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Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2021
Accounting Policies [Abstract] |
Disaggregation of Revenue | Revenue earned during the three months ended March 31, 2021 and 2020 under contracts with clients include:
| Three Months Ended March 31, 2021
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 26,510,701 |  |  | $ | 2,445,330 |  |  | $ | 28,956,031 |
Sub-advised funds and separately managed accounts | 10,058,402 |  |  | — |  |  | 10,058,402 |
| $ | 36,569,103 |  |  | $ | 2,445,330 |  |  | $ | 39,014,433 |
| 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 |
Assets under Management (AUM) Subject to Incentive Fees and Incentive 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 March 31, 2021:
| As of March 31, 2021
| AUM subject to performance-based fees |  | Unearned performance-based fees
Contractual Period Ending: |  |  |
Quarter Ended September 30, 2021 | $ | 375,886,495 |  |  | $ | 9,928,373 |
Quarter Ended December 31, 2021 | 67,514,790 |  |  | 125,672 |
Total | $ | 443,401,285 |  |  | $ | 10,054,045 |
Mutual Fund Administration Gross and Net Revenue | Mutual fund administration gross and net revenue are summarized below:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2021 |  | 2020
Mutual fund administration: |  |  |  |  |  |  |
Administration revenue, gross |  |  |  |  | $ | 6,926,414 |  |  | $ | 5,592,658 |
Fund related expense |  |  |  |  | (4,466,157) |  |  | (3,827,249) |
Revenue, net of related expenses |  |  |  |  | 2,460,257 |  |  | 1,765,409 |
C-Share financing: |  |  |  |  |  |  |
Broker commission advance repayments |  |  |  |  | 33,594 |  |  | 63,542 |
Broker commission amortization |  |  |  |  | (48,521) |  |  | (60,886) |
Financing activity, net |  |  |  |  | (14,927) |  |  | 2,656 |
Mutual fund administration revenue, net |  |  |  |  | $ | 2,445,330 |  |  | $ | 1,768,065 |

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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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