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Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Revenue under contracts with clients
Revenue earned for the years ended December 31, 2020, 2019 and 2018 under contracts with clients include:
Year Ended December 31, 2020
Investment advisoryMutual fund
administration, net		Total revenue
Proprietary funds$88,103,499 $7,262,488 $95,365,987 
Sub-advised funds and separately managed accounts31,021,731 — 31,021,731 
$119,125,230 $7,262,488 $126,387,718 

Year Ended December 31, 2019
Investment advisoryMutual fund
administration, net		Total revenue
Proprietary funds$97,327,310 $8,614,971 $105,942,281 
Sub-advised funds and separately managed accounts30,682,099 — 30,682,099 
$128,009,409 $8,614,971 $136,624,380 

Year Ended December 31, 2018
Investment advisoryMutual fund
administration, net		Total revenue
Proprietary funds$105,228,977 $10,309,943 $115,538,920 
Sub-advised funds and separately managed accounts30,088,828 — 30,088,828 
$135,317,805 $10,309,943 $145,627,748 
Assets under management (AUM) subject to variable rate fees and the variable rate fees The table below shows AUM subject to performance-based fees and the amount of performance-based fees that would be recognized based upon investment results as of December 31, 2020:
As of December 31, 2020
AUM subject to performance-based feesUnearned performance-based fees
Contractual Period Ending:
Quarter Ending September 30, 2021$339,721,553 $9,228,080 
Quarter Ending December 31, 202160,887,198 — 
Total $400,608,751 $9,228,080 
Mutual fund administration gross and net revenue
Mutual fund administration gross and net revenue are summarized below:
 Year Ended December 31,
 202020192018
Mutual fund administration:
Administration revenue, gross$22,296,535 $22,569,946 $24,463,538 
Fund related expense(15,048,850)(13,989,139)(14,183,370)
Revenue, net of related expenses7,247,685 8,580,807 10,280,168 
DHCM C-Share financing:
Broker commission advance repayments245,594 240,459 332,680 
Broker commission amortization(230,791)(206,295)(302,905)
Financing activity, net14,803 34,164 29,775 
Mutual fund administration revenue, net$7,262,488 $8,614,971 $10,309,943