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Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2020
Accounting Policies [Abstract] |
Disaggregation of Revenue | Revenue earned during the three months ended September 30, 2020, and 2019, under contracts with clients include:
| Three Months Ended September 30, 2020 |  |  |  |
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 21,435,758 |  |  | $ | 1,813,103 |  |  | $ | 23,248,861 |
Sub-advised funds and separately managed accounts | 7,926,894 |  |  | — |  |  | 7,926,894 |
| $ | 29,362,652 |  |  | $ | 1,813,103 |  |  | $ | 31,175,755 |
| 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 |
Revenue earned during the nine months ended September 30, 2020, and 2019, under contracts with clients include:
| Nine Months Ended September 30, 2020 |  |  |  |
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 64,613,063 |  |  | $ | 5,131,104 |  |  | $ | 69,744,167 |
Sub-advised funds and separately managed accounts | 21,606,262 |  |  | — |  |  | 21,606,262 |
| $ | 86,219,325 |  |  | $ | 5,131,104 |  |  | $ | 91,350,429 |
| 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 |
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, 2020:
| As of September 30, 2020 |  |
| AUM subject to variable rate fees |  | Unearned variable rate fees
Contractual Period Ending: |  |  |
Quarter Ending December 31, 2020 | $ | 61,439,470 |  |  | $ | 470,319 |
Quarter Ending September 30, 2021 | 294,745,586 |  |  | 8,583,508 |
Total | $ | 356,185,056 |  |  | $ | 9,053,827 |
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, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Mutual fund administration: |  |  |  |  |  |  |
Administration revenue, gross | $ | 5,571,022 |  |  | $ | 5,677,414 |  |  | $ | 16,144,295 |  |  | $ | 16,599,581 |
Fund related expense | (3,766,667) |  |  | (3,589,273) |  |  | (11,028,882) |  |  | (10,430,419) |
Revenue, net of related expenses | 1,804,355 |  |  | 2,088,141 |  |  | 5,115,413 |  |  | 6,169,162 |
C-Share financing: |  |  |  |  |  |  |
Broker commission advance repayments | 60,634 |  |  | 57,908 |  |  | 190,993 |  |  | 176,901 |
Broker commission amortization | (51,886) |  |  | (51,778) |  |  | (175,302) |  |  | (150,791) |
Financing activity, net | 8,748 |  |  | 6,130 |  |  | 15,691 |  |  | 26,110 |
Mutual fund administration revenue, net | $ | 1,813,103 |  |  | $ | 2,094,271 |  |  | $ | 5,131,104 |  |  | $ | 6,195,272 |

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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=121604090&loc=SL49130545-203045 + Details
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