440 |  |  | $ | 2,094,271 |  |  | $ | 26,272,711 |
Sub-advised funds and separately managed accounts | 8,319,661 |  |  | — |  |  | 8,319,661 |
| $ | 32,498,101 |  |  | $ | 2,094,271 |  |  | $ | 34,592,372 |
| Three Months Ended September 30, 2018
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 26,864,835 |  |  | $ | 2,543,442 |  |  | $ | 29,408,277 |
Sub-advised funds and separately managed accounts | 8,063,370 |  |  | — |  |  | 8,063,370 |
| $ | 34,928,205 |  |  | $ | 2,543,442 |  |  | $ | 37,471,647 |
Revenue earned during the nine months ended September 30, 2019 and 2018 under contracts with clients include:
| Nine Months Ended September 30, 2019
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 72,093,686 |  |  | $ | 6,195,272 |  |  | $ | 78,288,958 |
Sub-advised funds and separately managed accounts | 22,427,805 |  |  | — |  |  | 22,427,805 |
| $ | 94,521,491 |  |  | $ | 6,195,272 |  |  | $ | 100,716,763 |
| Nine Months Ended September 30, 2018
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 80,464,941 |  |  | $ | 8,095,596 |  |  | $ | 88,560,537 |
Sub-advised funds and separately managed accounts | 22,620,826 |  |  | — |  |  | 22,620,826 |
| $ | 103,085,767 |  |  | $ | 8,095,596 |  |  | $ | 111,181,363 |
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 September 30, 2019:
| As of September 30, 2019
| AUM subject to variable rate fees |  | Unearned variable rate fees
Contractual Period Ending: |  |  |
Quarter Ending December 31, 2019 | $ | 62,831,955 |  |  | $ | 612,273 |
Quarter Ending March 31, 2020 | 13,476,137 |  |  | — |
Quarter Ending September 30, 2020 | 37,469,889 |  |  | 179,474 |
Quarter Ending September 30, 2021 | 284,414,344 |  |  | 6,328,189 |
Total | $ | 398,192,325 |  |  | $ | 7,119,936 |
Mutual Fund Administration Gross and Net Revenue | Mutual fund administration gross and net revenue are summarized below:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Mutual fund administration: |  |  |  |  |  |  |
Administration revenue, gross | $ | 5,677,414 |  |  | $ | 6,169,984 |  |  | $ | 16,599,581 |  |  | $ | 18,771,040 |
Fund related expense | (3,589,273 | ) |  | (3,638,618 | ) |  | (10,430,419 | ) |  | (10,702,498 | )
Revenue, net of related expenses | 2,088,141 |  |  | 2,531,366 |  |  | 6,169,162 |  |  | 8,068,542 |
DHCM C-Share financing: |  |  |  |  |  |  |
Broker commission advance repayments | 57,908 |  |  | 84,248 |  |  | 176,901 |  |  | 264,107 |
Broker commission amortization | (51,778 | ) |  | (72,172 | ) |  | (150,791 | ) |  | (237,053 | )
Financing activity, net | 6,130 |  |  | 12,076 |  |  | 26,110 |  |  | 27,054 |
Mutual fund administration revenue, net | $ | 2,094,271 |  |  | $ | 2,543,442 |  |  | $ | 6,195,272 |  |  | $ | 8,095,596 |

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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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