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Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2020
Accounting Policies [Abstract] |
Disaggregation of Revenue | Revenue earned during the three months ended March 31, 2020 and 2019 under contracts with clients include:
| Three Months Ended March 31, 2020
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 23,454,563 |  |  | $ | 1,768,065 |  |  | $ | 25,222,628 |
Sub-advised funds and separately managed accounts | 6,703,117 |  |  | — |  |  | 6,703,117 |
| $ | 30,157,680 |  |  | $ | 1,768,065 |  |  | $ | 31,925,745 |
| 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 separately managed accounts | 6,932,841 |  |  | — |  |  | 6,932,841 |
| $ | 30,512,718 |  |  | $ | 2,066,655 |  |  | $ | 32,579,373 |
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, 2020:
| As of March 31, 2020
| AUM subject to variable rate fees |  | Unearned variable rate fees
Contractual Period Ending: |  |  |
Quarter Ending December 31, 2020 | $ | 48,120,435 |  |  | $ | 357,648 |
Quarter Ending September 30, 2021 | 227,221,875 |  |  | 7,465,020 |
Total | $ | 275,342,310 |  |  | $ | 7,822,668 |
Mutual Fund Administration Gross and Net Revenue | Mutual fund administration gross and net revenue are summarized below:
| Three Months Ended March 31,
| 2020 |  | 2019
Mutual fund administration: |  |  |
Administration revenue, gross | $ | 5,592,658 |  |  | $ | 5,402,728 |
Fund related expense | (3,827,249 | ) |  | (3,349,541 | )
Revenue, net of related expenses | 1,765,409 |  |  | 2,053,187 |
C-Share financing: |  |  |
Broker commission advance repayments | 63,542 |  |  | 65,212 |
Broker commission amortization | (60,886 | ) |  | (51,744 | )
Financing activity, net | 2,656 |  |  | 13,468 |
Mutual fund administration revenue, net | $ | 1,768,065 |  |  | $ | 2,066,655 |

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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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